October 26, 2016 -- According to a new market research report published by Scalar Market Research, the global smart grid market is expected to grow from USD 39.84 billion in 2016 and reach USD 83.81 billion in 2022, growing at an estimated CAGR of 13.20% during the forecast period.
The report notes that the Asia-Pacific region is expected to dominate the smart grid market during the forecast period. The rising demand from the countries like China and India is expected to be the major driving factor for this region. On the other hand, the increasing government initiatives are expected to drive the growth of the smart grid market in the North America region.
Other Key findings of the report:
- Emergence of advanced smart grid technologies is one of the primary driving factors for the growth of the global smart grid market.
- Strong emphasis on energy efficiency and energy conservation are also expected to create major growth opportunities for the smart grid market, during the forecast period.
- The lowered costs of networking technologies & devices and favorable government policies are also expected to drive the demand patterns in the smart grid market in the near future.
Key players covered in the report include:
- Aclara Technologies, LLC.
- Alstom Ltd.
- Comverge, Inc.
- Itron, Inc.
- Schneider Electric SE
- Schweitzer Engineering Laboratories, Inc.
- Sensus USA, Inc.
- Siemens AG
- Silver Spring Networks
More information regarding the report, including a sample excerpt, is available on the Scalar Market Research website.