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Asia Pacific Smart Grid Market Size

Report ID: GMI8748
Published Date: Mar 2024
Report Format: PDF

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Asia Pacific Smart Grid Market Size

Asia Pacific Smart Grid Market size was accessed at USD 22.7 billion in 2023 and is projected to grow at a CAGR of 11.9% between 2024 and 2032. Rapid urbanization and industrialization in countries like China and India are increasing the demand for reliable and efficient energy infrastructure. Government initiatives aimed at modernizing power grids and integrating renewable energy sources are also fuelling market expansion.

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For instance, in 2022, India initiated a program worth USD 38 billion aimed at bolstering power distribution companies and enhancing distribution infrastructure. Additionally, the need to improve energy efficiency, reduce carbon emissions, and enhance grid reliability and resilience are driving investments in smart grid technologies across the region, further accelerating market growth.

Asia Pacific Smart Grid Market Report Attributes
Report Attribute	Details
Base Year:	2023
Asia Pacific Smart Grid Market Size in 2023:	USD 22.7 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	11.9%
2032 Value Projection:	USD 62.8 Billion
Historical Data for:	2019 to 2023
No. of Pages:	110
Tables, Charts & Figures:	169
Segments covered:	Technology, Service, Deployment
Growth Drivers:	Increasing need to digitalize the power sector Favourable government regulations and mandates Growing share of renewable energy in the energy mix Reliable and efficient energy consumption
Pitfalls & Challenges:	Rising cyber attacks

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Authors: Ankit Gupta, Vishal Sain

Frequently Asked Questions (FAQ) :

The market size for smart grid in Asia Pacific reached USD 22.7 billion in 2023 and is set to record a CAGR of 11.9% through 2032, led by rapid urbanization and industrialization.

Advanced metering infrastructure technology segment of Asia Pacific smart grid industry held a decent share in 2023 and is anticipated to grow over USD 26.5 billion by 2032, as it enables utilities to remotely monitor and manage energy consumption, enhancing grid efficiency and reliability.

China market is projected to surpass USD 37.5 billion by 2032, owing to the government's focus on energy security, grid modernization, and environmental sustainability.

ABB, Belden Inc., Cisco Systems, Inc., Eaton, Fujitsu, General Electric, Honeywell International Inc., Hubbell, IBM, Itron Inc., Landis+Gyr, Oracle, Schneider Electric are some of the major industry contenders.