A smart grid is defined as an electric grid that consists of a network of transmission lines, substations, and transformers. It includes a variety of energy measures, such as smart grids, smart appliances, energy-efficient resources, and renewable energy resources. The smart grid offers better efficiency, reduces energy consumption and cost by continuous monitoring, analysis, control, and communication. One of the significant factor of the smart grid is load handling and decentralized generation of power. The smart grid can automate the tracking of electricity consumption at any location and is used in power grid modernization to reduce transmission and distribution losses

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Factors such as the increasing government focus on reducing transmission and distribution losses, followed by the rising concern regarding the environmental protection at the global level are the key factors driving the growth of the global smart grid market. The end-users are looking for an advanced grid which allows energy conversation and is environment friendly at the same time. The smart grid saves energy through reducing consumption, offers better customer services, and more accurate bills. It also helps in fraud detection and technical losses. The manufacturers are heavily investing in the digital electricity infrastructure, which will further create innumerable growth opportunities in the market. For instance, in 2018, Natural Resource Canada invested USD 949,000 in the next-generation smart grid project. This project is mainly emphasizing on the adoption of renewable sources of energy and the implementation of technology to integrate new sources of clean energy. All these investments will bring a drastic growth in the global smart grid market. However, lack of standardization and rise in privacy & security concerns is likely to have a negative impact on the growing demand of the market in the coming years.

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Based on the component, the market is segmented into hardware, software, and services. The hardware segment is projected to grow at a higher CAGR during the forecast period, attributed to its cost-saving feature and the significant shift from conventional energy sources to sustainable and renewable energy resources. Moreover, the increasing adoption of smart systems, including home appliances coupled with the growing demand for digital sensing field devices, will further surge the demand for hardware segment in this market.

Based on the 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. The smart grid distribution management (SGDM) segment is anticipated to lead the market over the forecast period. The rising emphasis on optimization of energy and reduction of cost for electricity bill is promoting the end-users to opt for SGDM. The smart grid distribution management system controls the distribution of renewable energy and minimizes the cost of electricity bills for consumers.

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Based on the region, the Asia-Pacific region is anticipated to lead the market during the forecast period. China is the leading player in the smart grid market. The rising government’s initiatives to support the usage of smart grid systems along with the large presence of market players are the major driver of the market in this region. For instance, in India, the Ministry of Power launched the India Smart Grid Forum (ISGF) initiative aiming to promote the development of smart grid infrastructure in the power sector.

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.

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 2019 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?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Value (USD Million)
Market Segment	By Component, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	General Electric, ABB, Siemens, Cisco Systems Inc., Schneider Electric, IBM Corporation, Landis+Gyr., Wipro Limited, Oracle, and Honeywell International Inc., among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation:

Global Smart Grid Market by Component

• • Software
    • Advanced Metering Infrastructure
      • Meter Data Management
      • Analytics
    • Smart Grid Distribution Management
      • Supervisory Control and Data Acquisition
      • Demand Response Management
      • Outage Management
      • Distributed Energy Resource Management
      • Energy Management System
      • Distribution Automation
    • Smart Grid Network Management
      • Network Traffic Management
        Network Device Management
        Network Configuration Management
        Network Security Management
        Network Performance Monitoring Management
    • Grid Asset Management
      • Condition and Performance Monitoring
        Predictive Maintenance
        Asset Data Management
    • Substation Automation
      • Production Management
        Performance Management
    • Smart Grid Security
    • Billing and Customer Information System
  • Hardware
    • Smart Meter
  • Services
    • Consulting
    • Deployment & Integration
    • Support & Maintenance

Global Smart Grid Market by Region

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