Global Smart Grid Technology Market business opportunities including key players forecast till 2029

 The increased modernization of the aging grid infrastructure is one of the major factors responsible for market growth. Moreover, the increased investments by the government in the smart grids and the rising promotions for the deployment of the smart grids across the globe are some factors that will drive the growth of the market during the forecasted period of 2022 to 2029.

Global smart grid technology market was valued at USD 34.76 billion in 2021 and is expected to reach USD 137.17 billion by 2029, registering a CAGR of 18.72% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Global Smart Grid Technology Market, By Components (Hardware, Software and Services), Technology (Wired and wired-less), Applications (Meter Hardware, Communications and Networking, Power Quality Equipment and Technologies), Communication Network (Wide Area Network (WAN) and Home Area Network (HAN)), End-User (Residential, Commercial, Government and Industrial) – Industry Trends and Forecast to 2029.

Smart grids are often defined as sensible electrical networks that comprises an electrical network and smart data communication technology. It is capable of delivering electricity to the user from multiple sources such as wind turbines, solar energy systems and others. It is an electricity network using digital technology to provide electricity to the consumers through two-way data communication. This system allows for monitoring, analysis and lessens the energy consumption. All these factors are generating lucrative growth opportunities for the market across the globe.

The smart grid technology market was affected badly as the government initiated strict protocols regarding the lockdown. Various organizations also imposed several guidelines including social distancing and state and national level lockdown parameters. Manufacturers of innovative hardware systems are facing issues related to order closures on time. Furthermore, issues in obtaining raw materials and other parts from suppliers, majorly located in the developing economies such as china and other South East Asian countries have impacted the market growth during the pandemic. However, the implementation of new projects such as reduction of emission of carbon-footprints and increased awareness regarding the environmental segment are the major factor that have driven the market growth during the post-covid era.

The smart grid technology market is segmented on the basis of components, technology, applications, communication network and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

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