Smart Grid Market size was valued at US$ 43.10 Bn. in 2021 and the total revenue is expected to grow at a CAGR of 19.1% through 2021 to 2029, reaching nearly US$ 174.50Bn.
Smart Grid Market Overview:
To find the overall size of the Smart Grid market by nations and segments, the research conducted a micro level investigation of each country. The local and global markets' sizes are estimated using a bottom-up methodology. By conducting a micro-level analysis of each nation, it is possible to determine how much the unorganised market contributes to the size of the larger market. The Smart Grid market dictates the thorough analysis carried out by the company organisation to comprehend the Smart Grid market's drivers, restraints, and opportunities. Interviews with significant local businesspeople follow, and the results are then verified. For secondary research and analysis, both paid and unpaid data bases are utilized. The provision and consumption information for each player is gathered from public databases, private databases, and, in the case of publicly listed enterprises, the earnings data of the company. If financial documents from businesses are not made available to the public, they may be requested through the local government's budget division.
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Smart Grid Market Dynamics:
Global smart grid initiatives are anticipated to be fueled by the growing need to combat climate change through the development of renewable energy sources. Additionally, as smart grid technology is expected to support long-term economic success and assist governments in meeting their CO2 reduction goals, governments of various economies are investing in it more and more. Some economies are still investigating the technology and its mechanism, which is predicted to present significant opportunities for the global smart grid market. Many economies already have net energy metering equipment and protocols. For instance, the United States installed nearly 76 smart metres under the Advanced Metering Infrastructure (AMI) programme in 2017, and it is anticipated that 95 million metres will be installed by the year 2021.
Smart Grid Market Segment:
Smart metres, sensors, programmable logic controllers (PLC), and others make up the hardware segment's further sub-segments (Networking Hardware and Energy Storage). Consulting, Deployment and Integration, and Support and Maintenance are additional sub-segments of the services segment.
By 2029, it is anticipated that the Software and Services segments will command the largest market shares. Over 72.3% of the market share was held by the software and services segment in 2021. The reduction of overall electricity costs and the growing demand for renewable and sustainable energy sources are the main drivers of this growth.
Smart Grid Market Key players:
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Smart Grid Market Research methodology:
To calculate and validate the size of the Smart Grid market, top-down and bottom-up approaches are utilised. Players rigorously abide by numerous industry classification criteria in order to create an exhaustive list of functioning and important players. A thorough validation test is also carried out to determine which businesses on the market are the most pertinent for the investigation. Subscription databases like Factiva, Bloomberg, and others are used to order priority lists according to the revenue from the most recent quarter. Last but not least, the questionnaire was designed and specifically developed to meet all criteria for collection of primary data by appointment only, focusing on the main target categories. This helps us collect data on player earnings, operating expenses, profit, and the development of various goods and services, among other things. The World Bank, associations, business websites, SEC filings, OTC BB, USPTO, EPO, annual reports, press releases, and close to 70–80% of the data are acquired from primary sources before being confirmed by a range of secondary sources.
Smart Grid Market Regional Analysis:
North America, Europe, Asia Pacific, the Middle East and Africa (MEA), and South America are the five major geographic regions of the Smart Grid market.
Key Features of the Reports:
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Cloud Storage Market , Business Intelligence Software Market
Maximize Market Research provides B2B and B2C research on 12,500 high growth emerging opportunities & technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Bever
Smart Grid Market , Smart Grid Market Size , Smart Grid Market Share , Smart Grid Market Trends
Nov 25, 2022
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