Overview:

The US, Europe, and Asia Pacific smart grid and smart cities market is valued for more than US$ XXX.X Mn in 2019 and expected to reach a value of US$ XXX.X Mn by 2029 with a significant CAGR of around XX.X% over the forecast period of 2019-2029. Electric grids that are enhanced using information technology and internet are called as smart grids. Additionally, cities equipped with sensors, IoT devices, hardware, advance software, and connected devices focusing on easing life of the individuals are called as smart cities.

Market Dynamics:

Rising investment for smart city projects and smart grid deployment is a key factor driving growth of the U.S., Europe, and Asia Pacific smart grid and smart cities market. In addition, ongoing modernization of grid structure in many countries is another major factor supporting the market growth. For instance, in 2015, the US investor owned electric utilities invested more than US$ 20 Bn in the US transmission system and also announced in 2015 that they are planning to invest around US$ 84 Bn in between 2016 to 2019.

In addition, rising government support and technological advancement in the product and software is resulting in strong growth of the target market. Rising internet penetration and adoption of connected devices is another factor expected to support growth of the US, Europe, and Asia Pacific smart grid and smart cities market. Developing countries across the globe such as India are expected to generate lucrative growth opportunities for the target market over the forecast period.

However, lack of standardization in the overall required products, services, and infrastructure plan is a key factor expected to hamper growth of the US, Europe, and Asia Pacific smart grid and smart cities market to a certain extent.

Key Trends:

Increasing strategic merger and acquisition activity among the key players operating in the target market in order to get the competitive edge is a key trend witnessed in the target market. For instance, ABB Group has completed the acquisition of GE Industrial Solutions as a part of market expansion activity in North America in July 2018. This type of trend is expected to drive growth of the US, Europe, and Asia Pacific smart grid and smart cities market over the forecast year.

Regional Analysis:

For detailed understanding of market dynamics, the US, Europe, and Asia Pacific smart grid and smart cities market is analyzed across key regions viz. US, Europe, and Asia Pacific. The Europe region is dominated the US, Europe, and Asia Pacific smart grid market and smart cities market with the largest revenue share in 2019. This is owing to the various energy efficiency program launched by government through collaborations among major utilities and government in countries in the region.

However, Asia Pacific is expected to witness highest growth in terms of CAGR in the target market over the forecast period. This is owing to increasing government initiative for smart city development and rising penetration of smart grids in countries in the region.

Scope of the Report:

Detailed Segmentation:

US, Europe, and Asia Pacific Smart Grid Market, By Component:

• Hardware
• Software
• Services

US, Europe, and Asia Pacific Smart Grid Market, By Application:

• Commercial Use
• Industrial Use
• Residential Use

US, Europe, and Asia Pacific Smart Cities Market, By Application:

• Smart Transportation
• Smart Buildings
• Smart Utilities
• Smart Infrastructure
• Others

Key Players Covered:

Key players operating in the US, Europe, and Asia Pacific smart grid and smart cities market includes General Electric Company, ABB Group, Siemens AG, Schneider Electric, Itron Inc., Landis+Gyr, Aclara Technologies LLC, Cisco Systems Inc., Open Systems International, Inc. (OSI), and IBM Corporation.

Key Features of the Study:

Foresight Market Research provides detailed analysis on regional market in our report- US, Europe, and Asia Pacific Smart Grid and Smart Cities Market by component, application, and region. The report provides market size (US$ Mn) and compounded annual growth rate (%) for the forecast period: 2019 – 2029, considering 2018 as the actual year. The report also contains in-depth analysis about market drivers, restraints, opportunities, new product launches, product approval, ongoing trends, and regional outlook. The report delivers competitive analysis about leading players in the US, Europe, and Asia Pacific smart grid and smart cities market based on various parameters such as company overview, product portfolio, regional presence, financial performance, distribution strategies, key developments, marketing strategies, and future plans. The analysis from the report would acquaint the marketers and management authorities of companies to make the appropriate decision with respect to their future product launch, market expansion, and marketing tactics used overall the globe.