Smart Grid Market is segmented by 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), and by Hardware (Smart Meter), and by Services (Consulting, Deployment and Integration, Support and Maintenance), and by Region (United States, Canada, Mexico, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, Africa and Rest of World)
Smart Grid Market Growth and Trends
The global smart grid network market has been anticipated to grow at a compound annual growth rate of over 11% during the projected horizon of 2022-2025 with a growth of 16% between 2019-2024. The market hit USD 23.8 Billion in 2018 and a further USD 61.3 Billion is anticipated by 2023 with a further compound annual growth rate of 20.9%
Smart Grid Market shall reach a value of $2x61.4 Million in 2031, growing with a CAGR of 12.13% during the forecast period of 2022 to 2031.
Several factors driving the market are:
• An increase in worldwide investments for smart grid modes of technologies like smart meters, Electro Volt chargers and the high abundancy rate of Smart Grid resources that can meet the needs of end-users to maximize the usage of power.
• Reduced costs on alternatives that are needed to optimize power and electricity.
• The fact that these smart grid technologies are praised due to their capabilities in providing enhanced leverage, does the relentless supply of renewable energy like wind and solar power, creates an environment where there is a reliable usage of power without getting disruptions or harms done to the environment. Accuracy and reliability along with the conservation of power is entrusted
• Its high levels of dual communication between all power companies and end users that is enabled due to the advanced sensing technology built into the smart grids.
• The ability to perform real-time monitoring at any time of the day that automatically detects and finds resolutions to problems thus, creating a smaller necessity for frequent maintenance checks.
• Its ability to prevent power outages during times of harsh weather, floods, storms or even signs of the Earth warming up too much due to global warming by using its redirecting power supply that is very efficient.
• Supports consumers by providing them with more flexibility over the prices they pay to utilize power and energy. Consumers get payment plans that will be upgraded on daily basis by the market players thus, allowing them to pay for only the amount of energy consumed monthly.
• Consumers having the ability to sell off any remaining bulks of energy throughout their usage period in the form of solar energy to anyone with solar panels in domestic use.
• The higher control rates of power production, processing, distribution and storage as a result of this rising infrastructure.
• Increased efficiency of renewable energy created. Energy can be stacked and stored until delivered to all around the globe including any rural villages and solar farms with less technology without letting the energy disappear as waste to the atmosphere polluting it.
• Digitalization in the power sector and power plants bringing in new equipment for the growth of the market on daily basis.
• Increasing focus from the government for a greener environment and sustainability where the carbon emission level drops to zero will also augment the smart grid installations in the market.
• The increasing awareness spread about the effects of the carbon footprint.
• The purpose to serve a conserved environment with optimized renewable energy utilization
Some challenges striking the market include:
• Reduced accessibility of electricity in nations that are not widely-developed with poor Governmental regulations and no one to take initiatives for the modernization of the smart grid market
• Limited awareness of the market and its various strategies
• Increased likelihood of cyberattacks and breach of personal data pertaining to the consumers. Such compromises have possibilities in this market.
• Incurs huge costs to install and in setting up the grids and even further costs in monitoring and control. High financial statuses are required to maintain such systems that could even lead to a delay in the market’s modernization.
• Fossil fuels that are an alternative to smart grids which are cost-efficient, more renewable and is rich in abundancy. These fossil fuels are still the ideal preference to people of underdeveloped nations. Thus, there is also a lack of incentive that enforces a larger challenge on the market.
• The limitations in the delivery system. Delivery of electricity uses high supervisory control and advanced data acquisition systems that has very slow rates of data transmission and smaller bandwidths. Thus, the response rate is always slower in the smart grids market which brings a substantial invisibility in the distribution network of power. This causes larger possibilities for inefficiencies in the smart grid market.
• Possibilities for interruptions in power quality and a disturbed system most often that will not be the ideal preference for consumers looking for fast and reliable systems without disruptions.
Smart Grid Industry Regional Analysis
Smart Grid Market Research Report Scope/Definition
For this market research, a smart grid is defined as digital technology that allows communication between delivers electricity to the user from multiple and widely distributed electricity sources like solar power systems and wind turbines. The advantages associated with the Smart Grid include; the efficient transmission of electricity, faster electricity restoration after power outages, improved reduction in operations and management costs for the utilities, and lower power costs for consumers. The potential benefits associated with smart grids are usually raised in terms of the national economy, national security, and renewable energy goals. The Smart grid also can assist users in saving money by assisting in managing electricity use and selecting the best time to purchase electricity. Factors such as improved government initiatives for smart meter roll-outs, increasing demand for renewable energy sources, and improved grid reliability have been the major driving force for the increase in demand for smart grids globally.
Smart Grid Market Share and Competition
Key companies operating in this industry are: Electric, ABB, Siemens, Schneider Electric, Itron, Landis+Gyr , Aclara, Cisco, OSI, IBM, Wipro, Honeywell, Oracle, S&C Electric Company , Eaton, Kamstrup, Trilliant Holdings, Globema, Tech Mahindra, Enel X North America, eSmart Systems, Tanatalus, EsyaSoft, Grid4C, C3 Energy.
Smart Grid Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2022 – 2031)
• Data breakdown for every market segment (2022 – 2031)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Software Analysis (Revenue, USD Million, 2022 - 2031)
• 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 Analysis (Revenue, USD Million, 2022 - 2031)
• Smart Meter
Services Analysis (Revenue, USD Million, 2022 - 2031)
• Deployment and Integration
• Support and Maintenance
Region Analysis (Revenue, USD Million, 2022 - 2031)
• United States
• United Kingdom
• South Korea
• Middle East
• Rest of World
Smart Grid Industry Companies
• Schneider Electric
• S&C Electric Company
• Trilliant Holdings
• Tech Mahindra
• Enel X North America
• eSmart Systems
• C3 Energy
Available Versions of Smart Grid Market: -
United States Industry Research Report
Europe Industry Research Report
Asia Pacific Industry Research Report
India Industry Research Report
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