Latest News - Smart Grid Market in China: Smart T and D equipment is expected to lead the Application segment during 2024-2028

The Smart Grid Market in China is being driven by Increasing focus on renewable energy integration

The Smart Grid Market in China is expected to grow at a CAGR of 20.65% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 25851.7 million. In China, the escalating energy demand driven by a large population puts immense pressure on utility companies to maintain a balance between supply and demand without incurring excessive costs. Companies such as China Yangtze Power Co., Ltd. are addressing this challenge by implementing smart grids. These advanced systems enable effective asset monitoring and control, optimizing energy consumption, and enhancing operational efficiency in areas like energy management and outage management. The deployment of smart grids is crucial for utility companies to meet the energy needs of the population while ensuring cost-effectiveness and reliability. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Smart T and D equipment
  • Communication and wireless infrastructure
  • Software and hardware
  • Sensors
  • Others
• End-user
  • Utility
  • Industrial
  • Commercial
  • Residential
• Geography
  • China

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing focus on renewable energy integration
• Strict regulations by governments to reduce carbon emissions
• Rapid adoption of smart grid technology

However, the market also witnesses some limitations, which are as follows:

• High implementation costs
• Data privacy and security concerns
• Lack of standardization

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Market Scope in Smart Grid Market in China Research Report

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Research Analysis Overview

The Smart Grid market in China is witnessing significant growth due to the increasing focus on reducing carbon emissions and mitigating climate change. The digital electricity infrastructure, comprising both wireless and wired Smart Grid Technology, is transforming the traditional power grid into a self-healing, fault-detection system. This transition includes the deployment of advanced metering infrastructure, IoT sensors, and ICT solutions. The Smart Grid market in China consists of hardware, software, and services segments. The hardware segment includes Smart Grid Components such as smart meters, sensors, and communication devices. The software segment includes Advanced Metering Infrastructure (AMI) and fault detection software. The services segment includes consulting, installation, and maintenance services. The Chinese Ministry of Power and the Department of Energy are driving the adoption of Smart Grid Technology to improve energy efficiency, reduce consumption, and enhance transmission capabilities. The ROI for Smart Grid projects in China is expected to be significant, making it an attractive investment opportunity. The aging grid infrastructure in China necessitates the need for a modern, self-healing Smart Grid system. The use of ICT and IoT in Smart Grids will enable real-time monitoring and control of energy consumption, transmission, and distribution. Overall, the Smart Grid market in China is poised for growth, with numerous opportunities for technology providers and investors alike.

Market Research Overview

The Smart Grid market in China encompasses electric utilities and water utilities, with electric utilities being entities that specialize in the generation, transmission, and distribution of electricity to consumers. These utilities can be publicly owned, investor-owned, nationalized, or cooperatives, engaging in various aspects of the industry. In contrast, the water utilities value chain comprises infrastructure developers, service and technology providers, equipment manufacturers, quality testing organizations, and end-user distribution. Both utilities sectors are capital-intensive industries, with domestic companies responsible for delivering reliable water and electric services, as well as associated offerings such as wastewater treatment and electricity generation. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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