Smart Grid Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Description
Smart Grid Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Smart Grid Market
The Smart Grid Market size was valued at USD 29.45 billion in 2020, and is projected to grow from USD 35.07 billion in 2021 to USD 140.53 billion in 2028, exhibiting a CAGR of 21.9% during the forecast period of 2024-2032.
The COVID-19 pandemic significantly impacted the smart grid market, to start with inflicting disruptions because of lockdowns and deliver chain interruptions. Project delays and decreased investments in infrastructure slowed market increase as utilities prioritized important offerings over new implementations. However, the pandemic also highlighted the need for resilient and bendy power structures, main to improved adoption of smart grid technologies within the put up-pandemic section. Remote monitoring and automation features of clever grids won prominence, enabling utilities to control the grid correctly whilst adhering to social distancing norms, as a consequence accelerating the long-time period transition towards smarter power networks.
One of the modern tendencies within the clever grid marketplace is the mixing of artificial intelligence (AI) and gadget studying (ML) technologies. These improvements are enhancing grid control by permitting predictive protection, optimizing power distribution, and enhancing demand forecasting. AI-pushed smart grids can examine tremendous quantities of data in real time, identifying styles and capability troubles earlier than they amplify. This proactive method not handiest reduces downtime but additionally enhances the efficiency and reliability of the grid, making it a vital trend for utilities seeking to modernize their infrastructure and meet the increasing call for for sustainable strength solutions.
A key driving issue for the smart grid market is the growing demand for electricity efficiency and sustainable strength management. As global electricity consumption maintains to develop, there is an growing want for solutions which can optimize power distribution, reduce transmission losses, and integrate renewable energy assets successfully. Smart grid technology facilitate real-time monitoring and manipulate, supporting utilities to manage deliver and demand dynamically. Additionally, authorities projects and rules promoting energy conservation and the deployment of smart meters are in addition propelling the marketplace's growth, making smart grids an vital element of destiny energy systems.
Comprehensive Analysis of smart grid market
The Smart Grid Market growth is rising at an exponential rate due to its marketplace segmentation. This market expansion correctly affords a detailed local assessments thinking about the dominant supply and call for forces that effect the enterprise. These segmentations are methodically segregated by end user, by component. By End-User include Utility, Industrial, Residential, Commercial .By Component include Software, Hardware, Services
The North America location lead the Smart Grid Market share percentage via benefitting a marketplace size of USD 9.75 billion The region is expected to see a high demand for smart grid technologies due to huge investments in new grid projects and smart city projects. .
The top players in the market play a crucial role in the industry assuring market growth and setting market standards. These players include, Google LLC (Alphabet, Inc.), Magic Leap, Inc., ReWalk Robotics, SAMSUNG, B-Temia, Panasonic Holdings Corporation, NVIDIA Corporation, Microsoft, Ekso Bionics, Vuzix,these market players provide a level-playing competitive landscape.
July 2021 – AES Ohio decided on Landis+Gyr as its era companion for a grid modernization application for boosting the performance of the power distribution network and consumer offerings. AES Ohio will utilize Landis+Gyr cloud services for community control services, gadget running software, and installation help.
Segmentation Table
ATTRIBUTE
DETAILS
Study Period
2017-2028
Base Year
2020
Estimated Year
2021
Forecast Period
2021-2028
Historical Period
2017-2019
Unit
Value (USD Billion)
Segmentation
By End-User; By Component, and By Region
By End-User
Utility
Industrial
Residential
Commercial
By Component
Software
Hardware
Services
By Geography
North America (By End-user, By Components, By Country)
- U.S. (By End-User)
- Canada (By End-User)
- U.K. (By End-user)
- Germany (By End-user)
- France (By End-user )
- Russia (By End-user )
- Italy (By End-user )
- Spain (By End-user )
- Rest of Europe (By End-user)
- China (By End-user)
- India (By End-user)
- Japan (By End-user)
- Australia (By End-user)
- Southeast Asia (By End-user)
- Rest of Asia Pacific (By End-user)
\0
Latin America (By End-user, By Components, By Country)- Brazil (By End-user)
- Mexico (By End-user)
- Rest of Latin America (By End-user)
- GCC (By End-user)
- South Africa (By End-user)
- Rest of the Middle East and Africa (By End-user)
Table of Contents
190 Pages
- 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
- 7. North America Smart Grid Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By End-User
- 7.2.1. Utility
- 7.2.2. Industrial
- 7.2.3. Residential
- 7.2.4. Commercial
- 7.3. Market Analysis, Insights and Forecast – By Component
- 7.3.1. Hardware
- 7.3.2. Software
- 7.3.3. Services
- 7.4. Market Analysis, Insights and Forecast – By Country
- 7.4.1. U.S. Market Analysis, Insights and Forecast – By End-User
- 7.4.1.1. Utility
- 7.4.1.2. Industrial
- 7.4.1.3. Residential
- 7.4.1.4. Commercial
- 7.4.2. Canada Market Analysis, Insights and Forecast – By End-User
- 7.4.2.1. Utility
- 7.4.2.2. Industrial
- 7.4.2.3. Residential
- 7.4.2.4. Commercial
- 8. Europe Smart Grid Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By End-User
- 8.2.1. Utility
- 8.2.2. Industrial
- 8.2.3. Residential
- 8.2.4. Commercial
- 8.3. Market Analysis, Insights and Forecast – By Component
- 8.3.1. Hardware
- 8.3.2. Software
- 8.3.3. Services
- 8.4. Market Analysis, Insights and Forecast – By Country
- 8.4.1. UK Market Analysis, Insights and Forecast – By End-User
- 8.4.1.1. Utility
- 8.4.1.2. Industrial
- 8.4.1.3. Residential
- 8.4.1.4. Commercial
- 8.4.2. Germany Market Analysis, Insights and Forecast – By End-User
- 8.4.2.1. Utility
- 8.4.2.2. Industrial
- 8.4.2.3. Residential
- 8.4.2.4. Commercial
- 8.4.3. France Market Analysis, Insights and Forecast – By End-User
- 8.4.3.1. Utility
- 8.4.3.2. Industrial
- 8.4.3.3. Residential
- 8.4.3.4. Commercial
- 8.4.4. Russia Market Analysis, Insights and Forecast – By End-User
- 8.4.4.1. Utility
- 8.4.4.2. Industrial
- 8.4.4.3. Residential
- 8.4.4.4. Commercial
- 8.4.5. Italy Market Analysis, Insights and Forecast – By End-User
- 8.4.5.1. Utility
- 8.4.5.2. Industrial
- 8.4.5.3. Residential
- 8.4.5.4. Commercial
- 8.4.6. Spain Market Analysis, Insights and Forecast – By End-User
- 8.4.6.1. Utility
- 8.4.6.2. Industrial
- 8.4.6.3. Residential
- 8.4.6.4. Commercial
- 8.4.7. Rest of Europe Market Analysis, Insights and Forecast – By End-User
- 8.4.7.1. Utility
- 8.4.7.2. Industrial
- 8.4.7.3. Residential
- 8.4.7.4. Commercial
- 9. Asia Pacific Smart Grid Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By End-User
- 9.2.1. Utility
- 9.2.2. Industrial
- 9.2.3. Residential
- 9.2.4. Commercial
- 9.3. Market Analysis, Insights and Forecast – By Component
- 9.3.1. Hardware
- 9.3.2. Software
- 9.3.3. Services
- 9.4. Market Analysis, Insights and Forecast – By Country
- 9.4.1. China Market Analysis, Insights and Forecast – By End-User
- 9.4.1.1. Utility
- 9.4.1.2. Industrial
- 9.4.1.3. Residential
- 9.4.1.4. Commercial
- 9.4.2. India Market Analysis, Insights and Forecast – By End-User
- 9.4.2.1. Utility
- 9.4.2.2. Industrial
- 9.4.2.3. Residential
- 9.4.2.4. Commercial
- 9.4.3. Japan Market Analysis, Insights and Forecast – By End-User
- 9.4.3.1. Utility
- 9.4.3.2. Industrial
- 9.4.3.3. Residential
- 9.4.3.4. Commercial
- 9.4.4. Australia Market Analysis, Insights and Forecast – By End-User
- 9.4.4.1. Utility
- 9.4.4.2. Industrial
- 9.4.4.3. Residential
- 9.4.4.4. Commercial
- 9.4.5. Southeast Asia Market Analysis, Insights and Forecast – By End-User
- 9.4.5.1. Utility
- 9.4.5.2. Industrial
- 9.4.5.3. Residential
- 9.4.5.4. Commercial
- 9.4.6. Rest of Asia Pacific Market Analysis, Insights and Forecast – By End-User
- 9.4.6.1. Utility
- 9.4.6.2. Industrial
- 9.4.6.3. Residential
- 9.4.6.4. Commercial
- 10. Latin America Smart Grid Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By End-User
- 10.2.1. Utility
- 10.2.2. Industrial
- 10.2.3. Residential
- 10.2.4. Commercial
- 10.3. Market Analysis, Insights and Forecast – By Component
- 10.3.1. Hardware
- 10.3.2. Software
- 10.3.3. Services
- 10.4. Market Analysis, Insights and Forecast – By Country
- 10.4.1. Brazil Market Analysis, Insights and Forecast – By End-User
- 10.4.1.1. Utility
- 10.4.1.2. Industrial
- 10.4.1.3. Residential
- 10.4.1.4. Commercial
- 10.4.2. Mexico Market Analysis, Insights and Forecast – By End-User
- 10.4.2.1. Utility
- 10.4.2.2. Industrial
- 10.4.2.3. Residential
- 10.4.2.4. Commercial
- 10.4.3. Rest of Latin America Market Analysis, Insights and Forecast – By End-User
- 10.4.3.1. Utility
- 10.4.3.2. Industrial
- 10.4.3.3. Residential
- 10.4.3.4. Commercial
- 11. Middle East & Africa Smart Grid Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- 11.1. Key Findings / Summary
- 11.2. Market Analysis, Insights and Forecast – By End-User
- 11.2.1. Utility
- 11.2.2. Industrial
- 11.2.3. Residential
- 11.2.4. Commercial
- 11.3. Market Analysis, Insights and Forecast – By Component
- 11.3.1. Hardware
- 11.3.2. Software
- 11.3.3. Services
- 11.4. Market Analysis, Insights and Forecast – By Country
- 11.4.1. GCC Market Analysis, Insights and Forecast – By End-User
- 11.4.1.1. Utility
- 11.4.1.2. Industrial
- 11.4.1.3. Residential
- 11.4.1.4. Commercial
- 11.4.2. South Africa Market Analysis, Insights and Forecast – By End-User
- 11.4.2.1. Utility
- 11.4.2.2. Industrial
- 11.4.2.3. Residential
- 11.4.2.4. Commercial
- 11.4.3. Rest of Middle East & Africa Market Analysis, Insights and Forecast – By End-User
- 11.4.3.1. Utility
- 11.4.3.2. Industrial
- 11.4.3.3. Residential
- 11.4.3.4. Commercial
- 12. Competitive Analysis
- 12.1. Company Market Share Analysis, 2020
- 12.2. Company Profile
- 12.2.1. ABB
- 12.2.1.1. Business Overview
- 12.2.1.2. Product & Service Offering
- 12.2.1.3. Overall Revenue
- 12.2.1.4. Geographic Presence
- 12.2.1.5. Recent Development
- 12.2.2. Siemens
- 12.2.2.1. Business Overview
- 12.2.2.2. Product & Service Offering
- 12.2.2.3. Overall Revenue
- 12.2.2.4. Geographic Presence
- 12.2.2.5. Recent Development
- 12.2.3. Schneider Electric
- 12.2.3.1. Business Overview
- 12.2.3.2. Product & Service Offering
- 12.2.3.3. Overall Revenue
- 12.2.3.4. Geographic Presence
- 12.2.3.5. Recent Development
- 12.2.4. S&C Electric Company
- 12.2.4.1. Business Overview
- 12.2.4.2. Product & Service Offering
- 12.2.4.3. Overall Revenue
- 12.2.4.4. Geographic Presence
- 12.2.4.5. Recent Development
- 12.2.5. Eaton
- 12.2.5.1. Business Overview
- 12.2.5.2. Product & Service Offering
- 12.2.5.3. Overall Revenue
- 12.2.5.4. Geographic Presence
- 12.2.5.5. Recent Development
- 12.2.6. GE
- 12.2.6.1. Business Overview
- 12.2.6.2. Product & Service Offering
- 12.2.6.3. Overall Revenue
- 12.2.6.4. Geographic Presence
- 12.2.6.5. Recent Development
- 12.2.7. IBM
- 12.2.7.1. Business Overview
- 12.2.7.2. Product & Service Offering
- 12.2.7.3. Overall Revenue
- 12.2.7.4. Geographic Presence
- 12.2.7.5. Recent Development
- 12.2.8. Wipro Limited
- 12.2.8.1. Business Overview
- 12.2.8.2. Product & Service Offering
- 12.2.8.3. Overall Revenue
- 12.2.8.4. Geographic Presence
- 12.2.8.5. Recent Development
- 12.2.9. Honeywell
- 12.2.9.1. Business Overview
- 12.2.9.2. Product & Service Offering
- 12.2.9.3. Overall Revenue
- 12.2.9.4. Geographic Presence
- 12.2.9.5. Recent Development
- 12.2.10. Cisco
- 12.2.10.1. Business Overview
- 12.2.10.2. Product & Service Offering
- 12.2.10.3. Overall Revenue
- 12.2.10.4. Geographic Presence
- 12.2.10.5. Recent Development
- 12.2.11. Aclara
- 12.2.11.1. Business Overview
- 12.2.11.2. Product & Service Offering
- 12.2.11.3. Overall Revenue
- 12.2.11.4. Geographic Presence
- 12.2.11.5. Recent Development
- 12.2.12. Landis+Gyr
- 12.2.12.1. Business Overview
- 12.2.12.2. Product & Service Offering
- 12.2.12.3. Overall Revenue
- 12.2.12.4. Geographic Presence
- 12.2.12.5. Recent Development
- 12.2.13. Oracle
- 12.2.13.1. Business Overview
- 12.2.13.2. Product & Service Offering
- 12.2.13.3. Overall Revenue
- 12.2.13.4. Geographic Presence
- 12.2.13.5. Recent Development
- 12.2.14. Itron
- 12.2.14.1. Business Overview
- 12.2.14.2. Product & Service Offering
- 12.2.14.3. Overall Revenue
- 12.2.14.4. Geographic Presence
- 12.2.14.5. Recent Development
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