The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The rising demand for energy generation is likely to spur innovation in smart grid technology manufacturing, propelling the market throughout the forecast period.

The global smart grid technology market is expected to grow from $39.38 billion in 2022 to $46.65 billion in 2023 at a compound annual growth rate (CAGR) of 18.46The global smart grid technology market size is expected to reach $91.96 billion in 2027 at a CAGR of 18.49%.

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Global Smart Grid Technology Market Segments Include:

• By Component: Hardware, Software, Services
• By Network Operation: Outage Management Systems, Demand Management Systems, Geographical Management Systems
• By Technology: Wired, Wired-Less
• By Application: Generation, Transmission, Distribution, Consumption
• By End User: Residential, Commercial And Industrial, Governmen
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global smart grid technology market in 2021.

Major Market Players in the smart grid technology market include ABB Limited, Siemens AG, Schneider Electric SE, Itron Inc., Cisco Systems Inc., International Business Machines Corporation, Oracle Corporation, Honeywell International Inc.

Technological advances are a major trend that is gaining traction in the smart grid technology industry. Companies in the smart grid technology market are embracing new technologies to maintain their market position. For example, the International Energy Agency, a France-based autonomous intergovernmental organisation, will introduce grid Integration tool technology in March 2023. This technology was developed as an add-on to the policymakers’ guidebook on EV grid integration in order to assess the impact of EV charging on the energy system. Users can submit information such as an EV fleet, driving habits, charging possibilities, and the type of electricity consumed.

The Smart Grid Technology Global Market Report 2023  provides a smart grid technology market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The smart grid technology market forecast analyzes smart grid technology market size, smart grid technology market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

A smart grid is an electrical network that manages and monitors the conveyance of power from all generation sources in order to meet the diverse electricity needs of end users. This network makes use of digital and other advanced technology.

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