Smart Grid Network Market is estimated to grow at a CAGR of 10.5%

The Market Statsville Group (MSG) publishes the new report on the "Smart Grid Network Market by End-Users (Residential, Commercial, Industrial, and Others), by Application (Transmission, Demand Response, Advanced Metering Infrastructure (AMI), and Other Technology Application Areas), by Region – Global Share and Forecast to 2030". The global smart grid network market size is projected to grow at a CAGR of 10.5% from 2022-to 2030. Modernizing electricity delivery systems using smart grids is helping grid operators better understand and respond to how power flows across transmission and distribution lines. These new capabilities are enabled by incorporating information and communications technologies across various new and existing controls, sensors and software systems. Smart grid investments allow grid operators to respond more quickly to changes in system conditions and enable two-way communication between utilities and electricity end-users. Smart grids increase the energy efficiency of the overall electricity system by reducing energy losses along transmission and distribution lines and delivering higher-quality electricity to industries, businesses, and homes.

Global Smart Grid Network Market Segmentation

The overall smart grid network market has been segmented into end-users, applications, and regions.

• By End-Users (Residential, Commercial, Industrial, and Others)
• By Application (Transmission, Demand Response, Advanced Metering Infrastructure (AMI), and Other Technology Application Areas)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Industrial, by tool type, is estimated to hold the largest market share during the forecast period

Based on end-users, the global smart grid network market is segregated into residential, industrial, commercial, and others. The industrial segment was the highest contributor to the market. The industrial sector includes manufacturing units, factories, workshops, warehouses, and mining sites.

To increase the transformation rate of the traditional grid to a future Smart Grid, there is a huge necessity for enabling the end-user to become an activity participant. Technological and financial considerations are key driving factors in empowering the end-user. From a technological point of view, the end-user needs to manage his load power generated from renewables and provide the services to the grid. One of the major advantages of smart grids is that they can tell us the consumption at an energy meter at any time, so users are better informed of their real consumption. Additionally, with better consumption monitoring, contracted power can be adjusted to meet the real need of each consumer.

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The Asia Pacific accounts for the largest market share in the smart grid network market 2021

Based on the regions, the global smart grid network market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, Asia Pacific had accounted for the largest market share. Electricity generation by using coal has been the trend in China for many years now; however, this trend has slightly reversed in the last two years. It is expected to further reduce during the forecast period. The primary contributor to the reversal of the trend is the governments’ resolve to improve air quality significantly. As part of this initiative, the Chinese government has relied heavily on renewable energy sources for power generation. Next in the order comes nuclear-based power generation.

Moreover, The driving factor for the smart grid network in Japan is the support through regulatory policies. Japans’ new policies support the energy efficiency initiatives, microgrids, and smart grid sectors. The government’s investments in the renewables sector also support futuristic smart grid networks.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the smart grid network market. It also consists of leading companies such as ABB Ltd, Cisco Systems Inc., General Electric Company, Itron Inc., Siemens AG, Osaki Electric Co. Ltd, Eaton Corporation PLC, Hitachi Ltd, Schneider Electric SE, and Honeywell International Inc.

Browse complete report: https://www.marketstatsville.com/smart-grid-network-market

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