Smart Grid Market to reach $70bn by 2024 Smart Grid Market

Smart Grid Market to grow at 11% CAGR by
2018 to 2024: Global Market Insights Inc.
Smart Grid Market to surpass USD 70 Billion by 2024; driven by increasing need to
digitalize the power sector. mbitious 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 R&D 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
(PSE&G) invested USD 69 million in 2017 to boost consumer energy efficiency
through smart thermostat and residential data analytics programs.
Smart Grid Market
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