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.
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