The latest report on Smart Grid Market by Infinium Global Research gives complete coverage of the Smart Grid Market by in terms of key trends, market size, forecast and CAGR growth over the period of 2018 to 2024. In addition, the study covers deep dive into key product and applications trends in the regional markets of Smart Grid such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
We are Now Including the Impact Analysis of the COVID-19 on this Premium Report and the Forecast Period of this Report Shall be Revised to 2020-2026. The Section on the Impact of COVID-19 on this Market is Included in the Report for Free.
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The Benefits Offered by the Smart Grid Over the Conventional Power Supply System
The smart grid is the term, refers to the electric network contains various electric components including transmission lines, transformers, substation and several other components that help to deliver electricity from the power plant to the consumer. The smart grid is the reliable and efficient digital technology that uses intellectual two-way digital communication and delivers power through the integration of renewable energy sources, smart transmission and distribution system. The smart grid enables real-time monitoring, analysis, and control of the power system that further helps to improve efficiency, minimize the transmission and distribution loss, and reduce energy consumption and cost.
The conventional electricity system may blackout due to some electricity disturbances that can majorly affect banking, communications, traffic, and security systems. The smart grid system is able to handle the electricity conflicts caused by storms, earthquakes, large solar flares, and terrorist attacks by allowing for automatic rerouting when equipment fails. For instance, The U.S. smart grid plant contains more than 9,200 electric generating units, having more than 1 million megawatts of generating capacity connected to more than 600,000 miles of transmission lines.
The benefits offered by the smart grid over the conventional power supply system is the major factor facilitating the growth of the smart grids market worldwide. In addition, the smart grid technology allows customer-owned power generators to produce power when it is not available from utilities. The distributed generation facility provided by the smart grid technology helps hospitals, traffic light, police department, and many other systems to operate during emergency situations.
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Rising Demand for Integration of Renewable Energy is Contributing to the Growth of the Smart Grid Industry
The distribution power generation facility of the smart grid is expected to boost the growth of the smart grid market. The factors such as favorable government policies, growing Government initiatives for Smart Meter Roll-outs and rising demand for integration of renewable energy is contributing to the growth of the smart grid market. However, high setup cost and lack of expertise are the factors hampering the growth of the smart grid market.
Moreover, growing energy infrastructure and trending smart city projects are projected to create many opportunities for the smart grid market in the upcoming years. Geographically, Asia Pacific is the largest and the fastest-growing region in the smart grid market owing to the rapidly growing technological and infrastructure advancements in the energy sectors. The increasing adoption of a smart meter in the Asia Pacific region is likely to boost the growth of the smart grid market in this region.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the Smart Grid .
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2024.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.