Post by account_disabled on Feb 29, 2024 0:34:04 GMT -8
The global smart grid market in the forthcoming years is expected to be positively impacted by rising demand for electricity in the face of mounting environmental concerns. According to a report by Global Market Insights, the communication and wireless infrastructure-based smart grid market size is anticipated to grow at a CAGR of more than 20% from 2018 to 2024.
The technology and equipment that make up a smart grid allow it to digitally respond to the customer’s rapidly changing energy demands. Leveraging these capabilities, smart grid technology is expected to drive the energy sector into Betting Number Data the new age of availability, reliability and efficiency.
In fact, the product’s very ability to make significant contributions towards environmental health and economic growth is promoting the adoption of smart grids across several regional and industrial landscapes, augmenting global smart grid market size. According to the International Energy Agency (IEA), while smart grid investments grew by 10% in 2018, the technology still represents a relatively small share of the overall network infrastructure investment.
Going forward, increasing investment in smart grid projects, as well as related research and development, would be promoting further growth of the service segment of deployment and integration. In fact, the deployment and integration service segment is expected to fuel remunerative growth of the global smart grid industry over the forthcoming years, the report notes.
Global presence
The Asia Pacific smart grid market is set to grow over 12% by 2024. High T&D losses, rising electricity thefts and aging grid infrastructure will entail significant deployment of the smart grid across diverse utilities. Stringent regulatory requirements aimed at reducing carbon emissions and energy consumption will further boost product demand.
Europe’s smart grid market growth is projected to stand out prominently from a regional frame of reference over the forecast timeframe. The region’s prominence is being attributed to substantial growth in investment towards the rollout of smart meters.
Leveraging the European Commission’s favorable climate and energy policies, EU member states aim to replace approximately 80% of the region’s conventional electricity meters with technologically advanced smart meters by 2020.
Moreover, the ongoing integration of numerous renewable energy sources into the continent’s existing power grid infrastructure would be further presenting substantial growth prospects throughout the region.
Across Europe, the UK smart grid market is slated to witness robust growth on the back of favorable government-sponsored regulatory norms that focus on energy conservation and environmental sustainability. Upcoming legislation and mandates across the country that promote adoption of smart meters would be further augmenting the industry landscape in the coming years.
Apart from Europe, the market is projected to see sizable growth coming from Latin America, especially Brazil, during the forecast time period. The Brazil smart grid market would be recording growth on account of growing energy demand and high-level non-technical and technical losses across its grid infrastructure, according to the report.
The technology and equipment that make up a smart grid allow it to digitally respond to the customer’s rapidly changing energy demands. Leveraging these capabilities, smart grid technology is expected to drive the energy sector into Betting Number Data the new age of availability, reliability and efficiency.
In fact, the product’s very ability to make significant contributions towards environmental health and economic growth is promoting the adoption of smart grids across several regional and industrial landscapes, augmenting global smart grid market size. According to the International Energy Agency (IEA), while smart grid investments grew by 10% in 2018, the technology still represents a relatively small share of the overall network infrastructure investment.
Going forward, increasing investment in smart grid projects, as well as related research and development, would be promoting further growth of the service segment of deployment and integration. In fact, the deployment and integration service segment is expected to fuel remunerative growth of the global smart grid industry over the forthcoming years, the report notes.
Global presence
The Asia Pacific smart grid market is set to grow over 12% by 2024. High T&D losses, rising electricity thefts and aging grid infrastructure will entail significant deployment of the smart grid across diverse utilities. Stringent regulatory requirements aimed at reducing carbon emissions and energy consumption will further boost product demand.
Europe’s smart grid market growth is projected to stand out prominently from a regional frame of reference over the forecast timeframe. The region’s prominence is being attributed to substantial growth in investment towards the rollout of smart meters.
Leveraging the European Commission’s favorable climate and energy policies, EU member states aim to replace approximately 80% of the region’s conventional electricity meters with technologically advanced smart meters by 2020.
Moreover, the ongoing integration of numerous renewable energy sources into the continent’s existing power grid infrastructure would be further presenting substantial growth prospects throughout the region.
Across Europe, the UK smart grid market is slated to witness robust growth on the back of favorable government-sponsored regulatory norms that focus on energy conservation and environmental sustainability. Upcoming legislation and mandates across the country that promote adoption of smart meters would be further augmenting the industry landscape in the coming years.
Apart from Europe, the market is projected to see sizable growth coming from Latin America, especially Brazil, during the forecast time period. The Brazil smart grid market would be recording growth on account of growing energy demand and high-level non-technical and technical losses across its grid infrastructure, according to the report.