Smart Grid Market

Smart Grid Market (Technology: Advanced Metering Infrastructure, Distribution Automation, Software and Hardware, Communication Technologies, Transmission Upgrades, and Cyber Security) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031

Smart Grid Market Outlook 2031

  • The global smart grid industry was valued at US$ 139.5 Bn in 2020
  • It is estimated to expand at a CAGR of 17.8% from 2021 to 2031
  • The global market is expected to reach the value of US$ 845.6 Bn by the end of 2031

Analysts’ Viewpoint Global Market Scenario

The global smart grid business 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 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 popularity of Smart Grid Due to the 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 in the market. Growing concerns regarding carbon footprint 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 high demand for smart grids from several economies and the surge in ICT spending will also aid in the 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 cities, and this will also help drive the market toward growth. Smart grids are important in the digital transformation of the electricity sector.

Request a sample to get extensive insights into the Smart Grid Market

Rise in Awareness about Benefits of Smart Grids Accelerate Global Market

The smart grid offers energy efficiency, reliability of existing electrical supply, integration of more renewable energy into an existing network, new solutions for customers to optimize their electricity consumption, and a 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. 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 countries are incurring massive losses due to conventional electrical grids, and hence, they are now focusing on investing in smart grid technologies.

To understand how our report can bring a difference to your business strategy, Ask for a brochure

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 industry 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 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.

Stuck in a neck-to-neck competition with other brands? Request a custom report on Smart Grid Market

Lucrative Growth Opportunities for Market Players in Asia Pacific

The Asia Pacific market for smart grids is expected to witness a major market share during the forecast period. China holds the highest share of the market in the Asia Pacific. Japan and India are other countries dominating the smart grid industry. The rising need to reduce transmission and distribution losses in developing nations across the 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 this market. The prominence of the market in this part of the world is mainly due to the initiatives from various universities and governments.

Smart Grid Market: Overview

  • A smart grid is an electricity network that enables a two-way flow of electricity and data with digital communications technology. It detects, reacts, and pro-acts to changes in usage and multiple issues. Smart grids are essential in the digital transformation of the electricity sector.
  • Demand for smart grids is high, owing to the rise in the 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 grids.
  • Rising demand for quality, secure, and reliable power supply is expected to ensure significant growth in the market. Growing concerns regarding the reduction in carbon footprints and the need to replace aging infrastructure are shaping the global market for smart grids. 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 the 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 cities. This is projected to drive the market.

Asia Pacific to Lead Global Market

  • Although the growth of the smart grid market can be felt across the globe, Asia Pacific is particularly witnessing a significant rise
  • Asia Pacific is expected to account for 47% share of the market in 2020. China has the highest share of this market in the Asia Pacific. Japan and India are other countries making progress in this market.
  • The need to reduce transmission and distribution losses in developing nations across the 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 market for smart grids.
  • 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 market for smart grids. 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 industry 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.

Major Players in Smart Grid Industry

  • The global smart grid market is fragmented in nature. Large players in the industry are acquiring software vendors that have the most promising potential.
  • An increasing number of mergers and acquisition activities are taking place in the global market. The inherent need to scale up the manufacturing capacity is resulting in high exit barriers, thus intensifying the degree of competition.
  • 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

Smart Grid Market Snapshot

Attribute Details
Market Size Value in 2020 (Base Year) US$ 139.5 Bn
Market Forecast Value in 2031 US$ 845.6 Bn
Growth Rate (CAGR) 17.8%
Forecast Period 2021-2031
Quantitative Units US$ Bn for Value
Competition Landscape The company Profiles section includes an overview, product portfolio, key subsidiaries or distributors, strategy & recent developments, and key financials.
Format Electronic (PDF) + Excel
Market Segmentation
  • Technology
    • Advanced Metering Infrastructure
    • Distribution Automation
    • Software and Hardware
    • Communication Technologies
    • Transmission Upgrades
    • Cyber Security
Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America
Countries Covered
  • U.S.
  • Canada
  • Germany
  • France
  • U.K.
  • Russia & CIS
  • Rest of Europe
  • China
  • Australia
  • India
  • ASEAN
  • Rest of Asia Pacific
  • GCC Countries
  • South Africa
  • Brazil
Companies Profiled
  • Aclara
  • Alstom
  • Comverge
  • eMeter
  • GridPoint Inc
  • Landis+Gyr
  • Schneider Electric
  • Schweitzer Engineering Laboratories
  • Sensus
  • Siemens
  • ABB Ltd
  • Itron
  • Opower
  • General Electric
Customization Scope Available upon Request
Pricing Available upon Request

Smart Grid Market - Segmentation

TMR’s research study assesses the global market in terms of technology and region. This report presents extensive market dynamics and trends associated with different segments of the market and how they are influencing the growth prospects of the global smart grid industry.

Attribute Details
Technology
  • Advanced Metering Infrastructure
  • Distribution Automation
  • Software and Hardware
  • Communication Technologies
  • Transmission Upgrades
  • Cyber Security
Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Frequently Asked Questions

What is the Smart Grid Market Size?

The smart grid industry is expected to Reach US$ 845.6 Bn By 2031

What is the CAGR for Smart Grid Market?

The market is estimated to rise at a CAGR of 17.8% during the forecast period

What are the key factors driving the growth of Smart Grid business?

The popularity of smart meters and regional government initiatives & funding for smart grid projects is expected to drive the global market

Which region is more attractive for vendors in the Smart Grid Market?

Asia Pacific is more attractive for vendors in the global market

Who are the key players in the Smart Grid Industry?

Key players in Smart Grid business are Aclara, Alstom, Comverge, eMeter, GridPoint Inc, Landis+Gyr, Schneider Electric, Schweitzer Engineering Laboratories, Sensus, Siemens, ABB Ltd, Itron, Opower, and General Electric

    1. Executive Summary

        1.1. Smart Grid Market Snapshot

        1.2. Current Market and Future Potential

    2. Market Overview

        2.1. Market Segmentation

        2.2. Market Indicators

        2.3. Market Dynamics

            2.3.1. Drivers

            2.3.2. Restraints

            2.3.3. Opportunities

        2.4. Porter’s Five Forces Analysis

        2.5. Regulatory Analysis

        2.6. Value Chain Analysis

            2.6.1. List of Potential Customers

            2.6.2. List of Suppliers/Manufacturers

    3. Global Production Output Analysis, by Region, 2020

        3.1. North America

        3.2. Europe

        3.3. Asia Pacific

        3.4. Latin America

        3.5. Middle East

    4. COVID-19 Impact Analysis

    5. Global Smart Grid Market Analysis and Forecast, by Technology, 2020-2031

        5.1. Introduction and Definitions

        5.2. Global Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

            5.2.1. Advanced Metering Infrastructure

            5.2.2. Distribution Automation

            5.2.3. Software and Hardware

            5.2.4. Communication Technologies

            5.2.5. Transmission Upgrades

            5.2.6. Cyber Security

        5.3. Global Smart Grid Market Attractiveness, by Technology

    6. Global Smart Grid Market Analysis and Forecast, by Region, 2020-2031

        6.1. Key Findings

        6.2. Global Smart Grid Market Value (US$ Bn) Forecast, by Region, 2020-2031

            6.2.1. North America

            6.2.2. Europe

            6.2.3. Asia Pacific

            6.2.4. Latin America

            6.2.5. Middle East & Africa

        6.3. Global Smart Grid Market Attractiveness, by Region

    7. North America Smart Grid Market Analysis and Forecast, 2020-2031

        7.1. Key Findings

        7.2. North America Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

        7.3. North America Smart Grid Market Value (US$ Bn) Forecast, by Country, 2020-2031

            7.3.1. U.S. Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

            7.3.2. Canada Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

        7.4. North America Smart Grid Market Attractiveness Analysis

    8. Europe Smart Grid Market Analysis and Forecast, 2020-2031

        8.1. Key Findings

        8.2. Europe Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

        8.3. Europe Smart Grid Market Value (US$ Bn) Forecast, by Country and Sub-region, 2020-2031

            8.3.1. Germany Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

            8.3.2. France Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

            8.3.3. U.K. Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

            8.3.4. Italy Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

            8.3.5. Spain Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

            8.3.6. Russia & CIS Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

            8.3.7. Rest of Europe Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

    9. Asia Pacific Smart Grid Market Analysis and Forecast, 2020-2031

        9.1. Key Findings

        9.2. Asia Pacific Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

        9.3. Asia Pacific Smart Grid Market Value (US$ Bn) Forecast, by Country and Sub-region, 2020-2031

            9.3.1. China Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

            9.3.2. Japan Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

            9.3.3. India Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

            9.3.4. ASEAN Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

            9.3.5. Rest of Asia Pacific Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

        9.4. Asia Pacific Smart Grid Market Attractiveness Analysis

    10. Latin America Smart Grid Market Analysis and Forecast, 2020-2031

        10.1. Key Findings

        10.2. Latin America Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

        10.3. Latin America Smart Grid Market Value (US$ Bn) Forecast, by Country and Sub-region, 2020-2031

            10.3.1. Brazil Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

            10.3.2. Mexico Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

            10.3.3. Rest of Latin America Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

        10.4. Latin America Smart Grid Market Attractiveness Analysis

    11. Middle East & Africa Smart Grid Market Analysis and Forecast, 2020-2031

        11.1. Key Findings

        11.2. Middle East & Africa Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

        11.3. Middle East & Africa Smart Grid Market Value (US$ Bn) Forecast, by Country and Sub-region, 2020-2031

            11.3.1. GCC Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

            11.3.2. South Africa Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

            11.3.3. Rest of Middle East & Africa Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

        11.4. Middle East & Africa Smart Grid Market Attractiveness Analysis

    12. Competition Landscape

        12.1. Global Smart Grid Company Market Share Analysis, 2020

        12.2. Company Profiles (Details - Overview, Financials, Recent Developments, and Strategy)

            12.2.1. Aclara

                12.2.1.1. Company Description

                12.2.1.2. Business Overview

                12.2.1.3. Financial Overview

                12.2.1.4. Strategic Overview

            12.2.2. Alstom

                12.2.2.1. Company Description

                12.2.2.2. Business Overview

                12.2.2.3. Financial Overview

                12.2.2.4. Strategic Overview

            12.2.3. Comverge

                12.2.3.1. Company Description

                12.2.3.2. Business Overview

                12.2.3.3. Financial Overview

                12.2.3.4. Strategic Overview

            12.2.4. eMeter

                12.2.4.1. Company Description

                12.2.4.2. Business Overview

                12.2.4.3. Financial Overview

                12.2.4.4. Strategic Overview

            12.2.5. GridPoint Inc

                12.2.5.1. Company Description

                12.2.5.2. Business Overview

                12.2.5.3. Financial Overview

                12.2.5.4. Strategic Overview

            12.2.6. Landis+Gyr

                12.2.6.1. Company Description

                12.2.6.2. Business Overview

                12.2.6.3. Financial Overview

                12.2.6.4. Strategic Overview

            12.2.7. Schneider Electric

                12.2.7.1. Company Description

                12.2.7.2. Business Overview

                12.2.7.3. Financial Overview

                12.2.7.4. Strategic Overview

            12.2.8. Schweitzer Engineering Laboratories

                12.2.8.1. Company Description

                12.2.8.2. Business Overview

                12.2.8.3. Financial Overview

                12.2.8.4. Strategic Overview

            12.2.9. Sensus

                12.2.9.1. Company Description

                12.2.9.2. Business Overview

                12.2.9.3. Financial Overview

                12.2.9.4. Strategic Overview

            12.2.10. Seimens

                12.2.10.1. Company Description

                12.2.10.2. Business Overview

                12.2.10.3. Financial Overview

                12.2.10.4. Strategic Overview

            12.2.11. ABB Ltd

                12.2.11.1. Company Description

                12.2.11.2. Business Overview

                12.2.11.3. Financial Overview

                12.2.11.4. Strategic Overview

            12.2.12. Itron

                12.2.12.1. Company Description

                12.2.12.2. Business Overview

                12.2.12.3. Financial Overview

                12.2.12.4. Strategic Overview

            12.2.13. Opower

                12.2.13.1. Company Description

                12.2.13.2. Business Overview

                12.2.13.3. Financial Overview

                12.2.13.4. Strategic Overview

            12.2.14. General Electric

                12.2.14.1. Company Description

                12.2.14.2. Business Overview

                12.2.14.3. Financial Overview

                12.2.14.4. Strategic Overview

    13. Primary Research: Key Insights

    14. Appendix

    List of Tables

    Table 1: Global Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

    Table 2: Global Smart Grid Market Value (US$ Bn) Forecast, by Region, 2020-2031

    Table 3: North America Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

    Table 4: North America Smart Grid Market Value (US$ Bn) Forecast, by Country, 2020-2031

    Table 5: U.S. Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

    Table 6: Canada Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

    Table 7: Europe Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

    Table 8: Europe Smart Grid Market Value (US$ Bn) Forecast, by Country and Sub-region, 2020-2031

    Table 9: Germany Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

    Table 10: France Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

    Table 11: U.K. Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

    Table 12: Italy Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

    Table 13: Spain Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

    Table 14: Russia & CIS Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

    Table 15: Rest of Europe Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

    Table 16: Asia Pacific Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

    Table 17: Asia Pacific Smart Grid Market Value (US$ Bn) Forecast, by Country and Sub-region, 2020-2031

    Table 18: China Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

    Table 19: Japan Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

    Table 20: India Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

    Table 21: ASEAN Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

    Table 22: Rest of Asia Pacific Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

    Table 23: Latin America Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

    Table 24: Latin America Smart Grid Market Value (US$ Bn) Forecast, by Country and Sub-region, 2020-2031

    Table 25: Brazil Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

    Table 26: Mexico Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

    Table 27: Rest of Latin America Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

    Table 28: Middle East & Africa Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

    Table 29: Middle East & Africa Smart Grid Market Value (US$ Bn) Forecast, by Country and Sub-region, 2020-2031

    Table 30: GCC Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

    Table 31: South Africa Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

    Table 32: Rest of Middle East & Africa Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031

    List of Figures

    Figure 1: Global Smart Grid Market Volume Share Analysis, by Technology, 2020, 2025, and 2031

    Figure 2: Global Smart Grid Market Attractiveness, by Technology

    Figure 3: Global Smart Grid Market Volume Share Analysis, by Region, 2020, 2025, and 2031

    Figure 4: Global Smart Grid Market Attractiveness, by Region

    Figure 5: North America Smart Grid Market Volume Share Analysis, by Technology, 2020, 2025, and 2031

    Figure 6: North America Smart Grid Market Attractiveness, by Technology

    Figure 7: North America Smart Grid Market Volume Share Analysis, by Region, 2020, 2025, and 2031

    Figure 8: North America Smart Grid Market Attractiveness, by Country

    Figure 9: Europe Smart Grid Market Volume Share Analysis, by Technology, 2020, 2025, and 2031

    Figure 10: Europe Smart Grid Market Attractiveness, by Technology

    Figure 11: Europe Smart Grid Market Volume Share Analysis, by Region, 2020, 2025, and 2031

    Figure 12: Europe Smart Grid Market Attractiveness, by Country and Sub-region

    Figure 13: Asia Pacific Smart Grid Market Volume Share Analysis, by Technology, 2020, 2025, and 2031

    Figure 14: Asia Pacific Smart Grid Market Attractiveness, by Technology

    Figure 15: Asia Pacific Smart Grid Market Volume Share Analysis, by Region, 2020, 2025, and 2031

    Figure 16: Asia Pacific Smart Grid Market Attractiveness, by Country and Sub-region

    Figure 17: Latin America Smart Grid Market Volume Share Analysis, by Technology, 2020, 2025, and 2031

    Figure 18: Latin America Smart Grid Market Attractiveness, by Technology

    Figure 19: Latin America Smart Grid Market Volume Share Analysis, by Region, 2020, 2025, and 2031

    Figure 20: Latin America BMI Resins Market Attractiveness, by Country and Sub-region

    Figure 21: Middle East & Africa Smart Grid Market Volume Share Analysis, by Technology, 2020, 2025, and 2031

    Figure 22: Middle East & Africa Smart Grid Market Attractiveness, by Technology

    Figure 23: Middle East & Africa Smart Grid Market Volume Share Analysis, by Region, 2020, 2025, and 2031

    Figure 24: Middle East & Africa Smart Grid Market Attractiveness, by Country and Sub-region

Copyright © Transparency Market Research, Inc. All Rights reserved