What’s Powering the Growth of the Smart Grid Market in the Renewable Energy Era?
Smart grids capture and communicate massive volumes of data, which includes real-time network status, consumer data, and device statistics. It is vital to safeguard data against unwanted access, misuse, or data breaches to ensure the confidentiality of information and grid security. With the development of remote employment, there has been a greater focus on cybersecurity. Cyber threats posed major dangers to smart grid operations, including attacks involving ransomware and fraud initiatives. To safeguard smart grid assets and data, utilities are required to strengthen their cybersecurity procedures. Utilities are increasingly using remote management and monitoring systems to ensure the grid's continuing operation and security. These methods allowed smart grid operators to evaluate and manage grid operations remotely, reducing the requirement for on-site employees.
Global Smart Grid Market size was valued at USD 48.0 billion in 2023 and is poised to grow from USD 56.45 billion in 2024 to USD 206.49 billion by 2032, growing at a CAGR of 17.6% during the forecast period (2025-2032).
Get Your Free Sample Report Here @ https://www.skyquestt.com/sample-request/smart-gridmarket
In the last few years, there has been an increase in complex cyber threats. Threat actors such as nation-states, criminal organizations, and hackers pose ongoing threats to utilities. As a result, sophisticated security solutions are required to protect grid resources and activities. Blockchain technology, artificial intelligence (AI), and neural networks are among the emerging technologies being used to improve smart grid security. These technologies enable better identification of threats, incident handling, and automation. Furthermore, public-private partnerships will be crucial in improving smart grid security. Government departments, services, and industry organizations working together will give assistance and advice on security procedures and standards.
Market Segmentation:
Global Smart Grid Market is segmented by Offering, End-Use Application, Communication Technology and region.
Based on Offering, the market is segmented into Software, Hardware and Services.
Based on End-Use Application, the market is segmented into Generation, Transmission, Distribution and Consumption.
Based on Communication Technology, the market is segmented into Wireline and Wireless.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Smart Grid Market Key Players:
General Electric Company (United States)
ABB Ltd. (Switzerland)
Siemens AG (Germany)
Schneider Electric SE (France)
Itron Inc. (United States)
Honeywell International Inc. (United States)
Cisco Systems Inc. (United States)
Oracle Corporation (United States)
IBM Corporation (United States)
Eaton Corporation (Ireland)
S&C Electric Company (United States)
Wipro Limited (India)
Fujitsu Limited (Japan)
Mitsubishi Electric Corporation (Japan)
Toshiba Corporation (Japan)
Schweitzer Engineering Laboratories Inc. (United States)
Trilliant Holdings Inc. (United States)
Smart Grid Market Recent Developments:
In October 2023, Prolec and Ubicquia have collaborated to create and market a new fully integrated smart transformer. This transformer integrates Ubicquia's UbiGrid platform for realtime monitoring and grid analytics into Prolec's single-phase pad mount transformers.
In June 2023, Siemens presented its newly developed software for low-voltage networks. The LV Insights X software, part of the Siemens Xcelerator portfolio, enables distribution network operators (DSOs) to address their most pressing challenge, which is the need to significantly increase grid capacity even when grids are already strained.
FAQs: -
1. What are the sales, production, consumption, imports, and exports of the global market (North America, Europe, Asia-Pacific, South America, Middle East, and Africa)?
2. Who are the major manufacturers who dominate the world market?
3. What are their current capacity, production, sales, pricing, cost, gross, and revenue operating levels?
4. What are the market's risks and opportunities?
What's more, it likewise covers the request and give of the promoting research concentrate in the assessed figure time frame. Explained investigation of the market players with their profile, deals examination and serious scene is given in the report. Besides, organization, joint effort and consolidations in the business are referenced for the accommodation of the investigation of the global Smart Grid industry.
Related Reports:
https://www.skyquestt.com/report/bunker-fuel-market
https://www.skyquestt.com/report/coffee-roaster-market
Looking ahead, the Smart Grid Market is poised for continued growth, driven by evolving consumer preferences and ongoing innovations. The trend towards sustainability is expected to strengthen, with more consumers seeking products that align with their values. Additionally, the integration of advanced technologies and digital platforms will likely further enhance market accessibility and consumer engagement. The global Smart Grid Market is a dynamic and evolving landscape, shaped by a confluence of trends and factors.
Browse Complete Report Smart Grid Market for Better Understandinghttps://www.skyquestt.com/report/smart-grid-market
Contact Us:
SkyQuest Technology
1 Apache Way, Westford, Massachusetts 01886
USA (+1) 351–333–4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
