Smart Grid Market to reach $70bn by 2024

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Smart Grid Market to reach 70bn by 2024 Global
Market Insights Inc.
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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
  programs.

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• 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

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

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Industry Coverage

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• 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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