Smart Grid Market Size, Share, Growth Report 2032

The global smart grid market size was worth around USD 31.53 billion in 2023 and is predicted to grow to around USD 91.00 billion by 2032 with a compound annual growth rate (CAGR) of roughly 12.50% between 2024 and 2032.

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The report covers a forecast and an analysis of the smart grid market on a global and regional level. The study provides historical data for 2018 to 2022, along with a forecast from 2024 to 2032 based on revenue (USD Billion).

Smart Grid Market: Overview

A smart grid is an electric grid consisting of circuits and circuitry boards that provide a diverse range of energy and operational features including smart meters, smart appliances, energy efficient energy resources, and renewable energy resources. Smart grid was first implemented and tested in Europe and was known as a smart grid energy technology platform. Earlier, the first alternating current and electric grid were established at London in 1886. In a smart grid system, the digital technology enables in establishing a communication line between the customers and the utility core. Furthermore, the sensing and processing are followed after the message transmission along the transmission lines. This procedure makes the grid smart. A smart grid also consists of computers, advanced controls with new technologies, automation, and gears to function effectively. Additionally, a smart grid system was implemented to overcome the disadvantage of traditional and conventional electric grids that consumed more energy.

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Smart grid market is experiencing a high rate of growth in developed and developing countries. To save energy followed by its efficient use is the primary factor boosting this market’s growth. Moreover, the growing need to digitalize energy and power sectors and the huge need to develop electric grid infrastructures are likely to positively impact this market. Additionally, to support the growing needs of energy, the smart grid system, and its infrastructure is required. Small- and medium-sized enterprises are desperately trying to change their business models, i.e., from volume-based business to service-based business models, to effectively and efficiently utilize energy. These factors are projected to contribute notably toward the smart grid market growth over the forecast time period. However, the lack of implementation standards might limit the smart grid market.

The study includes drivers and restraints for the smart grid market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the smart grid market on a global level.

In order to give the users of this report a comprehensive view of the smart grid market, we have included a competitive landscape and an analysis of Porter’s Five Forces Model for the market. The study encompasses a market attractiveness analysis, wherein the technology, service, and regional segments are benchmarked based on their market size, growth rate, and general attractiveness.

The report provides company market share analysis to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new technology launch, agreements, partnerships, collaborations & joint ventures, research & development, technology, and regional expansion of major participants involved in the market on a global and regional basis. Moreover, the study covers price trend analysis and product portfolio of various companies according to the region.

Smart Grid Market: Segmentation

The study provides a decisive view on the smart grid market by segmenting the market based on technology, Service, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

By technology, the smart grid market is segmented into advanced metering infrastructure, distribution automation, software and hardware, communication services, cybersecurity, and transmission upgrades.

By service, this market includes consulting, deployment and integration, and support and maintenance.

Smart Grid Market: Report Scope

Smart Grid Market: Regional Analysis

The regional segmentation includes the historical and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. This segmentation includes the demand for smart grid market based on all the segments in all the regions and countries. 

North America is growing significantly in the global smart grid market and is foreseen to continue its dominance over the forecast time period. The growing number of natural disasters including unplanned power outages, storms, rains, and others is going to boost smart grid market growth in the region. Moreover, government initiatives in the U.S. for planned energy consumption are likely to further drive the industry growth in this region in the future. The Asia Pacific is predicted to provide significant growth opportunities for the smart grid market in the years ahead, due to the ongoing smart home, smart building, and smart infrastructure construction activities. Additionally, the enforcement of stringent government laws for reducing carbon emissions and air pollution is likely to drive the Asia Pacific smart grid market over the forecast timeframe.

Smart Grid Market: Competitive Space

Some industry players operating in the global smart grid market include

• Siemens
• ABB
• General Electric
• Itron
• Schneider Electric
• Belden
• Honeywell
• Hubbell
• Landis+Gyr
• Oracle
• Cisco
• Fujitsu General
• IBM
• Wipro

The global smart grid market is segmented as follows:

Global Smart Grid Market: Technology Segment Analysis

• Advanced Metering Infrastructure
• Distribution Automation
• Software & Hardware
• Communication Service
• Cyber Security
• Transmission Upgrades

Global Smart Grid Market: Service Segment Analysis

• Consulting
• Deployment & Integration
• Support & Maintenance

Global Smart Grid Market: Regional Segment Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa