Smart Grid Market Size to Surpass USD 140.53 Billion by 2028 | Exhibiting a CAGR of 21.9%

According to Fortune Business Insights, the global Smart Grid market size is projected to grow from USD 29.45 Billion in 2020 to USD 140.53 Billion in 2028, at CAGR of 21.9% during forecast period.

Pune, India, Sept. 20, 2023 (GLOBE NEWSWIRE) — The global smart grid market size amounted to USD 29.45 billion in 2020. The market value is slated to grow from USD 35.07 billion in 2021 to USD 140.53 billion in 2028 at a CAGR of 21.9% throughout the forecast period. The market is gaining traction spurred by active government efforts to reenergize the existing electrical infrastructure with such grids. The widespread upgradation of existing transmission & distribution networks with newer technologies will create favorable opportunities for market expansion. Fortune Business Insights presents this information in its report titled “Smart Grid Market, 2021-2028.”      

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Smart grid refers to an advanced power supply network that uses digital communications technology to detect, react to local changes in supply, and enable the network’s self-healing automatically in case of disturbance. The technology helps revamp the existing grid infrastructure with advanced feedback alternatives such as Demand Response Management Systems (DRMS) and Active Network Management (ANM) systems. The smart network is highly interconnected with sensors, meters, analytics tools, and digital controls to automate, monitor, and control energy flow. Active investments by the respective governments to implement such technologies into the electrical infrastructure will positively impact the market growth over the forecast period.

Key Industry Development:

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.

Drivers & Restraints:

Need for Reliable Power Distribution Networks to Fuel Smart Grid Deployment

Smart grid technology is gaining massive traction because of reliable fault detection and automatic self-healing capabilities. Its implementation offers real-time assistance to power management systems, leading to increased situational awareness regarding transmission & distribution management. Utilities worldwide are adopting the technology to reenergize their existing power distribution infrastructure.

In May 2021, for instance, Networked Energy Services Corporation (NES) – the company known for its industry-leading Energy Applications Platform (EAP™) – unveiled plans to deploy more than 1 million smart meters by mid-2021. This move would help the company strengthen its new grid watch solution with threat detection and response.

On the contrary, high initial costs associated with the product deployment could slightly slow down the market development, particularly in low- and middle-income countries.

COVID-19 Impact:   

Delays in Product Deployment due to Pandemic-Related Disruptions to Affect Market Growth

The smart grid market growth slowed down considerably during the COVID-19 pandemic due to strict containment measures introduced by the respective governments. Supply chain & logistics disruptions caused difficulties in sourcing raw materials, mainly from China and other Southeast Asian countries.

However, such deployment projects started to gain momentum in various regions as the situation improved. Highlighting an instance, in June 2021, PSE, a Poland-based power grid operator, announced plans to invest USD 1.23 billion by 2030 across its network in northern Poland to supply power from the planned Baltic offshore wind farm to clients.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/smart-grid-market-102157

Report Coverage:

• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into the regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments such as product launches, partnerships, mergers, and acquisitions. 

Smart Grid Market Segmentation:

End-User, Component, and Region are studied for the Market

In terms of end-user, the market is segmented into utility, residential, commercial, and industrial.

Based on component, the market is classified into hardware, software, and services.

By geography, the market is divided into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.

Regional Insights:

Robust Federal Funding to Accelerate Market Growth in North America  

North America dominated the smart grid market share in 2020 with an annual valuation of USD 9.75 billion. It is anticipated that the region will continue to dominate the market during the projected timeline backed by upcoming smart city and grid upgradation projects. For example, GridWise Alliance announced a USD 5 billion funding in July 2021 to revamp U.S.’s transmission & distribution infrastructure with smart controls, sensors, and storage. An additional USD 8.5 billion would deploy advanced energy management systems and metering infrastructure to improve grid integration.  

Asia Pacific will record robust growth in the forthcoming years, led by growing deployment of smarter grid technologies in the region. Citing a recent instance, in February 2020, the Indian Government disclosed plans to install more than 1 million smart meters across the country under the Smart Meter National Program (SMNP).

Meanwhile, the market in Europe will expand on account of increasing clean power generation in the region. The respective governments are also accelerating efforts to implement smarter grid technologies. For example, in May 2020, the U.K. launched the smart metering implementation program. As part of the program, over 26.6 million smart meters have been deployed across the Great Britain region.

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Competitive Landscape:

Smart grid market is shaped by a blend of established leaders, technology disruptors, regulatory compliance, environmental sustainability, and the ability to address emerging challenges. As the grid continues to evolve into a more intelligent and responsive infrastructure, adaptability and a focus on delivering value to utilities and end-users remain key drivers of competitiveness.

A List of Key Manufacturers Operating in the Global Market:

• ABB (Switzerland)
• Siemens (Germany)
• Schneider Electric (France)
• S&C Electric Company (U.S.)
• Eaton (Ireland)
• GE (U.S.)
• IBM (U.S.)
• Wipro Limited (India)
• Honeywell (U.S.)
• Cisco (U.S.)
• Aclara (U.S.)
• Landis+Gyr (Switzerland)
• Oracle (U.S.)
• Itron (U.S.)

Smart Grid Market Segmentation:

By End-User:

• Utility
• Industrial
• Residential
• Commercial

By Component:

• Software
• Hardware
• Services

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Table of Content:

1.       Introduction

1.1.    Research Scope

1.2.    Market Segmentation

1.3.    Research Methodology

1.4.    Definitions and Assumptions

2.       Executive Summary

3.       Market Dynamics

3.1.    Market Drivers

3.2.    Market Restraints

3.3.    Market Opportunities

4.       Key Insights

4.1.    Key Emerging Trends – For Major Countries

4.2.    Latest Technological Advancements

4.3.    Regulatory Landscape

4.4.    Industry SWOT Analysis

4.5.    Porter Five Forces Analysis

5.       Qualitative Analysis – Impact of COVID-19

5.1.    Impact of COVID-19 on the Smart Grid Market

5.2.    Steps Taken by the Government to Overcome the Impact

5.3.    Key Developments by the Industry Players in Response to COVID-19

5.4.    Potential Opportunities and Challenges due to COVID-19 Outbreak

6.       Global Smart Grid Market Analysis (USD Billion), Insights and Forecast, 2017-2028

6.1.    Key Findings / Summary

6.2.    Market Analysis, Insights and Forecast – By End-User

6.2.1. Utility

6.2.2. Industrial

6.2.3. Residential

6.2.4. Commercial

6.3.    Market Analysis, Insights and Forecast – By Component

6.3.1. Hardware

6.3.2. Software

6.3.3. Services

6.4.    Market Analysis, Insights and Forecast – By Region

6.4.1. North America

6.4.2. Europe

6.4.3. Asia Pacific

6.4.4. Latin America

6.4.5. Middle East & Africa

Continued…

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