Smart Grid Market Size, Share, Growth Analysis, By Communication Technology (Wireline, Wireless), By Component (Software and Hardware), By End User (Utility, Residential), By Region

Description

Global Smart grid market size was valued at USD 43.1 billion in 2022 and is poised to grow from USD 51.33 billion in 2023 to USD 207.82 billion by 2031, growing at a CAGR of 19.9% in the forecast period (2024-2031).

The smart grid market is gaining traction due to its ability to harness power from diverse and widely distributed sources, such as wind turbines, solar panels, and plug-in hybrid electric vehicles. Key components of modern smart grids include intelligent appliances, smart power meters, smart substations, superconducting cables, and integrated communication systems. A major benefit of smart grids is their capability to enhance energy management by integrating previously isolated technologies. They provide improved protection and management of the electrical network during emergencies, enhance demand-supply responses, improve power quality, and reduce carbon emissions. As global energy demand rises with population growth, smart grids offer critical solutions for efficient energy management. However, smart grids also present security challenges. The use of automated smart meters, which facilitate communication between power providers and customers, introduces vulnerabilities. These meters can be hacked, potentially compromising the control of power supply to individual buildings or entire neighborhoods. Additionally, the lack of integrated intelligence in some grid components can make the network susceptible to instability.

Top-down and bottom-up approaches were used to estimate and validate the size of the smart grid market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Smart grid Market Segmental Analysis

Global smart grid market is segmented based on component, application, communication technology, end use, and region. In terms of component, the market is segmented into 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 controllers, others), and services (consulting, deployment and integration, support and maintenance). Based on application, the market is segmented into generation, transmission, distribution, and consumption/end Use. Based on communication technology, the market is segmented into wireline, and wireless. Based on end use, the market is segmented into residential, utility, commercial, government, and industrial. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Smart grid Market

Installing a smart grid offers several key benefits, including enhanced energy efficiency, improved reliability of the electrical supply, integration of renewable energy sources, innovative solutions for customers to optimize electricity usage, and reduced carbon emissions. As countries strive to mitigate the costs associated with power outages and blackouts caused by outdated infrastructure, smart grid technologies present a solution. By modernizing the grid, these technologies help prevent costly outages and improve overall system resilience.

Restraints in the Smart grid Market

Smart grids enable two-way communication between utilities and customers, but they require a substantial initial investment. The transformation of energy infrastructure relies heavily on support from local and national governments. However, the high costs associated with installing smart grid technology can be a significant burden for these entities. The capital-intensive nature of deploying smart grid solutions may therefore slow down market growth.

Market Trends of the Smart grid Market

The rise of plug-in electric vehicles (EVs) is a major trend in the automotive market. These vehicles are being introduced globally to promote a shift towards low-carbon transportation. To maximize the efficiency of plug-in EVs, a smart grid system is essential. This infrastructure is designed to support and enhance the use of electric vehicles by integrating them effectively into the existing energy network.

Product Code: SQMIG55E2012

Introduction

Objectives of the Study
Definitions
Market Scope

Research Methodology

Information Procurement
Secondary & Primary Data Sources
Market Size Estimation
Market Assumptions & Limitations

Executive Summary

Market Overview Outlook
Supply Demand Trend Analysis
Segmental Opportunity Analysis

Market Dynamics & Outlook

Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges
Porters Analysis
- Competitive rivalry
- Threat of Substitute Products
- Bargaining Power of Buyers
- Threat of New Entrants
- Bargaining Power of Suppliers

Key Market Insights

Technology Analysis
Pricing Analysis
Value Chain Analysis
Case Study Analysis
Supply Chain Analysis
Trade Analysis
Ecosystem of the Market
Customer & Buying Criteria Analysis
Patent Analysis
Regulatory Landscape
PESTEL Analysis
Innovation Matrix
Top Investment Analysis
Key Success Factor
Market Attractive Index
Degree of Competition

Smart Grid Market by Component

Market Overview
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 Controllers
- Others
Services
- Consulting
- Deployment and Integration
- Support and Maintenance

Smart Grid Market by Application

Market Overview
Generation
Transmission
Distribution
Consumption/End Use

Smart Grid Market by Communication Technology

Market Overview
Wireline
Wireless

Smart Grid Market by End Use

Market Overview
Residential
Utility
Commercial
Government
Industrial

Smart Grid Market Size by Region

Market Overview
North America
- USA
- Canada
Europe
- Germany
- Spain
- France
- Italy
- UK
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA

Competitive Landscape

Top 5 Player Comparison
Market Positioning of Key Players, 2023
Strategies Adopted by Key Market Players
Recent Activities in the Market
Key Companies Market Share (%), 2023

Key Company Profiles

General Electric Company (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
ABB Ltd. (Switzerland)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Siemens AG (Germany)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Schneider Electric SE (France)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Landis+Gyr Group AG (Switzerland)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Itron Inc. (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Honeywell International Inc. (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Cisco Systems Inc. (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Oracle Corporation (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
IBM Corporation (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Eaton Corporation (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
S&C Electric Company (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Wipro Limited (India)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Fujitsu Limited (Japan)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Mitsubishi Electric Corporation (Japan)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Toshiba Corporation (Japan)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Schweitzer Engineering Laboratories Inc. (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Trilliant Holdings Inc. (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
GE Vernova (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Tech Mahindra Limited (India)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Tantalus (Canada)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Kamstrup (Denmark)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Xylem (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Enel X S.R.L. (Italy)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Esmart Systems (Norway)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Grid4c (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Networked Energy Services (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Hitachi Energy Ltd. (Switzerland)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Sagemcom (France)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Edmi Limited (Singapore)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments

Smart Grid Market Size, Share, Growth Analysis, By Communication Technology (Wireline, Wireless), By Component (Software and Hardware), By End User (Utility, Residential), By Region - Industry Forecast 2024-2031