Pune, India, June 28, 2022 (GLOBE NEWSWIRE) — The global smart grid market size was USD 29.45 billion in 2020. The market value is slated to grow from USD 35.07 billion in 2021 to USD 140.53 billion in 2028 at a CAGR of 21.9% throughout the forecast period. The market is gaining traction spurred by active government efforts to reenergize the existing electrical infrastructure with such grids.
The widespread upgradation of existing transmission & distribution networks with newer technologies will create favorable opportunities for market expansion. Fortune Business Insights presents this information in its report titled “Smart Grid Market Forecast Report 2021-2028.”
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 21.9% |
| 2028 Value Projection | USD 140.53billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 29.45 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 190 |
| Segments covered | By End-user, By Component and Regional Forecast |
| Growth Drivers | Need for Reliable Power Distribution Networks to Fuel Smart Grid Deployment |
| Delays in Product Deployment due to Pandemic-Related Disruptions to Affect Market Growth |
Smart grid refers to an advanced power supply network that uses digital communications technology to detect, react to local changes in supply, and enable the network’s self-healing…
