Market Size of China Smart Grid Network Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 14.32 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
China Smart Grid Network Market Analysis
During the forecast period, the Chinese smart grid market is expected to register a CAGR of 14.32%.
The outbreak of COVID-19 had a negative effect on the market. Currently, the market has reached pre-pandemic levels.
- Things like increased spending on ultra-high voltage projects and renewable energy are likely to drive the market during the forecast period.
- But things like high installation costs and worries about the environment related to installing fossil fuel power plants are likely to slow market growth over the next few years.
- Substations are one of the most critical parts of an electrical energy system, with many costly pieces of equipment and operations. Smart automation techniques are being used more and more in these substations instead of manually processing data. This makes the automated system run quickly and accurately and ensures a reliable electricity network and feedback data. During the forecast period, market players will have a chance to take advantage of China's growing need for electricity and growing focus on clean energy, which will lead to new-generation projects and the repair of old transmission systems.
China Smart Grid Network Industry Segmentation
Smart Grid is an electrical grid with communication, automation, and IT systems that can monitor power flows from points of generation to points of consumption and control the power flow or curtail the load to match generation in real-time. China's smart grid network market is segmented by application into transmission upgrades, substation automation, advanced metering infrastructure (AMI), and distribution automation. For each segment, the market sizing and forecasts have been done based on revenue (USD million).
China Smart Grid Network Market Size Summary
The Chinese smart grid network market is poised for significant growth, driven by increased investments in ultra-high voltage projects and renewable energy initiatives. The market has rebounded to pre-pandemic levels after the initial setbacks caused by COVID-19. The adoption of smart automation techniques in substations is enhancing the efficiency and reliability of the electricity network, addressing the growing demand for electricity and the country's focus on clean energy. Despite challenges such as high installation costs and environmental concerns related to fossil fuel power plants, the market is expected to benefit from China's commitment to reducing carbon emissions and its ambitious green development policies.
As the world's largest market for power transmission and distribution, China is rapidly becoming a major consumer of smart grid technology. The State Grid Corporation of China plays a pivotal role in this market, with initiatives like the 'Global Energy Internet' concept aiming to integrate smart grid connections with ultra-high voltage power grids. This strategic direction is expected to drive the market forward, supported by substantial investments in electricity infrastructure. The digitalization of substations and the development of advanced smart grid projects, including smart EV charging networks and multi-terminal VSC-HVDC systems, are further contributing to the market's expansion. With a consolidated market structure dominated by key players such as ABB Ltd., Siemens AG, and Huawei Technologies Co., the Chinese smart grid network market is set to experience robust growth in the coming years.
China Smart Grid Network Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD million, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION - BY APPLICATION
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2.1 Transmission Upgrades
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2.2 Substation Automation
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2.3 Advance Metering Infrastructure (AMI)
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2.4 Distribution Automation
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China Smart Grid Network Market Size FAQs
What is the current China Smart Grid Network Market size?
The China Smart Grid Network Market is projected to register a CAGR of 14.32% during the forecast period (2024-2029)
Who are the key players in China Smart Grid Network Market?
ABB Ltd, Siemens AG , General Electric Company , International Business Macgine Corporation and Huawei Technologies Co. are the major companies operating in the China Smart Grid Network Market.
