Europe Smart Grid Network Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The European smart grid network market is expected to register a CAGR of more than 3.1% during the forecast period of 2022-2027. The COVID-19 pandemic had slowed the growth of the smart grid market, as various countries across the world were forced to implement strict lockdowns during the first half of 2020. Governments and local authorities issued strict guidelines and halted all non-essential operations. This adversely affected the smart grid market due to the suspension of grid-modernization activities such as the nationwide smart meter roll-out in United Kingdom that had to be completed by 2020 but has been pushed till 2024. Factors such as increased investments and deployments of smart grid technologies such as smart meters, EV chargers, and other associated smart grid infrastructure technologies are expected to drive the market in the coming years. However, the transition from coal and natural gas-based power plants to sustainable but less predictable methods such as solar and wind are expected to strain the growth of the market studied during the forecast period.
Key HighlightsThe European smart grid network market is fragmented. Some of the major companies include Électricité de France SA, E.ON SE, SSE PLC, Schneider Electric SE, and Renault Group.
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