The compound annual growth rate of the global smart grid market will exceed 10% from 2018 to 2024

Zion, an international market research organization, recently released a smart grid market research report
.
According to the report, the global smart grid market was valued at approximately USD 29.
86 billion in 2017 and is expected to generate approximately USD 60.
29 billion in revenue by 2024, growing at a CAGR of approximately 10.
56%
between 2018 and 2024.

The rising demand for energy consumption is a major factor
driving the smart grid market.
Increasing investments in grid digitalization are likely to drive the growth of the smart grid market in the coming years as advanced technologies continue to innovate
.
Government initiatives to increase the use of renewable energy, existing power generation mix, and increasing need to create green infrastructure are expected to boost the expansion
of the smart grid market in the future.

Compared to traditional grid systems, smart grid systems are technologically upgraded
.
The entire smart grid system includes computers, advanced control and automation technologies of new technologies to improve its operational efficiency
.
In addition, the growing demand for digitalization in the energy and power sectors and the huge need to develop grid infrastructure are likely to positively influence this market
.

Technically, the smart grid market is segmented into advanced metering infrastructure, distribution automation, software and hardware, communication services, cybersecurity, and transmission infrastructure upgrades
.
Communication services are expected to dominate the smart grid market as communication devices with customer load control in smart grid infrastructure help monitor the functionality and effectiveness
of the grid.
Through services, this market includes consulting, deployment and integration, support and maintenance
.
Due to increasing R&D investments by manufacturing companies in smart grid pilot projects, the deployment and integration segment is expected to dominate this market
.

From a regional perspective, North America is growing significantly in the global smart grid market and is expected to continue to maintain its dominance
during the forecast period.
Increasing natural disasters including unplanned power outages, storms, rainfall, and others will drive the growth of the smart grid market in the region
.
In addition, the U.
S.
government's initiatives in planning energy consumption are likely to further drive future industry growth
in the region.

Asia Pacific is expected to provide significant growth opportunities
for the smart grid market in the coming years due to the ongoing increase in smart home, smart building, and smart infrastructure construction activities.
At the same time, enforcing strict government laws and regulations to reduce carbon emissions and air pollution is likely to drive the smart grid market in Asia Pacific over the forecast timeframe
.

The European smart grid market is expected to offer lucrative growth opportunities
during the forecast period due to significant investments in developing smart grid infrastructure and implementing favorable energy and climate policies in the region.
Moreover, the continued integration of renewable energy resources in smart grid systems will further positively
impact the market in this region.