Smart Grid Market Analysis, Company Profiles, Competitive Landscape and Key Regions Analysis Available at Fortune Business Insights

The global smart grid market size amounted to 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, 2021-2028."
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 automatically in case of disturbance. The technology helps revamp the existing grid infrastructure with advanced feedback alternatives such as Demand Response Management Systems (DRMS) and Active Network Management (ANM) systems. The smart network is highly interconnected with sensors, meters, analytics tools, and digital controls to automate, monitor, and control energy flow. Active investments by the respective governments to implement such technologies into the electrical infrastructure will positively impact the market growth over the forecast period.
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