The global smart grid market in the forthcoming years is expected to be positively impacted by rising demand for electricity in the face of mounting environmental concerns.
According to a report by Global Market Insights, the communication and wireless infrastructure-based smart grid market size is anticipated to grow at a CAGR of more than 20% from 2018 to 2024.
The technology and equipment that make up a smart grid allow it to digitally respond to the customer’s rapidly changing energy demands. Leveraging these capabilities, smart grid technology is expected to drive the energy sector into the new age of availability, reliability and efficiency.
In fact, the product’s very ability to make significant contributions towards environmental health and economic growth is promoting the adoption of smart grids across several regional and industrial landscapes, augmenting global smart grid market size.
According to the International Energy Agency (IEA), while smart grid investments grew by 10% in 2018, the technology still represents a relatively small share of the overall network infrastructure investment.
Going forward, increasing investment in smart grid projects, as well as related research and development, would be promoting further growth of the service segment of deployment and integration. In fact, the deployment and integration service segment is expected to fuel remunerative growth of the global smart grid industry over the forthcoming years, the report notes.