The global smart grid technology market size was valued at $xx Billion in 2017 and is anticipated to reach $xx Billion with a CAGR of xx% over the forecast period. Smart grid technology has experienced a substantial growth in past years, because of initiatives taken by government for funding the projects of smart grids, increase in the smart meters, electric vehicles and projects of developed infrastructure across the world. The factors that drive the growth of global smart grid technology market are well-organized way for management of energy and growth in the concern about reducing the carbon footprints. These factors lead to wide investment in the distribution and optimization for the modernization of grid.

The global smart grid technology market is projected to witness the rapid growth in the coming years as demand for energy is increasing worldwide during the forecast period. Increase in the support of government for the smart grid technology is expected to participate in the growth of smart grid technology market over the forecast period. Increasing investments for the digitalization of grid by implementing the developed technologies of communication will surge the smart grid technology industry. Another factor like initiatives of government for raising the demand of renewable energy, enhance the reliability of grid and smart meter roll outs are fueling the growth of smart grid technology market.

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The most expensive exercise is the installation of smart grid. Value of US electric grid consists of transformers, poles, wires, power plants is approximately $1 tons. Total cost of replacing the traditional grid with smart grid is projected to be about $4 tons. The main critical factor for the deployment of smart grids are cost of high installation. Although, new generation sources deployment like rooftop solar, wind and based on end-user like electric vehicles are anticipated to boost the requirements of infrastructure are increasing the growth of global smart grid technology industry.

Global smart grid technology market is segmented into application, product type and region. On the basis of application, smart grid technology market is divided into commercial use and industrial use. On considering the product type, market is divided into Demand Response Management Systems (DRM), Supervisory Control & Data Acquisition (SCADA), Distribution Management Systems (DMS), Smart Meter, Meter Data Management Systems (MDMS) and Outage Management Systems (OMS).

Key players involved in increasing the smart grid technology market share are General Electric Co., ABB Ltd., Schneider Electric, Oracle Corporation, Siemens AG, Cisco Systems and Hitachi Ltd.

Key Segments in the “Global Smart Grid Technology Market” are-
By Application market is segmented into:
• Commercial Use
• Industrial Use

By Product Type market is segmented into:
• Demand Response Management Systems (DRM)
• Supervisory Control and Data Acquisition (SCADA)
• Distribution Management Systems (DMS)
• Smart Meter
• Meter Data Management Systems (MDMS)
• Outage Management Systems (OMS)

By Regions market is segmented into:
• Europe
• North America
• China
• Asia Pacific
• Japan
• India
• Middle East & Africa

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