Smart Grid Network Market Size

Smart Grid Network Market size is expected to expand at around 10.3% CAGR during the forecast period i.e., between 2024-2036. The growth of the market can be attributed to growing adoption of smart grids and smart meters globally, backed by the changing dynamics of global power sector. The increasing consumption of electricity, amongst various end-users, has led to the rise in demand for smart grids. Smart grid network provides the user with a two-way connection with the service, through internet and cloud-computing, which is estimated to act as the primary growth factor for the market. Smart grid network provides effective transmission, and fast restoration of electricity, reduced management costs, and transparent record of energy utilization. The growing investment in the smart grid infrastructure is estimated to fuel the market growth. According to the data provided by the International Energy Agency, USD 18 billion were invested in the smart grid infrastructure, while USD 21 billion was spent for installation of smart meters, in 2019. Moreover, adoption of smart grid network is estimated to cut down a significant amount of power theft in the residential and commercial sector. Furthermore, the global shift towards renewable sources of energy, and rising concerns for energy conservation, are estimated to boost the market growth.