The global smart grid market size is projected to reach USD 94.7 billion by 2025. The smart grid technology involves various energy measures and operations such as renewable energy resources, smart meters, energy-efficient resources, and smart appliances. In addition, the smart grid also leverages the hardware systems such as surveillance cameras, sensors, and others to keep track of energy consumption and monitor the systems. With the help of sensors, smart grids can turn on and off the electricity while the systems are not in use, which in turn will decrease the energy consumption.
The current and future smart grid market trends are driving the overall attractiveness of the market. Top impacting factors highlight the smart grid market opportunities during the forecast period. Factors such as growing distress related to environment safety are the major factor driving the market growth for smart grid systems. In addition, increasing supportive government regulations & policies to implement smart meters is among the key factors boosting the demand for smart grid solutions and services. However, privacy & security concerns related to smart grid systems is the major factor hindering the smart grid market growth. It is expected that increasing smart city projects and government initiatives will provide major growth opportunities for the market in the upcoming years.
The report also throws light on various aspects of the global smart grid industry by assessing the market using value chain analysis. The report covers several qualitative aspects of the smart grid industry in market drivers, market restraints and key industry trends. Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global as well as local vendors.
The global smart grid market has stiff competition among the well-established players. New emerging players are creating a more competitive environment for these players. These market players targets to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.
On the basis of solutions, the market is bifurcated into Advanced Metering Infrastructure (AMI), smart grid distribution management, smart grid communications, smart grid network management, substation automation, smart grid security, others. In 2019, the market for substation automation was valued at 8.5 billion and is expected to grow at a considerable rate over the forecast period.
The Asia-Pacific region is dominated by the global smart grid market in 2019 and is expected to do so over the forecast period 2020–2025. The growth of this segment is mainly attributed to the increase in the need to overcome the electricity outages issues. In addition, growing need to link the rural and remote places to national grid systems is also anticipated to fuel the market growth in this region.
The major players of the global smart grid market are ABB, Cisco, General Electric, Honeywell, Eaton, Itron, Oracle, Schneider Electric, Siemens, Wipro. Moreover, the other potential players in the smart grid market are, Aclara, Landis+Gyr, Eaton, S&C Electric Company, Tech Mahindra. As of 2019, the market for the smart grid is consolidated with the presence of established global and domestic players across the globe. Moreover, the established companies are coming up with new strategies and innovative Smart grid solutions. For instance, in July 2018, ABB collaborated with the Indian Institute of Technology Roorkee (IITR) to build and provide a smart power distribution network on its campus.
Segment Overview of Global Smart Grid Market
Application Overview, 2018-2025 (USD Billion)
Solution Overview, 2018-2025 (USD Billion)
- ??Advanced Metering Infrastructure
- Smart Grid Distribution Management
- Smart Grid Communications
- Smart Grid Network Management
- Substation Automation
- Smart Grid Security
End-User, 2018-2025 (USD Billion)
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of MEA
- South America
- Rest of South America