- Field Area Network
- Grid Operations
- Grid Security
- GridBlocks Architecture
- Transmission and Substation
- IoT Services for Utility Networks
- Deployment & Integration
- Consulting
- Support & Maintenance
- Itron
- Cisco
- Silver Spring
- ELO
- Alstom
- S&T AG
- ABB
- Schneider Electric
- Chinawallink
- Huawei
- Wasion
- CHINA XD GROUP
- Industrial System
- Nuri
- SK telecom
- Iljin
- Toshiba
- Fujitsu
- Infosys
- Wipro
- Ericsson
-
North America
- U.S.A
- Canada
- Europe
- France
- Germany
- Spain
- UK
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South East Asia
- Latin America
- Brazil
- Middle East and Africa
- Market Forecast for 2024-2030
- Market growth drivers
- Challenges and Opportunities
- Emerging and Current market trends
- Market player Capacity, Production, Revenue (Value)
- Supply (Production), Consumption, Export, Import analysis
- End user/application Analysis
Smart Grid Market Analysis & Forecast 2024-2030
Smart Grid Market by Product (Field Area Network, Grid Operations, Grid Security, GridBlocks Architecture, Transmission and Substation, IoT Services for Utility Networks ) by Service (Deployment & Integration, Consulting & Support & Maintenance) by Industry Analysis, Volume, Share, Growth, Challenges, Trends and Forecast. 2024-2030, Regional Outlook ( North America, Europe, Asia-Pacific, Middle-East, Africa)
Global Smart Grid Market is expected to reach USD 207217.45 million by 2031 with CAGR of 18.7 % between 2025 and 2031
A smart grid utilizes digital communications and control systems to monitor and control power flows, with the aim to make the power grid more resilient, efficient and cost effective. A smart grid is two-way communication network that is used to supply electricity to consumers via two-way digital communication. The basic objectives of smart grids are to enable informed participation by customers. Thus smart grid helps to minimize the consumption during high-cost, peak-demand times by providing consumers with information about current consumption and energy prices.
The smart grids are designed to minimize the weaknesses of conventional electrical grids as it can repair itself, ensures a consistent and high quality power supply that resists power leakages and Improved security. Smart grids are more resilient, efficient and cost effective as compared to conventional electrical grids. Smart grid is equally advantageous for enterprises, retail stores, hospitals, universities and multinational corporations. High cost of smart grid installation of the entire smart grid network is the major challenge of the global smart grid industry. Also, lack of government policy and regulation, lack of awareness cyber security and data privacy are also acting as barriers for the growth of this market.
North America is the largest smart grid market followed by Europe and Asia Pacific in 2023. Asia Pacific is projected to grow at the fastest rate during the forecast period in global Smart Grid Market. The growth of the market in North America is due to technological advancements, well-established infrastructure, which allows faster implementation of advanced technologies and increased adoption of smart grid networking applications across various industries. Higher efficiency, increased, quality, dependability, and security of power supplied are other factors propelling the smart grid industry across the world.
Smart Grid Market : Product Type
Smart Grid Market : Service
Global Smart Grid Market: Competitive Analysis
Report includes accurate analysis of key players with Market Value, Company profile, SWOT analysis. The Study consists of following key players in Global Smart Grid Market:
Geographical analysis of Smart Grid Market :
Global Smart Grid Market Report delivers a comprehensive analysis of the following parameters:
Report Coverage
| Parameters | Details |
|---|---|
Base Year |
2024 |
Historical Data |
2018-2023 |
Forecast Data |
2024-2030 |
Base Year Value (2024) |
USD 62412.46 million |
Forecast Value (2031) |
USD 207217.45 million |
CAGR (2025-2030) |
18.7 % |
Regional Scope |
North America, Europe, Asian Pacific, Latin America, Middle East and Africa, and ROW |
Frequently Asked Questions (FAQ)
Smart Grid Market was valued at around USD 62412.46 million in 2023 & estimated to reach USD 207217.45 million by 2030.
Smart Grid Market is likely to grow at Compound Annual Growth Rate (CAGR) of 18.7% between 2024 to 2030.
Smart Grid Market is dominated by the Deployment & Integration segment and the North America region holds the highest market share in 2023.
Some of the top key players in the Smart Grid Market are Itron, Cisco, Silver Spring, ELO, Alstom, S&T AG, ABB, Schneider Electric, Chinawallink, Huawei, Wasion, CHINA XD GROUP, Industrial System, Nuri, SK telecom.
Primary driving factors for the growth of the Smart Grid Market include Higher efficiency, increased, quality, dependability, and security of power supply.
Yes, the report includes COVID 19 impact on the market.
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