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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.

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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.

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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.

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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

Detail

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.

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
Smart Grid Market

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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?

Smart Grid 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 Smart Grid Market

Who are the key players in the Smart Grid Industry?

Key players of Smart Grid Market 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

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