Smart Grid Market by Component (Software, Hardware and Services) and By Region – Global Opportunities & Forecast, 2023-2030
GMI Research analysis indicates that the Smart Grid Market size was estimated at USD 50.7 billion in 2022 and is slated to register a single digit CAGR of 18.8% over the forecast period, and is projected to reach USD 201.2 billion in 2030.
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Smart Grid Market Key Drivers
With the growing power demand, government across the nation have enforced various strategic norms to encourage the adoption of smart grid technology to provide continuous power supply across the industrial, residential, and commercial sectors, which stands to be one of the major factors fueling the smart grid market. Several factors including rising investment and growing adoption of smart grid technologies such as EV chargers, smart meters, and other associated smart grid infrastructure technologies to detect failures and automate billing data collection are forecast to strengthen the Smart Grid Market size.
In addition, the increasing incorporation of smart grids with cloud technology to speed up the analysis of current energy usage in order to tackle the issues regarding environment protection and energy conservation, will boost the market growth. Moreover, increasing industrialization, rapid urbanization, rising number of supermarkets and malls, and the rising commercialization are other factors propelling the global smart grid market growth. Besides this, the aging power distribution infrastructure is further projected to propel industry growth over the forecast period. For example, in 2018, Natural Resource Canada made an investment of USD 949,000 in the next-generation smart grid project, with an intent to encourage the adoption of renewable energy sources. Thus, all these investments are anticipated to expand the market growth. However, rising privacy & security concerns are projected to hinder the market growth. Moreover, high installation costs coupled with the huge initial investment will restrain the market size. Also, absence of common implementation standards and interoperability across various regions are likely to restrain the smart grid technology market growth over the forecast period.
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Component Segment Analysis:
Hardware segment is estimated to witness a faster CAGR during the forecast period, primarily because of the remarkable switch from traditional energy sources to environment friendly and inexhaustible energy sources. Moreover, the strategic initiatives taken by the governments of various countries to encourage the installation of smart electricity meters and the rising demand for digitalized sensing field devices are anticipated to propel the segment’s growth. For example, in December 2020, the Australian Energy Market Commission planned to install electricity meters in the country and launched an independent review into the rules governing electricity meters to discover new opportunities for boosting up the deployment.
On the other hand, the software segment is predicted to hold a larger share over the upcoming years, because of the growing government emphasis to encourage investment in the in the advance metering infrastructure (AMI). Besides, the rising initiatives to encourage the electricity grid will propel the market growth. For instance, the US government passed the Energy Independence and Security Act of 2007 adopted by the US for the development and deployment of smart grid technologies.
Communication Technology Segment Analysis:
Wireless communication technology is expected to dominate the smart grid market over the upcoming years, because of the ability of technology to support utilities with higher bandwidth, facilitating complicated production process and logistics, and cover an enlarged area. Wireless communication technology helps in transferring information over a distance without the use of electrical conductors or wires, driving the smart grid market share.
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Regional – Segment Analysis:
Asia-Pacific is expected to dominate the smart grid market over the upcoming years, owing to the rapidly accelerating urban population and increasing industrialization. The increasing adoption of smart grid technologies and growing emphasis on the expansion of inexhaustible energy have driven the regional growth. For instance, in February 2020, the Indian Government introduced the Smart Meter National Programme (SMNP) under which 1 million smart meters were installed across the country under the. In addition, the increasing initiatives for the smart cities development programs in the region are expected to boost the market growth.
Europe is likely to hold a higher share over the coming years, due to the rising demand for power efficiency, strategic government initiatives, intensified investments in distribution automation. For instance, in May 2020, the implementation of smart metering program enforced by the U.K. government has resulted in nearly 26.6 million electricity meters operated by large energy suppliers in domestic properties across the Great Britain area.
Top Market Players:
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.
Key Developments:
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- In 2022,Schneider Electric collaborated with the Cisco Systems Inc. to build smart grid in Egypt. Companies planned to make energy hub in this region. Schneider Electric will further planned to install network control centres in Egypt.
- July 2021 – AES Ohio selected Landis+Gyr as its technology partner for a grid modernization program for enhancing the efficiency of the electricity distribution network and customer services. AES Ohio will utilize Landis+Gyr cloud services for network management services, system operating software, and installation support.
- June 2021 – Schneider Electric announced its partnership to help people and communities impacted by weather and climate disasters by mobilizing microgrids. The company has deployed over 45 kW of mobile solar and above 170 kWh of mobile battery storage to support more than disaster response and recovery missions which have provided emergency power access to U.S. citizens.
- In 2021, Schneider Electric acquired DC Systems B.V. to strengthen its position in smart grid market. DC Systems B.V. will further help the company in advancing innovations in electrical distribution.
Segments covered in the Report:
The Smart Grid Market has been segmented on the basis of Component, Application, and Communication Technology. Based on Component, the market is segmented into Software, Hardware, and Services. Based on the Application, the market is segmented into Generation, Transmission, Distribution, and Consumption/End Use. Based on the Communication Technology, the market is segmented into Wireline and Wireless.
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Key questions answered in this research report:
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- 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 2022 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?
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Report Coverage |
Details |
| Market Revenues (2022) |
USD 50.7 billion |
| Market Base Year |
2022 |
| Market Forecast Period |
2023-2030 |
| Base Year & Forecast Units |
Value (USD Billion) |
| Market Segment | By Component, By Application, By Communication Technology, 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:
Smart Grid Market By Component
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- Software
- Hardware
- Services
Smart Grid Market by Application
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- Generation
- Transmission
- Distribution
- Consumption/End use
Smart Grid Market by Communication Technology
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- Wireline
- Wireless
Global Smart Grid Market by Region
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North America Smart Grid Market (Option 1: As a part of the free 25% customization)
- By Component
- By Application
- By Communication Technology
- US Market All-Up
- Canada Market All-Up
-
Europe Global Smart Grid Market (Option 2: As a part of the free 25% customization)
- By Component
- By Application
- By Communication Technology
- UK Market All-Up
- Germany Market All-Up
- France Market All-Up
- Spain Market All-Up
- Rest of Europe Market All-Up
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Asia-Pacific Smart Grid Market (Option 3: As a part of the free 25% customization)
- By Component
- By Application
- By Communication Technology
- China Market All-Up
- India Market All-Up
- Japan Market All-Up
- Rest of APAC Market All-Up
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RoW Smart Grid Market (Option 4: As a part of the free 25% customization)
- By Component
- By Application
- By Communication Technology
- Brazil Market All-Up
- South Africa Market All-Up
- Saudi Arabia Market All-Up
- UAE Market All-Up
- Rest of world (remaining countries of the LAMEA region) Market All-Up
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Global Smart Grid Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)
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- General Electric
- ABB
- Siemens
- Cisco Systems Inc.
- Schneider Electric
- IBM Corporation
- Landis+Gyr.
- Wipro Limited
- Oracle
- Honeywell International Inc.
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