Global Smart Grid Market Size, Status and Forecast to 2025 Smart Grid Market | Page 2

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Global Smart Grid Market: Overview
The global Smart Grid Market is anticipated to witness considerable growth due to growing
energy demand and growing concerns regarding reduction in carbon footprints is shaping
the global smart grid market. A smart grid is a modernized electricity transmission and
distribution network that includes two-way communication systems and enables the
integration of technologies. Rising investment infrastructure in several countries, economic
growth, and technology advancement across the globe are contributing to the growth of the
market during the forecast period. Substantial influx of digital technologies, including the
Internet of Things (IoT) will positively impact the business scenario.
The smart grid software allows grid players to make sure effective management of smart
grid operations, improve process efficiency, and reduce energy production costs. Smart Grid
technologies will spot and isolate the outages, containing them before they become large-
scale blackouts. Rising demand for integration of renewable energy with favorable
government policies and growing government initiatives for Smart Meter Roll-Outs are
contributing to the growth of the smart grid market. Moreover, growing energy
infrastructure and trending smart city projects are estimated to create several opportunities
for the smart grid market in the upcoming years.
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Global Smart Grid Market: Technology Insights
Based on the technology, the smart grid market is bifurcated into Smart T&D Equipment,
Distribution & Network Automation, Advanced Metering Infrastructure, Consumer Interface,
and Communication & Wireless Infrastructure. Among them, Communication & Wireless
Infrastructure is the leading of the smart grid market and projected to lead the market over
the forecast period 2019-2025. Varied technological advancements in the communications
technologies along with long term profit are expected to offer lucrative opportunities for
market growth. The competence of wireless-based IoT equipped sensors to enhance grid
monitoring capabilities will significantly encourage their adoption across power utilities.
Increasing implementation of advanced communication technologies to offer real-time
monitoring with consumer load control will absolutely influence the industry scenario.
Global Smart Grid Market: Service Insights
On the basis of service, the global smart grid market is segmented into Consulting,
Deployment & Integration, and Support & Maintenance. Deployment & Integration service
dominates the overall smart grid market during the forecast period 2019-2025. Deployment
and integration services facilitate in reducing the deployment and integration time. These
services are vital for developing end-to-smart grid solutions for the energy sector. The
increasing requisite for upgrading traditional smart grid systems to support many smart
cities and smart grids is increasing the growth of the deployment and integration services
segment in the smart grid market.
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