As per Business Intelligence Insights (BII) study, the global Smart Grid Market attained revenue growth of USD 42.8 billion in 2021 and it is projected to reach around USD 168.6 billion by 2030, growing at a 18.7% CAGR.

Smart grid market drivers such as rising environmental concerns and increased usage of smart grid technologies to improve efficiency in energy-saving and consumption are propelling global expansion. The smart grid delivers technologies that improve problem detection and allow the network to self-heal after power outages. By offering a dependable and efficient power supply via various smart grid applications and technologies, the smart grid gives an incredible opportunity for both the economy and the environment.

The worldwide smart grid industry is primarily driven by favorable legislative frameworks of various countries that encourage smart grid adoption. The regulatory framework of the government encourages and enforces the installation of smart power grids by raising knowledge about the benefits of smart grids. Smart grids are capable of detecting network problems and automatically self-healing network defects. Thus, smart grids' efficient power supply and stability are predicted to deliver outstanding opportunities to the economy and diverse businesses in the next years. Furthermore, rising environmental concerns are fuelling the growth of the smart grid market, as smart grids provide energy efficiency in consumption and conservation. Rising investments in the construction of digital electrical infrastructure are propelling global market expansion. Smart grid technology is also increasing the usage of smart meters, electric vehicle chargers, and other smart grid technologies, which helps to improve the smart grid infrastructure. The expanding efforts to reduce carbon emissions and develop renewable and sustainable energy sources are accelerating the use of smart grid technologies.

Smart Grid Market: Companies Mentioned

•  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)

Key Highlights of the Report

•  In 2021, the software segment is likely to represent a large percentage of the global market because of increased efforts to modernize the energy grid and reduce T&D losses. Moreover, the government's increased investments in advanced metering infrastructure (AMI) are likely to drive market growth in this area. Nevertheless, the hardware market is predicted to develop as a result of steps taken by governments around the world to install smart power meters in their respective countries.

•  In the forecast period, the wireline communication technology segment held the highest proportion of the smart grid market by communication technology. Wireline communication technology is driving the industry since it is less expensive and less susceptible to third-party incursions and interruptions. It mostly consists of fiber optic, Ethernet, and powerline carriers. Fiber optic and Ethernet are the most popular networking media in distribution automation. Fiber optics enable more bandwidth support and speed, resulting in enhanced performance, dependability, and coverage. Furthermore, because it can work at high voltages, fiber optic communication technology is commonly employed in substations.

•  North America encompasses the United States, Canada, and Mexico. The United States and Canada, contribute significantly to the regional market's growth. The region is predicted to account for the highest proportion of the worldwide smart grid market by 2021, with a similar trend expected to continue. The early adoption of smart grid projects is one of the primary reasons for the big market size. Because of their strong financial positions, the United States and Canada may spend extensively on smart infrastructure platforms for the smart grid market.

•  The report contains qualitative and quantitative research on the global Smart Grid Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.

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Revenue-generating Segment Highlights

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
•  Asia Pacific
o  China
o  India
o  Japan
o  Rest of Asia Pacific
•  Latin America
o  Brazil
o  Mexico
o  Rest of Latin America
•  Middle East and Africa
o  UAE
o  South Africa
o  Rest of Middle East and Africa (MEA)

Ready to generate outstanding revenue opportunities with Business Intelligence Insights (BII)’ exclusive Smart Grid Market study. Highlights of the overall market will be included in the research, as well as frequently asked questions such as –

•  What are the historical and projected revenue figures, as well as the CAGR, for the forecast period?
•  What is the current trend taking place in the market space?
•  What are the business techniques that will influence competitive scenarios as well as the market's growth potential?
•  What market drivers, restraints, and challenges are influencing market demand and growth?
•  In the approaching years, which regions and segments will generate significant revenue and emerge as industry leaders?

The Smart Grid Market report's competitive scenario examines, assesses, and positions firms based on a variety of performance characteristics. The financial performance of organizations over the last few years, growth plans, product innovations, new product launches, investments, market share growth, and so on are some of the elements analysed in this research. Don't wait any longer; take a comprehensive approach and achieve your business objectives with our Smart Grid Market Forecast Report 2022- 2030 - Order Now!

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