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The smart grid market in China size is forecast to increase by USD 13.96 billion between 2022 and 2027, accelerating at a CAGR of 14.34%. The report offers extensive research analysis on the Smart Grid Market in China, with a categorization based on Application, including Smart T and D equipment, Communication and wireless infrastructure, Software and hardware, Sensors, and Others. It further segments the market by End-user, encompassing Utility, Industrial, Commercial, and Residential. Market size, historical data (2017-2021), and future projections are presented in terms of value (in USD billion) for all the mentioned segments.
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Transition to smart grids is a major driver for the growth of the market during the forecast period. Generally, a smart grid is an integrated network that connects all the power network assets, namely generation, transmission, distribution, and consumption. A main feature of a smart grid includes its ability to generate large volumes of data. Furthermore, in China, the power utility sector is undergoing a major change from a rigid structure to a more flexible system, which is driven by climate change policies, urbanization, and technological breakthroughs.
Such a paradigm shift in the power sector is achieved by the deployment of advanced metering infrastructure (AMI) and supervisory control and data acquisition (SCADA) systems. This ensures the integration of smart technologies into the grid, thereby enabling utilities to have greater control over the functioning of the grid. Hence, owing to the advantages of smart grids, it is anticipated that the Smart Grid Market in China is expected to grow positively during the forecast period.
The market share growth by the smart T&D equipment segment is significant during the forecast period. Smart transmission and distribution (T&D) equipment is undergoing a transition with the introduction of digital technologies into the grid. The segment is majorly driven by the need for efficiency and improved reliability, and the integration of diverse power generation sources.
The smart T&D equipment segment was estimated to account for USD 3.35 billion in 2017. The traditional grid was designed to manage continuous power from sources like coal, however, countries such as China focus on newer alternative sources of power generation, which are also intermittent. This, in turn, harnesses the full potential of renewable power, and providing a continuous power supply requires utilities to have a flexible power supply system. Hence, such factors are expected to drive the segment and, in turn, the market during the forecast period.
The Smart Grid Market in China is fragmented in nature. Some significant players include ABB Ltd., Cisco Systems Inc., General Electric Co., Huawei Technologies Co. Ltd., International Business Machines Corp., KPMG International Ltd.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
McKinsey and Co., Shenzhen Clou Electronics Co., Siemens AG, Silicon Laboratories Inc., and ZTE Corp.
The smart grid market in China report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 - 2027.
Smart Grid Market In China Scope |
|
Report Coverage |
Details |
Page number |
131 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 14.34% |
Market growth 2023-2027 |
USD 13.96 billion |
Market structure |
Concentrated |
YoY growth 2022-2023(%) |
13.52 |
Key countries |
China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Cisco Systems Inc., General Electric Co., Huawei Technologies Co. Ltd., International Business Machines Corp., KPMG International Ltd., McKinsey and Co., Shenzhen Clou Electronics Co., Siemens AG, Silicon Laboratories Inc., and ZTE Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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