According to Vision Research Reports, the global smart grid market size is projected to surpass around USD 846.1 billion by 2030 and registered growth at a CAGR of 17.7% from 2022 to 2030.

The global smart grid market is expected to witness substantial growth over the forecast period. There is an increasing popularity of smart grids due to rising need for power and supportive regulations by governments of countries in various regions across the globe. The rapid adoption of centralized grid distribution management and control is driving the global market. The popularity of smart meters and regional government initiatives & funding for smart grid projects are factors expected to drive the market. In addition, rise in the number of market players across the globe is contributing to the expansion of the smart grid market, thereby creating lucrative revenue opportunities for market players. Governments of various countries are transforming cities into smart cites. Moreover, collaborative efforts taken by market stakeholders to overcome challenges in the smart grid market are contributing to the market growth.

The global smart grid market size was valued at USD 141.5 billion in 2021 and is expected to reach around USD 846.1 billion by the end of 2030, estimated to expand at a CAGR of 17.7% from 2022 to 2030.

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Smart Grid Market: Overview

Smart grid is an electricity network that enables two-way flow of electricity and data with digital communications technology. It detects, react, and pro-acts to changes in usage and multiple issues. Smart grids are essential in digital transformation of the electricity sector.

Demand for smart grids is high, owing to rise in need for power; and supportive regulations by governments of countries in various regions across the globe. Higher transmission and distribution losses are other factors that are expected to drive the market for smart grid.

Rising demand for quality, secure, and reliable power supply is expected to ensure the significant growth of the market. Growing concerns regarding reduction in carbon footprints and the need to replace aging infrastructure are shaping the global smart grid market. In addition, there is a need for centralized grid distribution management and control.

The market size of smart grids has been growing considerably in the past few years, owing to rising adoption of smart meters and regional government initiatives and funding for smart grid projects. Governments of various countries are striving to transform cities into smart cites. This is projected to drive the market.

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Popularity of Smart Grid Due to Rise in Demand for Secure and Reliable Power Supply

The rising demand for quality, secure, and reliable power supply is expected to ensure significant growth of the market. Growing concerns regarding carbon footprint and need to replace aging infrastructure is shaping the global smart grid market. In addition, there is a need for centralized grid distribution management and control. The high demand for smart grids from several economies and surge in ICT spending will also aid in market's growth. The market size of smart grids has been growing considerably in the past few years, owing to the rising adoption of smart meters and regional government initiatives & funding for smart grid projects. Governments across countries are striving to transform cities into smart cites, and this will also help driving the market toward growth. Smart grids are important in digital transformation of the electricity sector.

Rise in Awareness about Benefits of Smart Grids Accelerate Global Market

Smart grid offers energy efficiency, reliability of existing electrical supply, integration of more renewable energy into existing network, new solutions for customers to optimize their electricity consumption, and decline in carbon emissions. Conventional electricity grids installed in developing nations in the world are now aging and causing large-scale electrical blackouts. Thus, every nation has a growing need to reduce the cost of blackouts and power outages. The smart grid technology offers the liberty to consumers and suppliers to manage and protect the distribution network, save energy, and reduce such extravagant costs. Governments in most of the countries are incurring massive losses due to conventional electrical grids, and hence, they are now focusing on investing in smart grid technologies.

Transmission Upgrades Continue to Dominate Smart Grid Market

The increasing popularity of smart grid technologies such as advanced metering infrastructure, distribution automation, cyber security, software and hardware, communication technologies, and transmission upgrades is driving the global market. The global smart grid market is fragmented in nature. Big players in the industry are acquiring software vendors that have the most promising potential. An increasing number of mergers & acquisition activities are taking place in the global smart grid market. The inherent need to scale up the manufacturing capacity is resulting in high exit barriers, intensifying the degree of competition. Smart grids are in high demand, owing to the growing need for power and support regulations by governments across regions. Higher transmission and distribution losses are other factors that will drive the market for smart grids.

Smart Grid Market Challenges

High Initial Investment:

Implementation of Smart Grid solutions in factories is a part of automation process. Adoption of automation machines can be one of the most cost intensive process and requires high capital input. In addition to the initial costs, there are several unpredictable costs which may exceed the real cost saved by the accomplishing automation in the company. Some of these costs involve research and development costs of automating a process, anticipatory repairs, and maintenance costs. Additionally, there is also training cost associated with smart grid operation that further restraints the market growth. Most of the smart grid solutions also occupy larger space which is a major challenge in small sized industries. The high cost of installation of smart grid further discourage the application in residential projects and small scale commercial buildings.

Lucrative Growth Opportunities for Market Players in Asia Pacific

The Asia Pacific smart grid market is expected to witness major market share during the forecast period. China holds the highest share of the smart grid market in Asia Pacific. Japan and India are other countries dominating the smart grid market. The rising need to reduce transmission and distribution losses in developing nations across Asia Pacific is expected to drive the market. The need to reduce carbon emissions from developed nations in the region and the growing consumption of electricity in China, South Korea, Australia, New Zealand, India, and Singapore are likely to drive the smart grid market. Prominence of the market in this part of the world is mainly due to the initiatives from various universities and governments.

Asia Pacific to Lead Smart Grid Market

Although the growth of the smart grid market can be felt across the globe, Asia Pacific is particularly witnessing significant rise

Asia Pacific is expected to account for 48% share of the market in 2021. China has the highest share of the smart grid market in Asia Pacific. Japan and India are other countries making progress in the smart grid market.

The need to reduce transmission and distribution losses in developing nations across Asia Pacific is expected to drive the market. Moreover, the need to reduce carbon emissions from developed nations in the region and the growing consumption of electricity in China, South Korea, Australia, New Zealand, India, and Singapore are projected to drive the smart grid market.

North America is expected to follow Asia Pacific in terms of growth. The U.S. is anticipated to be the most significant contributor to the North American smart grid market. With investment support from various universities, this region is likely to contribute to quite an extent in the near future.

Transmission Upgrades Continue to Lead in Smart Grid Market

In terms of technology, the smart grid market has been segmented into advanced metering infrastructure, distribution automation, cyber security, software and hardware, communication technologies, and transmission upgrades. Of these, the transmission upgrades segment not only led in the past, but also is expected to continue its leading position by 2031, accounting for 45.2% of the market. The market for transmission upgrades is projected to be significantly large in Asia Pacific.

Smart Grid Market Segment Analysis- By Type

DC Smart Grids hold a major share in the Smart Grid market globally at 67% share in 2021. They find application in high-power electrical equipment and in machinery used in industries, buildings and transportation. Many distributed energy resources such as stationary batteries and fuel cells are dependent upon direct DC Smart Grid. Further, DC Smart Grids offer major advantages over AC Smart Grids such as lower costs, higher reliability, and better stability. DC Smart Grids also reduce energy dissipation and facility costs resulting from AC-to-DC conversion. Thus, many end users prefer DC Smart Grids over AC Smart Grids. The Smart Grid market is being driven by deployment of improved distributed energy resources (DER) technologies such as micro turbines, combustion turbines, hydrogen electrolyzers, synchronous generators, hybrid systems, wind systems and other distributed generation technologies. These technologies, when integrated with Smart Grid, can reduce the carbon footprint significantly as compared to conventional grid.

Additionally, the evolution of IoT-based platforms are also increasing the capabilities of Smart Grid systems. IoT-enabled Smart Grids are convenient for utilities to track energy consumption in real-time. Demand response application is another factor accelerating the demand for Smart Grids especially isolated Smart Grids. The global AC Smart Grid market is expected to grow with a CAGR of more than 10.8% during 2022-2030, due to an increase in government initiatives aimed at achieving optimum energy utilization.

Smart Grid Market Segment Analysis- - By End Users

By End Users the market is segmented into Residential, Commercial, Industrial (Water and Wastewater, Chemical, Oil and Gas, Food and Beverages, Semiconductor and Electronics, Medical and Pharmaceutical, Power and Energy, Metal and Mining, Paper and Pulp, Others. Industrial sector is witnessing a significant growth in a market and estimated to reach 5.2 Billion, growing at a CAGR of 6.9%. The growth is attributed due to the surge of various industrial verticals such as water and waste water, chemicals, Oil and Gas and others. According to Federal Ministry for the Environment, Nature Conservation and Nuclear Safety more than 96 percent of German population is connected to the public sewage system and 10.07 billion cubic meter of waste water were collected and treated in public sewage treatment facilities in 2020.

The public sewage system covers 540,723 kilometres of sewers and discharged into 10,000 waste water treatment facilities. Water meters measures liquid all phases including sludge by-products, large volumes of fluid carrying suspended solids. In March 2020, Rotterdam (city in Netherland) Integrated Food Projects that are going on in progress that is helping to create carbon-neutral manufacturing factory. Integrated Food Projects are working with London-based drinks manufacturers with an investment of $250 million approx. These manufacturing of factory in Rotterdam is highly using water and heat meter for production of chilled juice drinks by manufacturing 400 million bottles of drinks per year as they are used in many applications such as carbonation, leak detection, tank blanketing, dryer air and others.

Key Questions Answered in This Report:

How has the global smart grid market performed so far and how will it perform in the coming years?
What are the key regional markets in the global smart grid industry?
What has been the impact of COVID-19 on the global smart grid market?
What is the breakup of the market based on the component?
What is the breakup of the market based on the software?
What is the breakup of the market based on the hardware?
What is the breakup of the market based on the services?
What is the breakup of the market based on the end-user?
What are the various stages in the value chain of the global smart grid industry?
What are the key driving factors and challenges in the global smart grid industry?
What is the structure of the global smart grid industry and who are the key players?
What is the degree of competition in the global smart grid industry?

Key players in the market include

Aclara

Alstom

Comverge

eMeter

GridPoint Inc

Landis+Gyr

Schneider Electric

Schweitzer Engineering Laboratories

Sensus

Siemens

ABB Ltd

Itron

Opower

General Electric

Market Segmentation

By Technology

Advanced Metering Infrastructure

Distribution Automation

Software and Hardware

Communication Technologies

Transmission Upgrades

Cyber Security

By Component

Solutions

Services

By Application

Generation

Transmission

Distribution

Consumption/End Use

By End User

Residential

Commercial

Industrial

By Region

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

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