The South Korea smart grid market size is anticipated to expand from USD XX Billion in 2022 to USD XX Billion by 2031 at a significant CAGR of 4.3% during the forecast period, 2023-2031. The growth of the market is attributed to rise in concerns pertaining to environment protection.
Smart grid is an electricity network for automation, communication, and IT systems that are mainly used for improving the connectivity of the various components to the power network.
The smart grid has six components, namely advanced metering infrastructure, demand response, electric vehicles, wide-area situational awareness, distributed energy resources and storage, and distribution grid management. The Smart Grid Investment Grant (SGIG) program aims to accelerate the modernization of the nation’s electric transmission and distribution systems.
During the COVID-19 pandemic, the demand for smart systems is expected to rush and manage grid operations to reduce the human intervention. Moreover, various restrictions on production and supply chain during the COVID-19 pandemic poised a challenge to the smart grid market, since smart grid systems were still not operating at their full capacity.
Smart Grid Market Trends, Drivers, Restraints and Opportunities
- Increasing investment in grid modernization is projected to drive the market growth during the forecast period.
- Rising growth in adoption of smart grid technology to improve efficiency in energy conservation and consumption is expected to boost the market growth in the coming years.
- Growing supportive government policies to use smart meters is expected to spur the market growth during the forecast period.
- Increasing government regulations to reduce the energy consumption and carbon footprint in the industrial sector is anticipated to drive the market growth during the forecast period.
- Rising dependence on the electronic devices and constant requirement for electricity in households as well as commercial sector is expected to drive the market growth during the forecast period.
- Increasing investments in digital electricity infrastructure is anticipated to drive the market growth during the forecast period.
- Growing awareness among end-users about the benefits of smart grids such as low power consumptions, cost savings, reducing carbon footprints, and smart home is expected to spur the market growth during the forecast period.
- Rising supportive regulatory framework of governments worldwide to promote deployment of smart grids and focusing on implementing smart grids and spreading awareness about energy conservation are major factors anticipated to drive the market growth during the forecast period.
- High installation cost of smart grids can restrain the growth of the market.
- Lack of standardization is estimated to restrict the market growth in the coming years.
- Rise in privacy & security concerns can restrain the growth of the market.
- Proper storage and management of complex data generated by smart grid infrastructure can create challenges for the market.
- Increasing number of electric vehicles on the road and upcoming smart cities projects in developing regions can create lucrative opportunities during the forecast period.
Scope of Smart Grid Market Report
The report on the South Korea smart grid market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Smart Grid Market - South Korea Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Technology Application Areas (Transmission, Demand Response, Advanced Metering Infrastructure (AMI), and Others)
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Country
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South Korea
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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General Electric Company; ABB Ltd; Arm Limited; Siemens AG; and Korea Electric Power Corporation
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South Korea Smart Grid Market Segment Insights
Advanced metering infrastructure (AMI) segment to hold a significant market share
On the basis of technology application areas, the market is segregated into transmission, demand response, advanced metering infrastructure (AMI), and others. The transmission segment is anticipated to hold a key share of the market in the coming years due to flexibility and allow grid operators to deal with anticipated and unanticipated losses, while still meeting electricity demand.
On the other hand, the advanced metering infrastructure segment is anticipated to expand at a rapid pace during the forecast period owing to reduced traditional utility operating costs including meter reading, customer services, field services, collections, and theft management.
Segments
The South Korea smart grid market has been segmented on the basis of
Technology Application Areas
- Transmission
- Demand Response
- Advanced Metering Infrastructure (AMI)
- Others
Country
Key Players
Competitive Landscape
Key players competing in South Korea smart grid market includes General Electric Company; ABB Ltd; Arm Limited; Siemens AG; and Korea Electric Power Corporation. Some of these players are engaging in business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market share.
- In September 2020, Siemens Energy launched Unified Power Flow Controller and enlarges the options for grid stabilization, which helps the systems for operators stabilize the grid by energetically and controlling the load flow in alternating-current grids.
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