Smart Grid Market
Smart Grid Market is expected to reach US$ 51.23 Bn by 2026 from US$ 21.12 Bn in 2017 at a CAGR of 20.1%. Appearing digitalization is becoming a highlighting factor for deployment of modernized equipment and technologies in the energy sector. Loss of value due to defects in grid and energy distribution and metering is creating huge business opportunities for smart grid component manufacturers, installers and service providers. Rise in power generation sector and swelled energy consumption is awakening the need for smart grids across the globe. Increase in the improvement of smart meters and the growing complexity of cyber threats are further anticipated to provide opportunities to cybersecurity companies to target their services towards power companies over the upcoming years.Smart Grid Market Growing energy demand accompanied by rising in concerns pertaining to unplanned power outages and environment protection will drive the smart grid market growth.
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Increased demand for integration of renewable energy sources across the globe, and government policies and mandates for sustainable energy are some of the driving factors for the smart grid market. Smart grid installation is a lavish exercise. The total cost of replacing it with the smart grid is expected to be more than US$ 5 trillion. The high installation cost is expected to be a critical factor in the improvement of smart grids, specifically in the developing nations. Additional, the deployment of new generation sources, such as wind, rooftop solar as well as a new end-user base, such as electric vehicles, are expected to reach the need for infrastructural requirements further, thereby, increase in capital expenditure required for smart grid installation.