The Global Smart Grid Market size was valued at USD 62.09 billion in 2020 and is predicted to reach USD 248.63 billion by 2030, with a CAGR of 15.2% from 2021-2030.
Smart grid holds wide applications in residential, commercial, and industrial sector, owing to their capability to ensure uninterrupted power supply by detecting and simultaneously restoring the faults in electricity supply chain.
Smart grid comprises of smart appliances, smart meters, as well as energy efficient and renewable resources that assist in production, distribution, and conditioning of power in the entire supply chain, along with providing an integrated networking & communication system.
The benefits offered by smart grid such as, higher efficiency, energy conservation, uninterrupted power supply, minimal fluctuations in supply chain, reduced footprints, and most importantly environmental protection; consequently result to higher adoption of smart grid solutions; thereby propagating the growth of global smart grid market throughout the forecast period.
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Top Companies: General Electric, Cisco Systems Inc., Honeywell International Inc., Itron Inc., International Business Machines Corporation (IBM), Schneider Electric, Oracle, Tech Mahindra Limited, Siemens, and Wipro Limited
Market Dynamics and Trends
The global smart grid market witnessed a substantial growth in the past few years, and is expected to observe several lucrative opportunities for growth in coming future. The major driving factors in the smart grid market are: development of smart cities, advancements in digital network infrastructures, increasing adoption of e-vehicles, higher penetration of AI, IoT, automation and robotics technologies, as well as favorable regulatory policies promoting the utilization of smart meters.
However, concerns regarding safety & security, standardization issues, and high maintenance costs, are expected to hinder the growth of smart grid market during the forecast period.
Moreover, rapid industrialization, growing urbanization, increasing number of educational institutes, and growing commercialization with increasing number of malls, hypermarkets, and supermarkets, lead to higher demand of seamless power supply that augments the need of smart electric supply solutions. This scenario is expected to create new avenues for growth in the global smart grid market.
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Market Segmentations and Scope of the Study:
The global smart grid market share has been analyzed based on component, application, end user and geography.
Based on component, the smart grid market is segmented into services and solution. The solution segment is sub segmented into Advanced Metering Infrastructure (AMI), Smart Grid Distribution Management, Smart Grid Communications, Smart Grid Network Management, Substation Automation, Smart Grid Security, and others. Based on application, the smart grid market is fragmented into generation, transmission, distribution, and consumption/end use. Based on end user, the smart grid market is divided into commercial, residential, and industrial. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising Asia-Pacific, North America, Europe, and RoW.
North America dominated the global smart grid market and is expected to maintain its dominance throughout the forecast period. This is due to well-established network infrastructures, increasing number of smart cities, and higher adoption of electric vehicles in this region.
Asia Pacific is expected to grow with the highest CAGR values in the global smart grid market throughout the forecast period, owing to increasing government initiatives to digitally transform the infrastructures and emerging concept of smart cities in this region.
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