Zion, an international market research institute, recently released a Smart Grid Market Research Report. According to the report, the global smart grid market value in 2017 was about US $29.86 billion, and it is expected to generate about US $60.29 billion in revenue by 2024, with a CAGR of about 10.56% from 2018 to 2024.

The rise of energy consumption demand is the main factor to promote the development of smart grid market. With the continuous innovation of advanced technology, the increasing investment in power grid digitization may promote the growth of smart grid market in the next few years. The government’s measures to increase the use of renewable energy, the existing power generation portfolio, and the increasing demand for creating green infrastructure are expected to promote the expansion of the smart grid market in the future.

Compared with the traditional power grid system, the smart grid system has been technically upgraded. The whole smart grid system, including computers, adopts advanced control and automation technologies of new technologies to improve its operation efficiency. In addition, the growing demand for the digitization of the energy and power sectors and the huge demand for the development of grid infrastructure may have a positive impact on this market.

Technically, the smart grid market is divided into advanced metering infrastructure, distribution automation, software and hardware, communication services, network security and transmission infrastructure upgrading. It is expected that communication services will dominate the smart grid market because the communication equipment with customer load control in the smart grid infrastructure helps to monitor the function and effectiveness of the grid. Through services, the market includes consulting, deployment and integration, support and maintenance. Due to the increasing R & D investment of manufacturing companies in smart grid pilot projects, the deployment and Integration Department is expected to dominate this market.

From the perspective of regional market, North America has grown significantly in the global smart grid market and is expected to continue to maintain its dominant position in the forecast period. The increasing number of natural disasters, including unplanned power outages, storms and rainfall, will promote the growth of smart grid market in the region. In addition, the U.S. government’s initiatives in planning energy consumption may further promote future industry growth in the region.

Due to the continuous increase of smart home, smart building and smart infrastructure construction activities, the Asia Pacific region is expected to provide important growth opportunities for the smart grid market in the next few years. Meanwhile, the implementation of strict government laws and regulations on reducing carbon emissions and air pollution may promote the development of smart grid market in the Asia Pacific region within the predicted time.

The European smart grid market is expected to provide profitable growth opportunities during the forecast period due to significant investment in the development of smart grid infrastructure and the implementation of favorable energy and climate policies in the region. In addition, the continuous integration of renewable energy resources in the smart grid system will further have a positive impact on the regional market.

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