Self-Healing Grid Market Forecast 2024-2033: Anticipated Size and Growth Trends
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2024-2033 Self-Healing Grid Market: What Growth Rate is Predicted?
The market for self-healing grids has seen significant expansion in the past few years. Projected to rise from $2.12 billion in 2023 to $2.33 billion in 2024, it presents a compound annual growth rate (CAGR) of 10.0%. This noticeable increase in the historic period can be linked to early adoption for pilot testing, advancements in grid modernization efforts, regulatory government initiatives, the focus of utilities on system efficiency, the need for reliable grids, and an increase in the occurrence of grid outages.
In the coming years, the self-healing grid market is anticipated to experience accelerated growth, and is projected to reach a net worth of $3.43 billion by 2028, growing at a compound annual growth rate (CAGR) of 10.1%. This expansion in the forecast period can be credited to factors such as a surge in cybersecurity investment, the creation of cutting-edge control algorithms, a focus on initiatives for grid modernization, and the growth of renewable energy integration. Key trends anticipated in the forecast period include partnership and standardization, progress in grid automation, the application of artificial intelligence and predictive analytics, the progress of distributed energy resources (ders), improvements in communication and control systems, along with advancements in edge computing and IoT.
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What Aspects Are Driving the Expansion of the self-healing grid Market?
The shift towards clean energy sources like wind and solar, due to their renewable and emission-free nature, is set to fuel the expansion of the self-healing grid market. As the production and integration of these clean energy sources become more widespread, there is a rising need for self-healing grids that can accommodate large-scale renewable energy usage. Notably, a December 2021 report from the International Energy Agency, a France-based intergovernmental organization, predicted that approximately 95% of the global power capacity growth until 2026 will come from renewables. More than half of this growth will be due to solar photovoltaic (PV). The report further forecasts that the growth in renewable capacity from 2021 to 2026 will surpass the growth seen from 2015 to 2020 by 50%. Hence, it is clear that the surge in clean energy sources like wind and solar power is a key driver for the self-healing grid market.
Which Key Segments Comprise the Self-Healing Grid Market?
The self-healing grid market covered in this report is segmented –
1) By Component: Hardware, Software and Services
2) By Application: Transmission Lines, Distribution Lines
3) By End-User: Public Utility, Private Utility
What Trends Are Influencing the Evolution of the Self-Healing Grid Market?
The increased investment in smart grids is becoming a significant trend in the self-healing grids sector. Leading players in the self-healing grids market are directing their funds into smart grid development to maintain market dominance. For example, in November 2021, DTE Energy Co., an American firm engaged in self-healing grids, invested USD 7 billion towards the creation of a smarter, more dependable grid for Michigan residents. The investment is targeted towards self-healing circuits, pole upkeep, advanced automation, tree pruning, and the modernization of the grid’s aging infrastructure.
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Which Geographic Areas Are Influencing the Growth of the Self-Healing Grid Market?
North America was the largest region in the self-healing grid market share in 2023. The regions covered in the self-healing grid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Self-Healing Grid Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the self-healing grid market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Self-Healing Grid Market Include
1. Self-Healing Grid Market Executive Summary
2. Self-Healing Grid Market Segments
3. Self-Healing Grid Market Size And Template Market Growth Rate
4. Key Self-Healing Grid Market Trends
5. Major Self-Healing Grid Market Drivers
……
25. Key Mergers And Acquisitions In The Self-Healing Grid Market
26. Top Self-Healing Grid Companies
27. Self-Healing Grid Market Opportunities And Strategies
28. Self-Healing Grid Market, Conclusions And Recommendations
29. Appendix
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