- Energy Management Systems
- Distribution Management Systems
- Data Analytics
- Other
Smart Grid Managed Services Market size was valued at USD 4,178.3 million in 2022 and is expected to grow at a CAGR of 13.6% from 2023-2029. A smart grid is an electric network that can integrate the behaviour and actions of all the users connected to it efficiently. A smart grid managed service acts as a decision support system. It helps in finding faults or error in the system and provide information to the user and take corrective actions efficiently, this is expected to fuel the growth of smart grid managed service market. In addition to that, the increased focus on renewable energy installations and demand response programs, the demand for distribution management system increases significantly. It helps the user to manage the power transmission both in peak and non-peak hours. Smart grid also helps to improve operations more efficiently. It also helps in environmental monitoring aspect by reducing the carbon emission in to the environment. the increase in adoption of smart grids drives the global smart grid managed service market. The smart grid managed services help the user to offer a better operation and energy transmission. In addition to that the growing investments in this sector technologies and the increasing support from various country governments in order to deploy them across various industries will significantly boost the smart grid managed service market. In addition to that the increased energy consumption and development in technologies and advancements are some factors which are anticipated to propel the market growth in the forecasted years. The North America holds significant market value because of their easy adoption of smart meters and upgrading their older system to the newer ones and
In July 2021, AES Ohio and Landis+Gyr merged as technology partner for a program of grid modernization for enhancing the electricity distribution network efficiency.
In June 2021, Schneider Electric announced to help the people and the communities which are impacted by the weather and climate disaster by mobilizing microgrids
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Fastest Growing Market
The increasing focus on renewable energy installations and demand response programs, the demand for distribution management system increases significantly. It helps the user to manage the power transmission both in peak and non-peak hours. Smart grid also helps to improve operations more efficiently. It also helps in environmental aspect by reducing the carbon emission in to the environment. the increase in adoption of smart grids drives the global smart grid managed service market. The increasing IT firms all over the globe and evolution of new technologies triggers the growth of the market globally. also, increasing government initiatives in public campaigns is anticipated to fuel the growth of smart grid managed service market. Hence, this will drive the global market growth at a significant rate.
The Smart Grid Managed Services market was valued at USD 4,178.3 million in 2022.
The Smart Grid Managed Services market is poised to grow at a significant CAGR of 13.6% from 2023 to 2029.
The leading players in the global Smart Grid Managed Services market are Siemens, Schneider electric, S & C Electric Company, Eaton, GE, IBM, Wipro Limited, Honeywell, Cisco, Aclara, Landis+Gyr, Oracle, Itron, Accenture, Capgemini.
Historic years considered for the market study are 2018 through 2022, 2022 is considered as the base year for market estimation and Seven years forecast presented from 2023 – 2029.