The Europe Smart Grid Market would witness market growth of 17.2% CAGR during the forecast period (2022-2028).
Depending on the choices of the user, intelligent appliances may choose when to use energy. This may lead to moving away along towards decreasing peak demands which have an influence on power producing prices. Smart sensors, for instance, may be employed in thermal stations to manage the temperature of the boiler depending on preset temperature thresholds.
Also, the smart metres enable two-way communication between power companies and end users, which helps to speed up the deployment of repair teams, automate billing data gathering, and identify equipment faults. Integrated communications are essential to smart grid technologies. It must respond as quickly as necessary to the system's real-time demands. Numerous various technologies, including Programmable Logic Controllers (PLC), wireless, SCADA (Supervisory Control and Data Acquisition), cellular, and BPL, are utilised in smart grid communication, depending on the situation.
IoT solutions are also likely to boost growth. Itron introduced a German household smart power metre in April 2021. To aid German towns and utilities in the energy transition, the business developed the eHZ-B smart metre. The smart metre meets Itron's 3. HZ FNN standard. Hence, the model is multi-vendor compatible. European governments are investing in smart metering infrastructure to update the grid and decrease T&D losses. By 2024, the EU will install 225 million electricity and 51 million gas smart metres. €47 billion might be invested. 77% of European power users will have smart metres by 2024. 44% will have gas. These reasons are boosting European Smart Grid Sensors Market demand.
The Germany market dominated the Europe Smart Grid Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $9,028.1 million by 2028. The UK market is registering a CAGR of 16.2% during (2022 - 2028). Additionally, The France market would showcase a CAGR of 18.1% during (2022 - 2028).
Based on Component, the market is segmented into Solution (Smart Grid Distribution Management, Substation Automation, Smart Grid Network Management, Smart Grid Metering Infrastructure, Smart Grid Security, Smart Grid Communications, and Others) and Services. Based on End User, the market is segmented into Commercial, Industrial, and Residential. Based on Application, the market is segmented into Distribution, Transmission, Consumption, and Generation. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Smart Grid Market will Hit $130.2 Billion by 2028, at a CAGR of 17.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric Company (GE Grid Solutions), Schneider Electric SE, Cisco Systems, Inc., IBM Corporation, Siemens AG, Wipro Limited, Honeywell International, Inc., Oracle Corporation, ABB Group, and Itron, Inc.
By Component
By End User
By Application
By Country
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