Global Smart Grid Technology Market Poised for Rapid Growth At A CAGR Of 18%, Fueled by Electric Vehicle Adoption - By The Business Research Company

Electric Vehicle Adoption Driving Growth Electric Vehicle Adoption Driving Growth One of the key driving forces behind thesmart grid technology market growthis the widespread adoption of electric vehicles (EVs). As the world shifts towards cleaner and more sustainable transportation solutions, the demand for efficient and widespread charging infrastructure has surged. Smart grids are playing a pivotal role in enabling the deployment of EV charging infrastructure and demand response...

LONDON, 25/09/2023 (informazione.news - comunicati stampa - industria)

One of the key driving forces behind the smart grid technology market growth is the widespread adoption of electric vehicles (EVs). As the world shifts towards cleaner and more sustainable transportation solutions, the demand for efficient and widespread charging infrastructure has surged. Smart grids are playing a pivotal role in enabling the deployment of EV charging infrastructure and demand response programs, efficiently managing the increased electricity demand from EVs.

For instance, data from the Edison Electric Institute (EEI) highlights that the number of electric vehicles on U.S. roads is expected to skyrocket from 2.4 million in 2021 to a remarkable 26.4 million by 2030. Annual sales of EVs are estimated to reach nearly 5.6 million in 2030, comprising around 32% of total annual light-duty vehicle sales.

 

The global smart grid technology market is characterized by its concentration, with a few major players dominating the landscape. In 2022, the top ten competitors held a significant 42.71% smart grid technology market share of the total market. Siemens AG emerged as the smart grid technology market leader with a 7.47% market share, followed closely by Hitachi, Ltd., Schneider Electric SE, Oracle Corporation, General Electric Company (GE), Cisco Systems Inc., Eaton Corporation plc, Itron Inc., International Business Machines Corporation (IBM), and Landis+Gyr AG.

Companies operating in the smart grid technology market are increasingly focusing on integrating digital technologies such as artificial intelligence (AI) and the Internet of Things (IoT) into their solutions, enhancing their product portfolios. For instance, Delving Research and Development, an Indian IoT-based software and hardware product development company, recently introduced the Delsmart IoT meter, a cloud-based IoT product designed to reduce energy losses, resulting in significant power savings and improved safety of electrical equipment. Similarly, Bidgely, a U.S.-based software and technology company, launched an AI-powered customer engagement solution that leverages smart meter data to provide appliance-level consumption insights, aiding customers in managing energy usage and reducing carbon footprints effectively.

 

The global smart grid technology market is segmented into several categories:

Among these segments, the is anticipated to witness substantial growth, gaining an estimated in global annual sales by 2027.

Power Grid System Global Market Report 2023

https://www.thebusinessresearchcompany.com/report/power-grid-system-global-market-report

Microgrid Global Market Report 2023

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Smart Grid Technology Global Market Report 2023

https://www.thebusinessresearchcompany.com/report/smart-grid-technology-global-market-report

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