Dublin, Jan. 30, 2025 (GLOBE NEWSWIRE) — A new report titled “Smart Grid Technology Market – Global Industry Size, Share, Trends Opportunity, and Forecast, 2020-2030F” is now available on ResearchAndMarkets.com.
The Global Smart Grid Technology Market, valued at approximately USD 40.12 billion in 2024, is set to grow significantly. By 2030, it could reach about USD 77.79 billion. This growth reflects an impressive annual increase of 11.50%. Factors driving this trend include the growing need for better energy management in our increasingly urbanized and industrialized world.
Key Market Drivers
Demand for energy efficiency and reliability is rising. Traditional power systems are struggling to keep up. Smart grid technology offers advanced tools like digital communication and automated systems, which help manage electricity better. These innovations allow real-time monitoring, making energy distribution more efficient and reliable. Additionally, government support plays a vital role, encouraging innovation through financial incentives and efficient regulations.
Market Challenges
However, there are hurdles. High costs for implementation can discourage investments, especially in less affluent areas. Cybersecurity is another concern, as increased connectivity heightens the risk of cyberattacks. It’s vital for all involved to work together, innovate, and tackle these issues to move the industry forward.
Market Trends
The market is embracing exciting trends. Technologies like the Internet of Things (IoT) and advanced data analytics are enhancing how utility providers operate. These tools help in developing smarter energy management strategies and improve efficiency through technologies such as machine learning. Consequently, software has become a leading segment within the market.
Regional Market Dynamics
North America leads the market, driven by efforts to modernize infrastructure and increase renewable energy use. Strong governmental initiatives are helping to propel growth here. The region’s commitment to addressing cybersecurity and boosting energy efficiency is also noteworthy.
In summary, the Smart Grid Technology market is on an exciting growth path, with leading companies like Wipro Limited, Schneider Electric SE, and IBM Corporation at the helm of innovation. As the need for efficient energy systems rises, smart grid technology is becoming essential for the future of power distribution, integrating various energy sources and ensuring reliable power worldwide.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 182 |
| Forecast Period | 2024 – 2030 |
| Estimated Market Value (USD) in 2024 | $40.12 Billion |
| Forecasted Market Value (USD) by 2030 | $77.79 Billion |
| Compound Annual Growth Rate | 11.5% |
| Regions Covered | Global |
Companies Featured
- Wipro Limited
- Schneider Electric SE
- IBM Corporation
- Oracle Corporation
- General Electric Company
- ABB Ltd
- Itron, Inc.,
- Cisco Systems, Inc.
- Honeywell International Inc.
- Eaton Corporation plc
For more information about the report, visit https://www.researchandmarkets.com/r/yl1y4h
About ResearchAndMarkets.com
ResearchAndMarkets.com provides extensive market research reports and data. They cover various international and regional markets, key industries, and the latest trends.
Source link
Research and Markets, Decentralized Energy, Internet of Things and M2M, Smart Grid Deployment, Smart Grid Technologies, Smart Grid Technology
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/shawmedia/AJTPACYEDRB2ZHILHOWUL7RYPU.jpg?w=150&resize=150,150&ssl=1 "Join Us for the Third Annual Prom Rewind in DeKalb: A Night of Fun Benefiting Barb Food Mart!")
