Smart Grid Market Worth USD 108.92 Billion at a 14.7% CAGR by 2030- Report by Market Research Future (MRFR)
Global Smart Grid Market Growth Drives by Augmenting Demand for Sustainable Power Supply
New York, US, Sept. 28, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Smart Grid Market Research Report by Components, by Technology, by End-User - Global Forecast till 2030”, to reach USD 108.92 BN by 2030, growing approximately at 14.7% CAGR throughout the assessment period (2020-2030).
Smart Grid Market Overview
The smart grid market is likely to gain significant traction due to government-led grid modernization programs. Advanced metering infrastructures help the utility enhance customer service, reduce non-technical losses, and improve metering reading and billing. Therefore, they initiate utility's smart grid programs designed to create an advanced grid network that is smarter, cleaner, and more resilient & efficient. Utility companies obtain regulatory approval to modernize their grids, deploying multi-purpose solutions, including smart meters and an IoT network.
Leading players in the global smart grid market are,
- Schneider Electric SA (France)
- Landis+Gyr (Switzerland)
- Aclara Technologies LLC (US)
- IBM Corporations (US)
- Open Systems International Inc (US)
- General Electric Company (US)
- Oracle Corporations (US)
- ABB Ltd (Switzerland)
- Itron Inc. (US)
- Open Systems International Inc. (US)
- Siemens AG (Germany)
- Cisco Systems Inc. (US)
- Aclara Technologies LLC (US)
- and Wipro Ltd (India)
- and among others.
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Demand Response Management (DRM) is a critical component in the smart grid infrastructure, playing a causal role in reducing peak demand and power fluctuation. Therefore, electricity grid operators employ demand response programs to balance supply & demand and offer consumers time-based rates such as critical peak pricing, time-of-use pricing, real-time pricing, and critical peak refunds.
Many government programs are aimed to efficiently optimize the utilization of existing infrastructures by integrating new technologies to increase hosting capacity and improved quality & security of supply. Besides, increasing focus on accelerating planning & permit granting, improving regulatory conditions, and streamlining environmental assessment boost the market demand.
Industry Trends
Increasing government initiatives to improve power generation and supply impact market growth positively. Besides, heavy investments by key market players, alongside the rising smart city projects and the need for controlled grid mechanisms, substantiate market revenues.
Moreover, the increasing demand for renewable energy sources and improved grid reliability impact the market growth positively. Increasing smart meter integrations worldwide to improve improving power distribution accelerates the market demand. Also, advances in technologies, smart grid sensors, devices, connected utilities, and increasing numbers of advanced modular projects boost the market size.
Smart Grid Market Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 108.92 Billion |
| CAGR during 2022-2030 | 14.7% |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | The smart grid market forecast is a clear picture showing that the customers can now file complaints and seek redressals concerning the maintenance of the quality of the Smart Grid Market |
| Key Market Drivers | The smart grid industry currently exhibits splendid and out-of-the-box opportunities in the electricity-producing energy industry. |
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The increasing demand for cost-effective management of clean power distribution influences the market increase. Substantial investments to upgrade utility infrastructures with smart grid technology substantiate the growth of the market. Furthermore, technology upgrades and increased sophistication of cyber-attacks accelerate market shares. Increasing viability of renewable energy, including solar & wind power, alongside growing cross-border energy trading and the clean energy sector, push the market growth.
Segments
The smart grid market is segmented into components, technologies, end-users, and regions. The component segment comprises hardware {networking hardware, AMI meter, sensors, programmable logic controller (PLC) others}, software {smart grid distribution management, advanced metering infrastructure (AMI), smart grid communication, substation automation & billing, grid asset management, customer information system, supervisory control & data acquisition (SCADA), others}, and services (deployment, consulting, maintenance, integration & support, others).
The technology segment comprises wired and wireless. The end-user segment comprises residential, corporate, government, and others. The region segment comprises the Asia-Pacific, Americas, MEA, Europe, and rest-of-the-world.
Smart Grid Market Regional Analysis
North America is the biggest market for smart grid technology. Factors such as rapid advances in technology and the need for a more stable electricity network across the region drive market growth. Moreover, the strong presence of leading smart grid solution providers and advanced utility infrastructures, alongside government initiatives to upgrade energy distribution facilities in the region boosts the market size.
Increasing focus on planned and completed smart grid capacities and improving cybersecurity and utility-scale policy boost the region's market share. Increasing deployments of renewable energy generation systems in the residential sector and the growing power demand in the region substantiate market revenues. The smart grid market in North America will retain its dominance throughout the assessment period.
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Europe is another rapidly growing market for smart grids, witnessing large-scale deployments of renewable technology. Besides, colossal investments in grid and transmission infrastructures escalate the market value. Ongoing government programs for the deployment of distributed energy technologies and incentive plans, such as FITs, tax rebates, and other promotional schemes, provide large business expansion opportunities.
The smart grid market is brisk in the Asia Pacific region, witnessing rapid advances in grid infrastructures. Continually growing demand for energy due to the ever-increasing population and industrialization & urbanization escalates the market value, creating vast demand for smart power distribution solutions. Additionally, the shift of traditional grid structures to smart grids in many countries in the region substantiates the market demand.
Competitive Landscape
The highly competitive smart grid market appears fragmented, with several well-established players forming a competitive landscape. These companies aggressively target increased participation through mergers & acquisitions, collaborations, expansion, and technology/product launches, expanding their operations and offerings. The market is expected to witness more infrastructure upgrade activities in the upcoming period.
For instance, on Sep 13, 2022, Australian TSO Transgrid announced its use of smart grid technology in an interconnector project to unlock additional renewable energy capacity. Transgrid builds and maintains a major electricity network in Australia, supporting the transition to a cleaner energy future.
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EnergyConnect is an energy infrastructure project aiming to lower electricity bills for homes and businesses. Transgrid interconnector uses smart grid tech to unlock network capacity by pushing power off overloaded lines or pulling power onto underutilized lines.
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