North America Smart Grid Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The North American smart grid is expected to register a CAGR of more than 6.3% during the forecast period (2022-2027). The COVID-19 outbreak in Q1 2020 negatively impacted the North American smart grid market as lockdown restrictions imposed by the governments in the region lowered the demand for electricity in United States and Canada. For instance, the US electricity consumption collapsed by a record 4.6% in 2020 as businesses shut down due to lockdowns. Also, due to COVID-19, major infrastructure projects in the region were halted in 2020, negatively impacting the market. With the increasing power demand, growing steps for reducing transmission and distribution losses, and up-gradation of existing grid networks with developing renewable power sources, the smart grid market is expected to grow significantly during the forecast period. Also, to improve the collection of revenue for electricity and mitigate electricity theft in low-income areas, the demand for a smart grid network is expected to grow in the region. However, a considerable investment is required for setting up and modernizing power generation, transmission, and distribution networks, which can be a restraining factor in the smart grid market’s growth.
Key HighlightsThe North American smart grid market is partially fragmented. The major companies include General Electric Company, ABB Ltd, Itron Inc., Honeywell International Inc., and Siemens AG.
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