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.
