International market research firm ReportsnReports recently released a smart grid research report, saying that in 2017, the global smart grid market is expected to reach $20.83 billion.
With government policy support, legislative mandates, and incentives for smart meter deployments, smart grids will be further promoted to meet growing demand for stable power. It is estimated that by 2022, the global smart grid market will reach US$50.65 billion, with a compound annual growth rate of 19.4%.
From the perspective of regional markets, during the forecast period, North America is expected to dominate the global smart grid market, which is mainly affected by factors such as large-scale smart grid project deployment and smart city construction.
It is worth noting that although the Middle East and Africa region is still in the initial stage of development, it will be the fastest growing regional market in the world. The simultaneous growth of traditional and renewable energy sources and the resolution of the problem of population without electricity are the main factors driving the growth of demand for smart grids.
In terms of product types, smart grid communication software grew fastest during the forecast period. The software enables the networking of power distribution systems by enabling two-way communication between different components of the grid, thereby improving operation, maintenance and planning, including power generation, transmission and distribution.
From the perspective of enterprises, the United States General Electric, Switzerland ABB Group, Germany's Siemens, France's Schneider Electric, etc. will become the world's leading smart grid technology and service providers.
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