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

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.