Smart Grid Market: Global Industry Analysis and Forecast (2023-2029)

Smart Grid Market size was valued at US$ 51.33 Bn. in 2022 and the total revenue is expected to grow at a CAGR of 19.1% through 2023 to 2029, reaching nearly US$ 174.49 Bn.

Smart Grid Market Overview:

The Global Smart Grid market was valued at US $ 51.33 Bn. in 2022, and it is expected to reach US $174.49 Bn. by 2029 with a CAGR of 19.1% during the forecast period. A smart grid is an electric grid that consists of a network of substations, transmission lines, and transformers. Smart grid includes a variety of energy measures, like smart appliances, smart grids, renewable energy resources, and energy-efficient resources. Smart Grid MarketTo know about the Research Methodology :- Request Free Sample Report

Smart Grid Market Dynamics:

The rising need to alleviate climate change for renewable energy development is expected to fuel the smart grid initiatives globally. Furthermore, governments of various economies are progressively investing in smart grid technology as it is projected to help them in achieving their CO2 reduction targets and support long-term economic success. Many economies already have net energy metering equipment and protocols, and some economies are still exploring the technology and its mechanism which is estimated to offer significant opportunities for the global smart grid market. Such as, in 2017 under Advanced Metering Infrastructure (AMI), the U.S. installed nearly 76 smart meters and is expected to install approximately 95 million meters by the year 2021. One of the major factors responsible for the growth of the smart grid market is growing the global electricity demand is urbanization, coupled with an increase in investments in digital electricity organization. Furthermore, with rising awareness about “smart everything”, the smart-cities concept has also been gathering rising attention, mainly in developing economies such as China and India, which is a result of all the intermediate technologies. For example, in Sept 2019, the 10,000-acre AURIC (Aurangabad Industrial City) in Aurangabad, Maharashtra was installed as the main Greenfield industrial smart city of India.

Smart Grid Market Segment Analysis:

The Global Smart Grid Market is segmented by Component, and End-User. Based on the Component, the market is segmented into Software, Hardware, and Services. The hardware segment is further sub-segmented into Smart Meters, Sensors, Programmable Logic Controller (PLC), and Others (Networking Hardware and Energy Storage). The services segment is further sub-segmented into Consulting, Deployment and Integration, and Support and Maintenance. Software and Services segments are expected to hold the largest market shares of xx% and xx% by 2029. The software and services segment accounted for over 72.3% of the overall market share in 2021. This growth is driven by cost savings on overall electricity bills and a rise in the need to shift from predictable energy sources to renewable and sustainable energy resources. The software segment is further sub-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. Among this sub-segment, smart grid distribution management dominated the market, with a market size of US$ xx Bn. in 2022 and to reach US$ xx Bn. by 2029, with a CAGR of 22.12%. The growing emphasis on optimization of energy and reduction of cost for electricity bill is helping the end-users to opt for smart grid distribution management. These are the key factor that drives the growth of this both the segment in the global market during the forecast period 2023-2029. Based on the End-User, the market is segmented into Residential, Commercial, and Industrial. The commercial segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. An increasing need for a continuous, well-organized, and reliable electricity source is the key factor that drives the growth of this segment in the Global market during the forecast period 2023-2029.

Regional Insights:

North America dominates the Global Smart Grid market during the forecast period 2023-2029. North America is expected to hold the largest market shares of xx% by 2029. This is due to the large-scale investments in smart grid & smart city projects. The USA has been extremely receptive toward adopting the latest technological developments, like smart grid distribution management, AMI, substation automation, and smart grid communication. As per the U.S. Smart Grid Investment Grant (SGIG) program, an overall of 99 projects received federal financial assistance for 50% of qualified project prices. These are the major drivers that boost the growth of this region in the global market during the forecast period 2023-2029. Asia Pacific is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. The growth in the industry is mainly owing to the highly booming residential and commercial building industry, rapid industrialization, and mounting middle-class population, which leads to the growing demand for technology in the Asia Pacific. The government of India announced the plan for making a smart grid plan in the technological and financial hub near New Delhi, and Gurugram. The underground systems are expected to be completed by 2022, preservative 120-150 MW of electricity daily and solving the long-standing problems of technological faults and power theft. These are the major factor that drives the growth of the Asia Pacific region in the global market during the forecast period. The objective of the report is to present a comprehensive analysis of the Global Smart Grid Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also helps in understanding the Global Smart Grid Market dynamic, structure by analyzing the market segments and project the Global Smart Grid Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Smart Grid Market make the report investor’s guide.

Smart Grid Market Scope: Inquire before buying

Smart Grid Market
Report Coverage Details
Base Year: 2022 Forecast Period: 2023-2029
Historical Data: 2018 to 2022 Market Size in 2022: US $ 51.33 Bn.
Forecast Period 2023 to 2029 CAGR: 19.1% Market Size in 2029: US $ 174.49 Bn.
Segments Covered: by Component Software Hardware Services
by End User Residential Commercial Industrial

Smart Grid Market, by Region

North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (razil, Argentina Rest of South America)

Key Players

1. ABB 2. Siemens 3. GE 4. Schneider Electric 5. Itron 6. Landis+Gyr 7. Aclara 8. Cisco 9. OSI 10. IBM 11. Wipro 12. Oracle 13. Honeywell 14. S&C Electric Company 15. Eaton 16. Kamstrup 17. Trilliant Holdings 18. Globema 19. Tech Mahindra 20. Enel X North America 21. Fujitsu 22. eSmart Systems 23. Tantalus 24. EsyaSoft Technologies 25. Grid4C 26. C3 Energy 27. Others

Frequently Asked Questions:

1. Which region has the largest share in Global Smart Grid Market? Ans: North America region held the highest share in 2022. 2. What is the growth rate of Global Smart Grid Market? Ans: The Global Smart Grid Market is growing at a CAGR of 19.1% during forecasting period 2023-2029. 3. What is scope of the Global Smart Grid Market report? Ans: Global Smart Grid Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period. 4. Who are the key players in Global Smart Grid Market? Ans: The important key players in the Global Smart Grid Market are – ABB, Siemens, GE, Schneider Electric, Itron, Landis+Gyr, Aclara, Cisco, OSI, IBM, and Wipro 5. What is the study period of this Market? Ans: The Global Smart Grid Market is studied from 2022 to 2029.
1. Preface 1.1. Market Definition and Key Research Objectives 1.2. Research Highlights 2. Assumptions and Research Methodology 2.1. Report Assumptions 2.2. Abbreviations 2.3. Research Methodology 2.3.1. Secondary Research 2.3.1.1. Secondary data 2.3.1.2. Secondary Sources 2.3.2. Primary Research 2.3.2.1. Data from Primary Sources 2.3.2.2. Breakdown of Primary Sources 3. Executive Summary: Global Smart Grid Market Size, by Market Value (US$ Bn) 3.1. Global Market Segmentation 3.2. Global Market Segmentation Share Analysis, 2022 3.2.1. Global 3.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 3.3. Geographical Snapshot of the Smart Grid Market 3.4. Geographical Snapshot of the Smart Grid Market, By Manufacturer share 4. Global Smart Grid Market Overview, 2022-2029 4.1. Market Dynamics 4.1.1. Drivers 4.1.1.1. Global 4.1.1.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.2. Restraints 4.1.2.1. Global 4.1.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.3. Opportunities 4.1.3.1. Global 4.1.3.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.4. Challenges 4.1.4.1. Global 4.1.4.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.5. Industry Trends and Emerging Technologies 4.1.6. Porters Five Forces Analysis 4.1.6.1. Threat of New Entrants 4.1.6.2. Bargaining Power of Buyers/Consumers 4.1.6.3. Bargaining Power of Suppliers 4.1.6.4. Threat of Substitute Products 4.1.6.5. Intensity of Competitive Rivalry 4.1.7. Value Chain Analysis 4.1.8. Technological Roadmap 4.1.9. Regulatory landscape 4.1.10. Impact of the Covid-19 Pandemic on the Global Smart Grid Market 5. Supply Side and Demand Side Indicators 6. Global Smart Grid Market Analysis and Forecast, 2022-2029 6.1. Global Smart Grid Market Size & Y-o-Y Growth Analysis. 7. Global Smart Grid Market Analysis and Forecasts, 2022-2029 7.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 7.1.1. Software 7.1.1.1. Advanced Metering Infrastructure 7.1.1.2. Smart Grid Distribution Management 7.1.1.3. Smart Grid Network Management 7.1.1.4. Grid Asset Management 7.1.1.5. Substation Automation 7.1.1.6. Smart Grid Security 7.1.1.7. Billing and Customer Information System 7.1.2. Hardware 7.1.2.1. Smart Meter 7.1.3. Services 7.1.3.1. Consulting 7.1.3.2. Deployment & Integration 7.1.3.3. Support & Maintenance 7.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 7.2.1. Residential 7.2.2. Commercial 7.2.3. Industrial 8. Global Smart Grid Market Analysis and Forecasts, By Region 8.1. Market Size (Value) Estimates & Forecast By Region, 2022-2029 8.1.1. North America 8.1.2. Europe 8.1.3. Asia-Pacific 8.1.4. Middle East & Africa 8.1.5. South America 9. North America Smart Grid Market Analysis and Forecasts, 2022-2029 9.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 9.1.1. Software 9.1.1.1. Advanced Metering Infrastructure 9.1.1.2. Smart Grid Distribution Management 9.1.1.3. Smart Grid Network Management 9.1.1.4. Grid Asset Management 9.1.1.5. Substation Automation 9.1.1.6. Smart Grid Security 9.1.1.7. Billing and Customer Information System 9.1.2. Hardware 9.1.2.1. Smart Meter 9.1.3. Services 9.1.3.1. Consulting 9.1.3.2. Deployment & Integration 9.1.3.3. Support & Maintenance 9.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 9.2.1. Residential 9.2.2. Commercial 9.2.3. Industrial 10. North America Smart Grid Market Analysis and Forecasts, By Country 10.1. Market Size (Value) Estimates & Forecast By Country, 2022-2029 10.1.1. US 10.1.2. Canada 10.1.3. Mexico 11. U.S. Smart Grid Market Analysis and Forecasts, 2022-2029 11.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 11.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 12. Canada Smart Grid Market Analysis and Forecasts, 2022-2029 12.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 12.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 13. Mexico Smart Grid Market Analysis and Forecasts, 2022-2029 13.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 13.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 14. Europe Smart Grid Market Analysis and Forecasts, 2022-2029 14.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 14.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 15. Europe Smart Grid Market Analysis and Forecasts, By Country 15.1. Market Size (Value) Estimates & Forecast By Country, 2022-2029 15.1.1. U.K 15.1.2. France 15.1.3. Germany 15.1.4. Italy 15.1.5. Spain 15.1.6. Sweden 15.1.7. CIS Countries 15.1.8. Rest of Europe 16. U.K. Smart Grid Market Analysis and Forecasts, 2022-2029 16.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 16.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 17. France Smart Grid Market Analysis and Forecasts, 2022-2029 17.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 17.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 18. Germany Smart Grid Market Analysis and Forecasts, 2022-2029 18.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 18.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 19. Italy Smart Grid Market Analysis and Forecasts, 2022-2029 19.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 19.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 20. Spain Smart Grid Market Analysis and Forecasts, 2022-2029 20.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 20.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 21. Sweden Smart Grid Market Analysis and Forecasts, 2022-2029 21.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 21.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 22. CIS Countries Smart Grid Market Analysis and Forecasts, 2022-2029 22.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 22.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 23. Rest of Europe Smart Grid Market Analysis and Forecasts, 2022-2029 23.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 23.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 24. Asia Pacific Smart Grid Market Analysis and Forecasts, 2022-2029 24.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 24.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 25. Asia Pacific Smart Grid Market Analysis and Forecasts, by Country 25.1. Market Size (Value) Estimates & Forecast By Country, 2022-2029 25.1.1. China 25.1.2. India 25.1.3. Japan 25.1.4. South Korea 25.1.5. Australia 25.1.6. ASEAN 25.1.7. Rest of Asia Pacific 26. China Smart Grid Market Analysis and Forecasts, 2022-2029 26.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 26.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 27. India Smart Grid Market Analysis and Forecasts, 2022-2029 27.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 27.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 28. Japan Smart Grid Market Analysis and Forecasts, 2022-2029 28.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 28.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 29. South Korea Smart Grid Market Analysis and Forecasts, 2022-2029 29.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 29.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 30. Australia Smart Grid Market Analysis and Forecasts, 2022-2029 30.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 30.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 31. ASEAN Smart Grid Market Analysis and Forecasts, 2022-2029 31.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 31.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 32. Rest of Asia Pacific Smart Grid Market Analysis and Forecasts, 2022-2029 32.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 32.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 33. Middle East Africa Smart Grid Market Analysis and Forecasts, 2022-2029 33.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 33.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 34. Middle East Africa Smart Grid Market Analysis and Forecasts, by Country 34.1. Market Size (Value) Estimates & Forecast by Country, 2022-2029 34.1.1. South Africa 34.1.2. GCC Countries 34.1.3. Egypt 34.1.4. Nigeria 34.1.5. Rest of ME&A 35. South Africa Smart Grid Market Analysis and Forecasts, 2022-2029 35.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 35.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 36. GCC Countries Smart Grid Market Analysis and Forecasts, 2022-2029 36.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 36.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 37. Egypt Smart Grid Market Analysis and Forecasts, 2022-2029 37.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 37.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 38. Nigeria Smart Grid Market Analysis and Forecasts, 2022-2029 38.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 38.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 39. Rest of ME&A Smart Grid Market Analysis and Forecasts, 2022-2029 39.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 39.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 40. South America Smart Grid Market Analysis and Forecasts, 2022-2029 40.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 40.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 41. South America Smart Grid Market Analysis and Forecasts, by Country 41.1. Market Size (Value) Estimates & Forecast by Country, 2022-2029 41.1.1. Brazil 41.1.2. Argentina 41.1.3. Rest of South America 42. Brazil Smart Grid Market Analysis and Forecasts, 2022-2029 42.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 42.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 43. Argentina Smart Grid Market Analysis and Forecasts, 2022-2029 43.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 43.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 44. Rest of South America Smart Grid Market Analysis and Forecasts, 2022-2029 44.1. Market Size (Value) Estimates & Forecast By Component, 2022-2029 44.2. Market Size (Value) Estimates & Forecast By End User, 2022-2029 45. Competitive Landscape 45.1. Geographic Footprint of Major Players in the Global Smart Grid Market 45.2. Competition Matrix 45.2.1. Competitive Benchmarking of Key Players By Price, Presence, Market Share, Applications and R&D Investment 45.2.2. New Product Launches and Product Enhancements 45.2.3. Market Consolidation 45.2.3.1. M&A by Regions, Investment and Verticals 45.2.3.2. M&A, Forward Integration and Backward Integration 45.2.3.3. Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements 45.3. Company Profile : Key Players 45.3.1. ABB. 45.3.1.1. Company Overview 45.3.1.2. Financial Overview 45.3.1.3. Geographic Footprint 45.3.1.4. Product Portfolio 45.3.1.5. Business Strategy 45.3.1.6. Recent Developments 45.3.2. Siemens 45.3.3. GE 45.3.4. Schneider Electric 45.3.5. Itron 45.3.6. Landis+Gyr 45.3.7. Aclara 45.3.8. Cisco 45.3.9. OSI 45.3.10. IBM 45.3.11. Wipro 45.3.12. Oracle 45.3.13. Honeywell 45.3.14. S&C Electric Company 45.3.15. Eaton 45.3.16. Kamstrup 45.3.17. Trilliant Holdings 45.3.18. Globema 45.3.19. Tech Mahindra 45.3.20. Enel X North America 45.3.21. Fujitsu 45.3.22. eSmart Systems 45.3.23. Tantalus 45.3.24. EsyaSoft Technologies 45.3.25. Grid4C 45.3.26. C3 Energy 46. Primary Key Insights
  • INQUIRE BEFORE BUYING