Global Smart Grid Market size was valued at US$ 43.10 Bn. in 2021 and the total revenue is expected to grow at a CAGR of 19.1% through 2021 to 2029, reaching nearly US$ 174.50Bn.
Smart Grid Market Overview:
Information regarding rivals is included in the market's competitive environment. The topics covered include an overview of the company, its finances, sales, market potential, R&D spending, initiatives to enter new markets, regional presence, business strengths and weaknesses, product introduction, and application domination. The following information only applies to the organization's focus on the Smart Grid market.
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Market Scope:
To validate the market size and estimate the market size by various segments, top-down and bottom-up methodologies are utilised. The research's market projections are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler, or traders). To determine percentage splits, market shares, and segment breakdowns, weights based on usage rate and average sale price are applied to each location. The percentage acceptance or usage of the given market Size in the pertinent region or country determines the country-specific divisions of the overall market and its sub-segments.
Smart Grid Market Segment:
Smart metres, sensors, programmable logic controllers (PLC), and others make up the hardware segment's additional sub-segments (Networking Hardware and Energy Storage). Consulting, Deployment and Integration, and Support and Maintenance are other sub-segments within the services segment. By 2029, it is anticipated that the Software and Services segments will command the biggest market shares of and. Over 72.3% of the market share was held by the software and services category in 2021. The reduction of overall electricity costs and the growing demand for renewable and sustainable energy sources are the main drivers of this growth.
Smart Grid Market Key players:
• Honeywell
• S&C Electric Company
• Eaton
• Kamstrup
• Trilliant Holdings
• Globema
• Tech Mahindra
• Enel X North America
• Fujitsu
• eSmart Systems
• Tantalus
• EsyaSoft Technologies
• Grid4C
• C3 Energy
• Others
Regional Analysis:
In the geographical component of the research, specific market influencing factors and modifications to market norms that affect current and upcoming market trends are also examined. Case studies, technology trends, Porter's five forces analysis, and downstream and upstream value chain analysis are a few of the tools used to forecast market scenarios for different countries.
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COVID-19 Impact Analysis on Smart Grid Market:
The research also assesses COVID-19's impact on the market for Smart Grid. This study's main objective is to help consumers comprehend the market in terms of definition, segmentation, market potential, significant trends, and difficulties that the sector faces globally. A macroeconomic and microeconomic examination of COVID-19's overall effects on the Smart Grid Market are presented in the report. The report emphasises market size and share to clearly show how the pandemic would affect the global Smart Grid Market over the forecast years.
Key Questions Answered in the Smart Grid Market Report are:
- What is the expected CAGR for the Smart Grid market from 2021 to 2027?
- Which market segment become the Smart Grid industry's market leader?
- Which companies dominate the Smart Grid market?
- What significant trends are expected to emerge throughout the forecast period in the Smart Grid industry?
- What will the size of the Smart Grid market be in 2027?
- Which industry sector accounted for the largest share of the market in 2020?
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