Smart Grid Market

Smart Grid Market was valued at USD 2.9 billion in 2021 and is forecast to touch USD 10.7 billion in 2029, and the market is expected to grow at a whopping CAGR of 17.7%.

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Key Drivers and Emerging Trends:

With the growing power demand, government across the nation have enforced various strategic norms to encourage the adoption of smart grid technology to provide continuous power supply across the industrial, residential, and commercial sectors, which stands to be one of the major factors fueling the smart grid market. Several factors including rising investment and growing adoption of smart grid technologies such as EV chargers, smart meters, and other associated smart grid infrastructure technologies to detect failures and automate billing data collection are forecast to strengthen the Smart Grid Market size.

In addition, the increasing incorporation of smart grids with cloud technology to speed up the analysis of current energy usage in order to tackle the issues regarding environment protection and energy conservation, will boost the market growth. Moreover, increasing industrialization, rapid urbanization, rising number of supermarkets and malls, and the rising commercialization are other factors propelling the global smart grid market growth. Besides this, the aging power distribution infrastructure is further projected to propel industry growth over the forecast period. For example, in 2018, Natural Resource Canada made an investment of USD 949,000 in the next-generation smart grid project, with an intent to encourage the adoption of renewable energy sources. Thus, all these investments are anticipated to expand the market growth. However, rising privacy & security concerns are projected to hinder the market growth. Moreover, high installation costs coupled with the huge initial investment will restrain the market size. Also, absence of common implementation standards and interoperability across various regions are likely to restrain the smart grid technology market growth over the forecast period.

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Component Segment Analysis:

Hardware segment is estimated to witness a faster CAGR during the forecast period, primarily because of the remarkable switch from traditional energy sources to environment friendly and inexhaustible energy sources. Moreover, the strategic initiatives taken by the governments of various countries to encourage the installation of smart electricity meters and the rising demand for digitalized sensing field devices are anticipated to propel the segment’s growth. For example, in December 2020, the Australian Energy Market Commission planned to install electricity meters in the country and launched an independent review into the rules governing electricity meters to discover new opportunities for boosting up the deployment.

On the other hand, the software segment is predicted to hold a larger share over the upcoming years, because of the growing government emphasis to encourage investment in the in the advance metering infrastructure (AMI). Besides, the rising initiatives to encourage the electricity grid will propel the market growth. For instance, the US government passed the Energy Independence and Security Act of 2007 adopted by the US for the development and deployment of smart grid technologies.

Communication Technology Segment Analysis:

Wireless communication technology is expected to dominate the smart grid market over the upcoming years, because of the ability of technology to support utilities with higher bandwidth, facilitating complicated production process and logistics, and cover an enlarged area. Wireless communication technology helps in transferring information over a distance without the use of electrical conductors or wires, driving the smart grid market share.

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Regional – Segment Analysis:

Asia-Pacific is expected to dominate the smart grid market over the upcoming years, owing to the rapidly accelerating urban population and increasing industrialization. The increasing adoption of smart grid technologies and growing emphasis on the expansion of inexhaustible energy have driven the regional growth. For instance, in February 2020, the Indian Government introduced the Smart Meter National Programme (SMNP) under which 1 million smart meters were installed across the country under the. In addition, the increasing initiatives for the smart cities development programs in the region are expected to boost the market growth.

Europe is likely to hold a higher share over the coming years, due to the rising demand for power efficiency, strategic government initiatives, intensified investments in distribution automation. For instance, in May 2020, the implementation of smart metering program enforced by the U.K. government has resulted in nearly 26.6 million electricity meters operated by large energy suppliers in domestic properties across the Great Britain area.

Top Market Players:

Various notable players in the market include General Electric, ABB, Siemens, Cisco Systems Inc., Schneider Electric, IBM Corporation, Landis+Gyr., Wipro Limited, Oracle, and Honeywell International Inc., among others.

Key Developments:

• • In 2022,Schneider Electric collaborated with the Cisco Systems Inc. to build smart grid in Egypt. Companies planned to make energy hub in this region. Schneider Electric will further  planned to install network control centres in Egypt.
  • July 2021 – AES Ohio selected Landis+Gyr as its technology partner for a grid modernization program for enhancing the efficiency of the electricity distribution network and customer services. AES Ohio will utilize Landis+Gyr cloud services for network management services, system operating software, and installation support.
  • June 2021 – Schneider Electric announced its partnership to help people and communities impacted by weather and climate disasters by mobilizing microgrids. The company has deployed over 45 kW of mobile solar and above 170 kWh of mobile battery storage to support more than disaster response and recovery missions which have provided emergency power access to U.S. citizens.
  • In 2021, Schneider Electric acquired DC Systems B.V. to strengthen its position in smart grid market. DC Systems B.V. will further help the company in advancing innovations in electrical distribution.

Segments covered in the Report:

The global Smart Grid market has been segmented on the basis of component and region. Based on component, the market is segmented into hardware, software and services. Based on hardware, the market is segmented into Smart Meter. Based on software, the market is segmented into Advanced Metering Infrastructure, Smart Grid Distribution Management, Smart Grid Network Management, Grid Asset Management, Substation Automation, Smart Grid Security and Billing and Customer Information System. Based on services, the market is segmented into Consulting, Deployment and Integration and Support and Maintenance.

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Key questions answered in this research report:

• • At what pace is global Smart Grid market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Smart Grid market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Smart Grid market?
  • Which component generated maximum revenues in 2021 and identify the most promising component during the forecast period?
  • What are the various component areas of global Smart Grid market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation:

Smart Grid Market By Component

• • Software
    • Advanced Metering Infrastructure
    • Smart Grid Distribution Management
    • Smart Grid Network Management
    • Grid Asset Management
    • Substation Automation
    • Smart Grid Security
    • Billing and Customer Information System.
  • Hardware
    • Smart Meters
    • Sensors
    • Programmable Logic Controller (PLC)
    • Others (Networking Hardware and Energy Storage)
  • Services
    • Consulting
    • Deployment and Integration
    • Support and Maintenance

Smart Grid Market by Application

• • Generation
  • Transmission
  • Distribution
  • Consumption

Smart Grid Market by Communication Technology

• • Wireline
  • Wireless

Global Smart Grid Market by Region

• • North America Smart Grid Market (Option 1: As a part of the free 25% customization)
    • By Component
    • United States of America (US) Market All-Up
    • Canada Market All-Up
  • Europe Smart Grid Market (Option 2: As a part of the free 25% customization)
    • By Component
    • United Kingdom (UK) Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Smart Grid Market (Option 3: As a part of the free 25% customization)
    • By Component
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Smart Grid Market (Option 4: As a part of the free 25% customization)
    • By Component
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Smart Grid Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • General Electric
  • ABB
  • Siemens
  • Cisco Systems Inc.
  • Schneider Electric
  • IBM Corporation
  • Landis+Gyr.
  • Wipro Limited
  • Oracle
  • Honeywell International Inc.