![]() ![]() The increasing demand for electricity generation is expected to propel the growth of the smart grid technology market going forward.Electricity refers to a type of energy that can be produced in various ways and powers machinery responsible for producing heat, light, and other effects. The main components of smart grid technology are hardware, software, and services.Hardware is the collective term for the internal and external hardware that enables carrying out key operations, including input, output, storage, communication, processing, and more, these upgrades are required if the globe is to utilize the grid’s power more effectively.īy using outage management systems, demand management systems, geographical management systems network operations, and wired and wired-less technologies it is used for electricity generation, transmission, distribution, and consumption applications by residential, commercial, and industrial, government end-users. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. North America was the largest region in the smart grid technology market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period. This network uses digital and other sophisticated technology. ![]() Smart grid technology refers to an electrical network that manages and monitors the conveyance of power from all generation sources to satisfy the various electricity needs of end customers. The value of goods in this market includes related services sold by the creators of the goods. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The smart grid technology market includes revenues earned by entities by providing services such as more dependable power, producing renewable energy with greater efficiency, utilizing a variety of energy sources, lowering carbon footprint, laying the groundwork for electric vehicles, and producing intelligent job possibilities.The smart grid technology market consists of sales of electric power generators, smart meters (SMs), Collector nodes, Controllers, cables, circuit breakers, and power substations, which are used in providing smart grid technology services. The smart grid technology market is expected to reach $91.96 billion in 2027 at a CAGR of 18.49%. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. ![]() The global smart grid technology market is expected to grow from $39.38 billion in 2022 to $46.65 billion in 2023 at a compound annual growth rate (CAGR) of 18.46%. Ltd., Grid4C Ltd., Networked Energy Services (NES) Corporation, Landis+Gyr, Aclara Power-Line Systems Inc., OSI Systems Inc. ![]() , Eaton Corporation plc, Tech Mahindra Limited, Wipro Limited, Trilliant Holdings Inc., Globema, Kamstrup, Enel X S.r.l., C3.Ai Inc., General Electric Company, Tantalus Systems Holding Inc., Mitsubishi Electric Corporation, SAP SE, Xylem Inc., e-Smart Systems Ltd., Esyasoft Technologies Pvt. With the qualification programme, Hitachi ABB Power Grids can qualify future specialists for its local investment projects and contribute to the further development of the energy sector with the transfer of know-how.New York, J(GLOBE NEWSWIRE) - announces the release of the report "Smart Grid Technology Global Market Report 2023". The partners established training modules on innovative technologies in the field of energy supply and thus helped to increase the attractiveness of the engineering faculty. As part of the develoPPP programme funded by the German Federal Ministry for Economic Cooperation and Development (Bundesministerium für wirtschaftliche Zusammenarbeit und Entwicklung, BMZ), Hitachi ABB Power Grids and DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH were involved in modernising the power engineering course at the University of Zambia (UNZA). However, there is a lack of skilled workers within the energy sector to implement the projects. Zambia has launched large infrastructure programmes for power supply because the energy demand in the African country is increasing. ![]()
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