Global Smart grid Market

Smart Grid Market Size, Share, Growth Analysis, By Component(Software (Advanced Metering Infrastructure, Smart Grid Distribution Management, Smart Grid Network Management, Grid Asset Management), By Application(Generation, Transmission, Distribution, Consumption/End Use), By Communication Technology(Wireline, Wireless), By End Use(Residential, Utility, Commercial, Government), By Region - Industry Forecast 2025-2032


Report ID: SQMIG55E2012 | Region: Global | Published Date: July, 2024
Pages: 157 | Tables: 93 | Figures: 76

Smart Grid Market Insights

Smart Grid Market size was valued at USD 51.33 Billion in 2023 and is poised to grow from USD 61.54 Billion in 2024 to USD 249.18 Billion by 2032, growing at a CAGR of 19.9% during the forecast period (2025-2032).

The smart grid market is experiencing notable growth supported by increasing demand for energy due to the ever-growing population, and the need for better grid reliability, and energy efficiency. Smart grids simplify the incorporation of renewable resources, such as solar and wind power, which increases their demand. Moreover, it offers improved monitoring and better control to decrease power outages and enhance response times. These drivers are significantly propelling the growth of the smart grid market. Nonetheless, the market is hampered by factors like issues with technological standardization. The lack of standardization protocols and technologies might result in compatibility problems and uneven solutions, making it complex for diverse devices and systems to work jointly. Yet, a few opportunities seen in the market include the expansion of integration of renewable energy and development of energy storage techniques.

US Smart Grid Market is poised to grow at a sustainable CAGR for the next forecast year.

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Smart Grid Market size was valued at USD 51.33 Billion in 2023 and is poised to grow from USD 61.54 Billion in 2024 to USD 249.18 Billion by 2032, growing at a CAGR of 19.9% during the forecast period (2025-2032).

Smart Grid Market providers need to focus on maximizing their business scope by reaching into new markets and developing smart grid for different industrial and personal uses. Raising new capital to fund their R&D and business expansion efforts will be essential for new smart grid companies going forward. The development of custom robots for specific applications across different industry verticals will also help companies expand their sales potential in the future. 'General Electric Company ', 'ABB Ltd. ', 'Siemens AG ', 'Schneider Electric SE ', 'Landis+Gyr Group AG ', 'Itron Inc. ', 'Honeywell International Inc. ', 'Cisco Systems Inc. ', 'Oracle Corporation ', 'IBM Corporation ', 'Eaton Corporation ', 'S&C Electric Company ', 'Wipro Limited ', 'Fujitsu Limited ', 'Mitsubishi Electric Corporation ', 'Toshiba Corporation ', 'Echelon Corporation ', 'Schweitzer Engineering Laboratories Inc. ', 'Trilliant Holdings Inc. ', 'Elster Group GmbH '

Growing consumption of energy ultimately demands more effective management of grid and infrastructure upgrades to cater to the ever-increasing demand and confirm reliable supply. Smart grids also allow smooth incorporation of intermittent sources of renewable energy like solar and wind by offering better flexibility and control. 

Growing Use of Energy Management Solutions (EMS): Energy Management Solutions enable businesses and utilities to control, monitor, and maximize energy distribution. It also plays a key role in renewable energy integration and demand response. These systems aid in the management of peak loads by proper balance of demand and power generation.

North America held majority share of the market in the past years and will continue dominance over the forecast period owing to advanced infrastructure in the developed nations like Canada and the United States. These countries hold well-established infrastructure that is actively being advanced with smart grid tools. In addition, growing investments in technologies is another key driver of the market in the region. Companies in the region and the utilities are the key investors in smart grid solutions. They are actively adopting improved solutions for energy storage, grid management, and consumer participation to enhance operational reliability and efficiency. The key companies operating in the region include Itron, Cisco, ABB Ltd., Honeywell, Oracle, CenterPoint Energy, Wipro, and more. 

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Global Smart grid Market

Report ID: SQMIG55E2012

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