Smart Grid Market By Component (Software, Hardware, and Services). By Application (Generation, Transmission, Distribution, and Consumption). By Communication Technology (Wireline, and Wireless)

Smart Grid Market Overview

Smart grids are becoming more popular as a result of rising power demand and supportive policies enacted by governments in various places throughout the world. The global industry is being driven by the increased deployment of centralized grid distribution management and control. The grid is a sophisticated energy supply network that uses digital communications technology to detect and respond to local fluctuations in demand in real-time, as well as to allow the network to self-heal in the case of a power outage. It is a smart overlay to the existing electrical grid network that includes sophisticated feedback options such as active network management (ANM) systems and demand response management systems (DRMS), among others

In the future years, the market will be driven by factors such as increased investment and implementation of smart grid technologies such as smart meters, EV chargers, and other associated smart grid infrastructure technologies. The implementation of smart grids can effectively address the issue of intermittent power supply. Additionally, government efforts to construct smart cities in various countries are projected to support the growth of the smart grid market. Rising government attempts to construct strong infrastructure and rising initiatives to progress toward rural electrification are boosting smart grid adoption in developing nations, which is projected to have a substantial impact on the worldwide smart grid market's growth. Governments throughout the world are increasingly viewing smart grid technology as a strategic infrastructural investment that will support their long-term economic growth while also assisting them in meeting their carbon emission reduction targets. As a result, companies active in the smart grid network market could have plenty of chances in the near future

Market Size

According to Business Intelligence Insights "Smart Grid Market is expected to grow from USD 42.8 billion in 2021 to USD 168.6 billion by 2028, at a CAGR of 18.7% during the 
forecast period 2021-2030

Covid -19 Impact Analysis

COVID-19 caused economic havoc in a variety of businesses and countries. Many projects have been significantly hampered as a result of the suspension of industrial facility chains, disruptions in supply chain analyses, and a lack of sufficient cash among consumers. As a result, the findings of COVID-19 have hampered the expansion of the global smart grid market. Additionally, as a result of the global lockdown, makers of novel hardware components are experiencing significant challenges with order closing on time. Delays in procuring raw materials and other parts from suppliers, mostly in China and other Southeast Asian countries, have also emerged as a major factor influencing industry speed. However, the development of new projects across multiple regions to satisfy low-carbon standards is likely to offset the growth during the epidemic

Market Dynamics

•    Drivers
o    Governments throughout the world are putting in place supportive regulatory frameworks to encourage the adoption of smart grids.
o    Improved grid reliability and outage response efficiency

•    Restraints
o    Smart grids have a high installation cost.
o    Protocols and interoperability standards are poorly understood

Segmentation Insights

During the projected period, wireline communication technology had the greatest portion of the smart grid market by communication technology. Due to it being less expensive and less vulnerable to third-party intrusions and interruptions, wireline communication technology is driving the industry. It is mostly made up of fiber optic, Ethernet, and powerline carriers. In distribution automation, the most common networking media are fiber optic and Ethernet. Fiber optics provide increased bandwidth and speed, resulting in improved performance, dependability, and coverage. Furthermore, because fiber optic communication technology can operate at high voltages, it is often used in substations

By Component
•    Software
•    Hardware
•    Services

By Application
•    Generation
•    Transmission
•    Distribution
•    Consumption

By Communication Technology
•    Wireline
•    Wireless

By Region
•    North America
o    U.S.
o    Canada
•    Europe 
o    Germany
o    U.K.
o    France
o    Italy
o    Spain
o    Rest of Europe
•    The Asia Pacific 
o    China
o    India
o    Japan
o    Rest of Asia Pacific
•    Latin America 
o    Brazil
o    Mexico
o    Rest of Latin America
•    The Middle East and Africa 
o    UAE
o    South Africa
o    Rest of the Middle East and Africa (MEA)

Key Players

List of Key Players in the Smart Grid market Market:

•    GE (US)
•    ABB (Switzerland)
•    Siemens (Germany)
•    Schneider Electric (France)
•    Itron (US)
•    Cisco (US)
•    IBM (US)
•    Oracle (US)
•    Honeywell (US)
•    Eaton (US)
•    Tech Mahindra (India)
•    Tantalus (US)
•    Mitsubishi Electric (Japan)
•    SAP (Germany)
•    Wipro (India)
•    Trilliant Holdings (US)
•    Globema (Poland)
•    Kamstrup (Denmark)
•    Xylem (US)
•    ENEL X (Italy)
•    Esmart Systems (Norway)
•    Esyasoft Technologies (India)
•    Grid4C (US)
•    C3 Energy (US)
•    NES (US)

Regional Insights

North America is expected to have the largest worldwide share, in 2021. Due to large investments in new grid projects and smart city projects, the region is projected to witness a high demand for smart grid technologies. The US market is expected to grow due to the country's most developed market in terms of smart grid deployment, modern IT infrastructure, the presence of diverse enterprises, and the availability of technical expertise. As digital technologies are used to distribute energy resources, smart grid technology in the United States is undergoing a significant transition. All of these reasons are projected to boost the growth of the North American smart grid market

Table

Report Attributes	Details
Market Size Value in 2021	USD 42.8 Billion
Market Size Value in 2028	USD 168.6 Billion
Growth Rate	+18.7%
Base Year	2021
Forecast Period	2021-2030
Forecast Units	(USD Billion)
Countries Covered	North America: U.S and Canada Europe: Germany, France, Italy, U.K, Spain, Russia, Rest of Europe APAC: China, Japan, South Korea, India, Australia, South East Asia, Rest of Asia Pacific Latin America: Brazil, Mexico Middle East And Africa: Saudi Arab, South Africa, UAE
Segments Covered	By Component, By Application, By Communication Technology & By Region
Competitive landscape	Leading companies, Competitive strategies and Consumer engagement scope
Customization is available	If our report does not contain the information you require, you can contact our experts to have segments created for you. Please contact us at sales@businessintelligence-insights.com if you have any questions

 

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