Smart Grid Market to reach $70bn by 2024 - PowerPoint PPT Presentation

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Smart Grid Market to reach $70bn by 2024


More Information @ Communication & wireless infrastructure smart grid market is predicted to expand over 20% by 2024. The ability of wireless based IoT equipped sensors to enhance grid monitoring capabilities will significantly encourage their adoption across power utilities. Growing implementation of advanced communication technologies to provide real time monitoring with customer load control will positively influence the industry scenario – PowerPoint PPT presentation

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Title: Smart Grid Market to reach $70bn by 2024

Smart Grid Market to reach 70bn by 2024 Global
Market Insights Inc.
Industry Overview
  • Smart Grid Market to surpass USD 70 Billion by
    2024 driven by increasing need to digitalize the
    power sector. Ambitious government led plans
    toward grid modernization will drive the smart
    grid market size. Major countries have enforced
    regulations and mandates to reinforce smart grid
    deployments and RD activities as a part of their
    energy conservation initiatives. In 2016, global
    investments in digital electricity infrastructure
    reached over USD 45 billion to enhance the
    resiliency, reliability, and security of the
    grid. Increasing government focus toward grid
    restructuring to mitigate integration challenges,
    overutilization, and load mismatch will further
    boost the industry growth.
  • The U.S. smart grid market was estimated over USD
    3 billion in 2017. Frequent blackouts and the
    incessant need for energy conservation will
    augment the industry landscape. Implementation of
    grid automation programs to reinforce
    communication flexibility and distributed
    intelligence of the national power infrastructure
    will further fuel the industry growth. For
    instance, the Public Service Electric and Gas
    Company (PSEG) invested USD 69 million in 2017
    to boost consumer energy efficiency through smart
    thermostat and residential data analytics

  • Communication and wireless infrastructure smart
    grid market is anticipated to expand over 20 by
    2024. Increasing need for IoT intervention to
    improve grid efficiency, customer services and
    demand management across power utilities will
    boost the product demand. Digitalizing the grid
    using advanced cloud computing technology and
    sensors aids in monitoring consumption patterns
    and provides real time information on electricity
    usage. The use of control systems for several
    applications including substation automation,
    distribution automation, advanced outage
    management, and demand-side management is further
    strengthening the product demand.
  • UK smart grid market will witness growth on
    account of supportive regulatory frameworks
    pertaining to energy conservation and
    environmental sustainability. The mandated
    nationwide rollouts and legislative directives
    toward smart meters will further fuel the
    industry growth. The Energy Networks Association
    (ENA) plans to implement a local energy market as
    part of their smart grid plan that would allow
    business and households to trade electricity,
    thereby supporting energy conservation.


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Smart Grid Market

U.S. Smart Grid Market Size, By Technology, 2017
2024 (USD Million)

Industry Coverage

  • China smart grid industry is set to expand over
    11 by 2024. Introduction of government
    initiatives to increase the share of renewables
    in the existing generation mix and develop green
    infrastructure will fuel the business growth. The
    government aims at increasing the share of
    renewables in the existing generation mix to 15
    by 2020 and 20 by 2030.
  • Growing investments toward grid digitalization
    through the implementation of advanced
    communication technologies will foster the
    market. Growing focus toward renewable grid
    integration coupled with intensifying need to
    upgrade ageing electricity infrastructure will
    further facilitate the large-scale deployment of
    these grids.
  • Key industry participants in the smart grid
    market include Hubbell, ABB, Schneider Electric,
    General Electric, Fujitsu General, Belden, Oracle
    Itron, LandisGyr, Cisco, Siemens, IBM, Honeywell
    Elster, Wipro.

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