Europe Smart Grid Network Market Size

Europe Smart Grid Network Market Analysis

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 the 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.

• Advanced metering infrastructure (AMI) is expected to witness significant growth during the forecast period due to the increasing deployment of smart grid technologies across the world's developed and emerging economies.
• Governments of both emerging and underdeveloped nations worldwide view smart grid technology as a strategic infrastructural investment that will sustain their long-term economic prosperity and help them achieve their carbon emission reduction targets. This, in turn, is expected to provide an ample amount of opportunities to the companies involved in the smart grid network market in the near future.
• The United Kingdom is expected to witness significant growth in the coming years due to large-scale investments in the market.