USD 43.1 billion
Global Smart Grid Market Size, Share, Growth Analysis, By Application(Generation, Transmission), By Component(Solutions and Services), By Solution(Advanced Metering Infrastructure (AMI), Smart Grid Distribution Management) - Industry Forecast 2024-2031
Report ID:
SQMIG55E2012 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
93 |
Figures:
76
Global Smart Grid Market Insights
Smart Grid Market size was valued at USD 43.1 billion in 2019 and is poised to grow from USD 51.33 billion in 2023 to USD 207.82 billion by 2031, growing at a CAGR of 19.9% in the forecast period (2024-2031).
Smart grid market is becoming popular since they are Capable of providing electrical power from multiple and widely used distributed sources like wind turbines, solar power systems ,perhaps even plug-in hybrid electric vehicles. Intelligent appliances, smart power meters, smart substations, superconducting cables, integrated communications are the major factors and components to create and achieve modernized smart grids.
One of the most vital advantages of smart grid is that it enables better energy management by integrating the isolated technologies. Along with it, it creates protective management of the electrical network during emergency situation. It also helps in creating better demand supply response, better power quality, and reduces carbon emissions. With the growing population, there has been an increase in demand for energy, to complete this complex requirement critical solutions are required which is provided by better energy management with the help of smart grid.
However, Smart Git creates security concerns As it uses smart meters which are automated and provide communications between power provider and customer. But these smart meters can be easily hacked and can help in controlling the power supply of a single building or an entire neighborhood. Along with this, it also lacks integrated development of insufficient intelligence in the middle governing the switching functions, which makes the grid a volatile network.
US Smart Grid Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Software
Fastest Growth
Software
Growth Rate
19.9% CAGR
Global Smart Grid Market ($ Bn)
Country Share for North America Region (%)
Global Smart Grid Market By Component ($ Bn)
Global Smart Grid Market By Component (%)
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Global Smart Grid Market Segmental Analysis
Global Smart grid market is segmented on the basis of application, Component, solution, end user and region. By application, the market is segmented into Generation, Transmission, Distribution, and Consumption/End Use. By Component, the market is segmented into Solutions and Services. By solution, the market is segmented into Advanced Metering Infrastructure (AMI), Smart Grid Distribution Management, Smart Grid Communications, Smart Grid Network Management, Substation Automation, Smart Grid Security, and Others.By end user the market is segmented into Residential, Commercial, and Industrial. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Smart Grid Market Analysis by End user
By End user, the global market is divided into many segments such as utility, industrial, residential, and commercial. Due to the increase in the deployment of grid technologies across the globe, the utility sector is expected to witness a substantial rise. In recent times, to achieve the carbon zero target, many developing countries recognise this technology as strategic infrastructure investment which will help in reducing the carbon emissions. Governments introducing favorable policies and fiscal incentives for various industrial sector. Help the industrial segment to grow significantly during the forecasted period.
Increasing individual awareness regarding technological advancement, including reduced energy consumption and money saving across various end users will lead to the growth of the residential sector during the estimated forecast.
Smart Grid Market Analysis by component
By components, the market is classified into software, hardware, and services. Due to the increase in efforts to modernize the electricity grid and reduce the TND cost, the software segment is expected to hold a significant portion of the global smart grid market. Along with this, there are many government initiatives for advanced metering infrastructure which will help to grow the market. Installation of smart meters as well as advanced metering infrastructure will help the market segment to grow in the estimate forecasted period. Not only software and hardware segment provides applications, but service segments to provide several applications that includes installation and integration of various modules of utility smart grid operation.
Global Smart Grid Market By Component, 2023 (%)
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Global Smart Grid Market Regional Insights
Globally, North America is estimated to hold the highest global Smart grid market share in 2021. Main factors during this growth period is the presence of top market players such as ABB, Siemens, IBM.
There are various efforts taken by Middle Eastern African nations to adopt the solutions to minimize outages and revenue losses and deliver enhanced controls with low disruption which will lead to the increase in smart grid solutions.
Above all, Asia Pacific is expected to grow fastest during the forecast period. The reason for the same is increasing acquisition of Smart grid technology to develop infrastructure and industrialization in the region of Asia Pacific and mainly in China and Japan.
Global Smart Grid Market By Region, 2024-2031
- Largest
- Fastest
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Global Smart Grid Market Dynamics
Smart Grid Market Drivers
Increasing popularity and awareness of smart grid is boosting the market
- Energy efficiency, the dependability of the current electrical supply, the incorporation of more renewable energy sources into an existing network, new solutions for customers to optimize their electricity consumption, and a decrease in carbon emissions are just a few of the significant benefits of installing a smart grid. Every country has an increasing need to lower the price of power outages and blackouts, which are brought on by outdated electricity infrastructure. With the aid of smart grid technologies, these exorbitant sources of blackouts and power outages can be eliminated.
Smart Grid Market Restraints
High installation cost for Smart Grids to Hinder Market Growth
- Smart grid provides the two way communication between the utility and its customer, but this technology requires huge initial investment. The role of local and national government is vital in transforming the energy infrastructure, but higher installation cost and investment can put extra burden on them. These capital intensive deployment of smart grid solutions may hinder the market growth
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Global Smart Grid Market Competitive Landscape
Competition in the global Smart grid market is expected to increase during the forecast period because new players are expected to enter in the global market and the number of services compatible with Smart grid will also increase. Currently, only a few key players are providing their services in the global Smart Grid market but these numbers will increase in the upcoming years.
Smart Grid Market Top Player’s Company Profiles
- General Electric Company
- ABB Ltd.
- Siemens AG
- Schneider Electric SE
- Landis+Gyr Group AG
- Itron Inc.
- Honeywell International Inc.
- Cisco Systems Inc.
- Oracle Corporation
- IBM Corporation
- Eaton Corporation
- S&C Electric Company
- Wipro Limited
- Fujitsu Limited
- Mitsubishi Electric Corporation
- Toshiba Corporation
- Echelon Corporation
- Schweitzer Engineering Laboratories Inc.
- Trilliant Holdings Inc.
- Elster Group GmbH
Smart Grid Market Recent Developments
- In February 2022, Tantalus acquired smart grid management solution provider Congruitive. The acquisition adds new capabilities to Tantalus’s smart grid solution portfolio to support the growing penetration of electric vehicles and other distributed energy resources.
- In April 2022, The Hera Group, one of Italy's largest multi-utilities, and Gridspertise, a division of the Enel Group devoted to the digital transformation of electricity grids, have signed a collaboration agreement with the aim of creating the future smart grids through a cutting-edge integrated system for the collection and measurement of data from their respective networks in a multi-utility environment.
Global Smart Grid Key Market Trends
- Plugging electric vehicles are the major trend in the vehicle market. This vehicles are being rolled out in the market to sell consumers across the various nations to support the transition towards the low carbon transportation. Do an apple the efficient usage of plug in electric vehicles, a smart grid system designed to have that infrastructure.
Global Smart Grid Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global Smart grid market analysis, the global market is estimated to have significant growth during the forecast period because of the benefits it consists of such as energy conservation. Smart grids will enable devices to be more convenient for their users. The market has so much potential for new players also because of the high expected rate of growth and demand.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 43.1 billion |
| Market size value in 2031 | USD 207.82 billion |
| Growth Rate | 19.9% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Smart Grid Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Smart Grid Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Smart Grid Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Smart Grid Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Smart Grid Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Smart Grid Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Smart Grid Market Report Snapshots
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