Smart Grid Market in China to exhibit revenue growth of USD 13.96 Bn through 2023-2027  

China smart grid market is expected to rise between 2022 and 2027 at a compound annual growth rate of 14.34%, with a corresponding increase in revenue expected to reach USD 13.96 billion. The market development has been accelerated by government mandates and laws on the reduction of carbon emissions, as well as by the swift adoption of smart grid technologies.

Snapshot of China Smart Grid Market 

Navigating through the key factors driving the Chinese smart grid market's expansion is the adoption of smart grids, which guarantee the integration of smart technologies into the grid and provide utilities more control over how the grid operates.

As per data, in China, the power utility sector is undergoing a major transformation from a rigid structure to a more flexible system, driven by climate change policies, urbanization, and technological breakthroughs

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, etc are some of the prominent companies that need mentioning and comes with a wide spectrum of offerings in this sector.

Companies like McKinsey and Co. offer smart grids for power solutions. Similarly, Siemens AG  offers smart grids such as Xcelerator for power utilities.

Technavio's study includes comprehensive insights into the many development factors and barriers that may impede market advancement. Learn more about the  Market dynamics and the aspects that our report's in-depth analysis predicts will have the biggest impact on the market under review.

The report provides insights into the following FAQs:

1. What is the market CAGR?
   The market is accelerating at a CAGR of 14.34%.
    
2. What is the incremental growth of the market?
   The market is expected to grow by USD 13966.33 mn through 2023-2027.
    
3. What is a key factor driving this market?
   Transition to smart grids will drive market growth over the forecast period.
    
4. What are the key regions covered in this market research report?
   China is the key region featured in this research report.
    
5. Which is the leading geographic region for this market:
   100% growth will originate from APAC
    
6. What are the market segments covered in this report?
   The market is segmented by Application (Smart T and D equipment, Communication and wireless infrastructure, Software and hardware, Sensors, and Others) and End-user (Utility, Industrial, Commercial, and Residential)