Growing need to digitalize the power sector driven by ageing electrical grid infrastructure coupled with rising concerns pertaining to unplanned power outages and environment protection is a major factor anticipated to drive growth of the global market over the forecast period.
The global smart grid market report has been segmented on the basis of technology, deployment, software, hardware, services, and region.
On the basis of technology, the global market has been segmented into smart T&D equipment, distribution & network automation, advanced metering infrastructure, consumer interface, communication & wireless infrastructure. The smart T&D equipment segment is expected to account for major share in terms of revenue in the global smart grid market. The distribution & network automation segment revenue is also anticipated to register highest CAGR over the forecast.
On the basis of deployment, the global market has been segmented into generation, transmission, distribution, and end use.
On the basis of components, the global market has been segmented into software, hardware, and services.
On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America market is estimated to dominate with significant revenue share in the global market in 2017. However, the Asia Pacific market is projected to register highest CAGR in terms of revenue in the next 10 years, owing to increasing demand from construction, automotive, and packaging industries in the countries in this region.
Key players operating in the global smart grid market include General Electric Company, ABB Group, Siemens AG, Schneider Electric SE, Aclara Technologies LLC, Cisco Systems, Inc., International Business Machines Corporation, Wipro Limited, Honeywell International Inc., Oracle Corporation, S&C Electric Company, Eaton Corporation Plc, and Tech Mahindra Limited.