APAC Smart Grid Market to Register Gains at Over 12% to 2024: Global Market Insights, Inc.

  • Aug 21, 2019
  • PR Newswire

SELBYVILLE, Del., Aug. 21, 2019 /PRNewswire/ -- The global smart grid market in the forthcoming years is expected to be positively impacted by rising demand for electricity in the face of mounting environmental concerns. The smart grid technology is uniquely equipped to address the situation of combating escalating power requirement without harming the environment.

Smart grids incorporate technologies that enable two-way communication between the customers and the utility service provider. Moreover, these grids also incorporate sensing capabilities along the power transmission lines.

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The technology and equipment that make up a smart grid allow it to digitally respond to the customer's rapidly changing energy demands. Leveraging these capabilities, smart grid technology is expected to drive the energy sector into the new age of availability, reliability and efficiency.

In fact, the product's very ability to make significant contributions towards environmental health and economic growth is promoting adoption of smart grids across several regional and industrial landscapes, augmenting global smart grid market size.

According to the International Energy Agency (IEA), while smart grid investments grew by 10% in 2018, the technology still represents a relatively small share of the overall network infrastructure investment.

Going forward, increasing investment in smart grid projects, as well as related research and development, would be promoting further growth of the service segment of deployment & integration. In fact, the deployment & integration service segment is expected to fuel remunerative growth of the global smart grid industry over the forthcoming years.

Communication & wireless infrastructure-based smart grid market size is anticipated to grow at a CAGR of more than 20% over 2018-2024. Increasing requirement of Internet of Things (IoT) intervention for enhancing grid efficiency, demand management customer service across electrical utilities would be stimulating industry outlook further.

Digital transformation of the grid through cloud computing technology and sensors facilitates crucial electricity usage data in real time. This further helps in consumption pattern monitoring, helping utilities address the energy efficiency goals introduced by government regulations.

The Asia Pacific smart grid market is set to grow over 12% by 2024. High T&D losses, rising electricity thefts and aging grid infrastructure will entail significant deployment of the smart grid across diverse utilities. Stringent regulatory requirements aimed at reducing carbon emissions and energy consumption will further boost product demand.

Europe's smart grid market growth is projected to stand out prominently from a regional frame of reference over the forecast timeframe. The region's prominence is being attributed to substantial growth in investment towards the rollout of smart meters.

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Leveraging the European Commission's favorable climate and energy policies, EU member states aim to replace approximately 80% of the region's conventional electricity meters with technologically advanced smart meters by 2020.

Moreover, the ongoing integration of numerous renewable energy sources into the continent's existing power grid infrastructure would be further presenting substantial growth prospects throughout the region.

Across Europe, the U.K. smart grid market is slated to witness robust growth on the back of favorable government-sponsored regulatory norms that focus on energy conservation and environmental sustainability. Upcoming legislation and mandates across the country that promote adoption of smart meters would be further augmenting the industry landscape in the coming years.

Apart from Europe, the market is projected to see sizable growth coming from Latin America, especially Brazil, during the forecast time period. The Brazil smart grid market would be recording growth on account of growing energy demand and high-level non-technical and technical losses across its grid infrastructure.

Furthermore, the country's low grid reliability along with its immense renewable energy potential is presenting significant expansion opportunities to regional industry players, boosting the market revenues further.

This smart grid market report facilitates an in-depth analysis of all industry segments comprising technology, service, deployment, competitive landscape as well as region. The report delivers insights on the industry based on several key parameters like growth drivers, industrial landscape, industry outlook and market segmentation defined through global trends and regional drivers that impact the overall commercialization graph of the market landscape.

Prominent drivers with regards to the smart grid service segment deliver a remunerative growth projection all throughout the forecast study period, exponentially expanding trends as well as the industry share of respective segments.

Browse key industry insights spread across 238 pages with 284 market data tables and 32 figures and charts from the report, "Smart Grid Market By Technology (Smart T&D Equipment, Distribution & Network Automation, AMI, Consumer Interface, Communication & Wireless Infrastructure), Deployment (Generation, Transmission, Distribution, End-use), Service (Consulting, Deployment & Integration, Support & Maintenance), Regional Outlook, Competitive Market Share & Forecast 2024," in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/smart-grid-market

With respect to regional analysis, the smart grid market report is segmented into U.S., Mexico, Canada, U.K., Spain, Germany, Italy, France, Denmark, Sweden, Belgium, Netherlands, South Korea, India, China, Australia, Japan, South Africa, UAE, Saudi Arabia, Chile Brazil and Columbia. The regional market landscapes are further bifurcated on the basis of availability of market players, customer base and market contribution, alongside several other aspects.

Moreover, the report also elaborates on numerous key parameters that can help stakeholders implement business practices with relative ease. The market report also contains crucial information relating to a number of different market driving factors, SWOT analysis, and more.

The aforementioned research report further delivers industry analysis, overview of numerous global trends, detailed executive summary, important industry insights and market segmentation insights in the smart grid industry.

Furthermore, deliverables with regards to the regulatory reference frame and competitive spectrum have also been covered within the aforementioned research report alongside innovative business strategies adopted by prominent players throughout the industry landscape.

6.1. Global market share by deployment, 2017 & 2024

6.2.2. Global market from generation, by region 2013-2024

6.3.1. Global market from transmission, 2013 – 2024

6.3.2. Global market from transmission, by region 2013-2024

6.4.1. Global market from distribution, 2013 – 2024

6.4.2. Global market from distribution, by region 2013-2024

6.5.2. Global market from enduse, by region 2013-2024

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Arun Hegde

Corporate Sales, USA

Global Market Insights, Inc.

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Smart Grid Market by Technology, Deployment, Service, Region 2024

Europe's smart grid market growth is projected to stand out prominently from a regional frame of reference over the forecast timeframe. The region's prominence is being attributed to substantial growth in investment towards the rollout of smart meters.

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