The smart grids offer technologies that enhance fault detection in energy transmission and distribution systems. In addition, it allows automatic self-healing of the grid network immediately after the occurrence of power disturbances. Thus, the smart grid empowers the environment as well as the economy by providing an efficient and reliable power supply via numerous smart grid technologies and applications.
The global Smart Grid market is anticipated to increase at a 18.2 % CAGR to reach value USD 162.4 billion in 2030
.jpg "The Global Smart Grid Technology Market 2020-2030 (USD Billion)")
The global smart grid market size is anticipated to reach USD 94.7 billion by 2025. This can be attributed to the growing implementation of smart grid technology to enhance effectiveness in energy consumption and conservation is the key factor fueling the smart grid market growth. In addition, growing distresses related to environment safety is also boosting the demand for smart grid solutions.
Furthermore, increasing supportive government regulations & policies to implement smart meters and smart city initiatives are also the key factors driving the growth of the overall smart grid market. For example, China, India, Japan, U.S. and other countries in various regions are investing in smart grid technology to support smart city initiatives.
Smart Grid Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | USD 162.4 billion |
| Growth Rate | CAGR of 18.2 % during 2020-2030 |
| Segment Covered | By Technology, By Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | GE, Schneider Electric, ABB, Siemens, Itron, Cisco, Aclara, OSI, Oracle, Wipro, IBM, Honeywell |
Key Segments of the Smart Grid Market
By Technology (USD Billion)
• Advanced Metering Infrastructure
• Distribution Management
• Substation Automation
• Communications
• Security
• Network Management
By Application, (USD Billion)
• Generation
• Transmission
• Distribution
• Consumption
Regional Overview, (USD Billion)
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The market value of smart grid market in 2030 was USD 162.4 billion .
The application of the smart grid market Generation, Transmission, Distribution, and Consumption and other.
Asia Pacific dominated the market for smart grid market and accounted for the largest revenue share.
The top companies that hold the market share in smart grid market are ABB, Cisco, General Electric, Honeywell, Eaton, Itron, Oracle, Schneider Electric, Siemens, Wipro. Moreover, the other potential players in the smart grid market are, Aclara, Landis+Gyr, Eaton, S&C Electric Company, Tech Mahindra & among others.
To get latest version of smart grid market report can be obtained on demand from the website.
With the emergence of the internet of things (IoT) and changing digitization landscape, the energy sector is experiencing numerous advantages and issues. The technological advancements have brought various advantages which have enhanced the energy distribution & transmission efficiencies and processes. However, at the same time grid security & privacy issues and conventional energy infrastructure are hindering the market growth.
Moreover, various major players operating in the ICT and energy industries are investing heavily in the R&D of smart grid-related technologies. Also, rising dependence on electronic equipment such as mobile phones, tablets, laptops, and others is propelling the growth of the smart grid industry. In addition, the growing need for constant electricity in commercial organizations and households is also driving the market growth.
Application Segment
On the basis of application, the market is categorized into generation, transmission, distribution, consumption. The transmission segment dominated the overall smart grid market which occupied a 32.3% share in 2019 and is expected to maintain its position over the forecast period 2020 -2025.
Solution Segment
On the basis of solutions, the market is bifurcated into Advanced Metering Infrastructure (AMI), smart grid distribution management, smart grid communications, smart grid network management, substation automation, smart grid security, others. In 2019, the market for substation automation was valued at 8.5 billion and is expected to grow at a considerable rate over the forecast period.
End-user Segment
On the basis of end-use, the market is segmented into Residential, Commercial, and Industrial. In 2019, the residential segment had the highest revenue and it is anticipated to dominate the smart grid market throughout the forecast period.
.png "Global Smart Grid by End-User 2018-2025 (USD Billion)")
On the geographical front, Asia-Pacific dominated the global smart grid market in 2019 and is expected to do so over the forecast period 2020–2025. The growth of this segment is mainly attributed to the increase in the need to overcome the electricity outages issues. In addition, growing need to link the rural and remote places to national grid systems is also anticipated to fuel the market growth in this region.
.png "Asia-Pacific Smart Grid Market by Region 2018-2025 (USD Billion)")
Followed by Asia-Pacific, the North American market is also expected to have the major market revenue over the forecast period. The growth of this segment is mainly attributed to the presence of major market players such as ABB, Oracle, Schneider Electric, General Electric, and others. In addition, increasing investment by public and private government organizations and initiatives for electric vehicles are propelling the market growth in this region.
The major players of the global smart grid market are ABB, Cisco, General Electric, Honeywell, Eaton, Itron, Oracle, Schneider Electric, Siemens, Wipro. Moreover, the other potential players in the smart grid market are, Aclara, Landis+Gyr, Eaton, S&C Electric Company, Tech Mahindra. As of 2019, the market for the smart grid is consolidated with the presence of established global and domestic players across the globe. Moreover, the established companies are coming up with new strategies and innovative Smart grid solutions. For instance, in July 2018, ABB collaborated with the Indian Institute of Technology Roorkee (IITR) to build and provide a smart power distribution network on its campus.