According to Inkwood Research, the global smart grid market is projected to register a CAGR of 9.83% between 2021 and 2028, and is anticipated to generate revenue of $171200 million by 2028.
GLOBAL SMART GRID MARKET FORECAST 2021-2028
Global Smart Grid Market by End-user ( Commercial End-user, Industrial End-user, Residential End-user ) Market by Application ( Transmission, Distribution, Consumption/end-use, Generation ) Market by Component ( Solution, Services ) by Geography.
According to Inkwood Research, the global smart grid market is projected to register a CAGR of 9.83% between 2021 and 2028, and is anticipated to generate revenue of $171200 million by 2028.
The power sector is one of the crucial pillars, contributing majorly towards the growth of an economy. Hence, the challenges associated with this sector have a profound impact on both the economy and the environment. Factors such as low efficiency, high cost per unit, power outages & theft, the rising importance of energy conservation, and the environmental impact of power generation have resulted in power technology development.
To learn more about this report, request a free sample copy
A smart grid is an advancement of power grid technology. It helps in better & efficient power management and utilization, continuous & accurate monitoring of services, improvement in consumer experience, and integration of renewable energy with traditional energy sources for power generation. Many technology companies provide solutions to the utilities in modernizing the grid, making them smart to cater to the growing consumer needs and transform government norms to save energy and improve efficiency.
Key factors propelling the global smart grid market growth are:
- Need for efficient use of energy
- Rapid digitization of electricity infrastructure
- Government regulations & policies
- Stability in installation costs
- Shifting trend towards the use of renewable energy
- The majority of countries worldwide are lowering their carbon emissions to minimize environmental degradation.
- This has led to the increasing use of renewable energy sources like wind, solar, and tidal.
- The use of a smart grid facilitates the smooth integration of traditional grids and systems with renewable energy-based technology.
- Investment in smart grid projects
Major growth restraining factors:
- Challenges in terms of interoperability & standardization
- Security concerns
- The smart grid makes extensive use of wireless technology and IoT, making it susceptible to security threats.
The report on the global smart grid market includes the segmentation analysis of component, end-user, and application. These segments are further classified to provide a detailed analysis of the studied market.
Market by Component:
- Solution
- The solution is the largest component in the smart grid market. It includes substation automation, smart grid distribution management, advanced metering infrastructure, smart grid network management, smart grid security, smart grid communication, and other solutions.
- Services
Geographically, the global smart grid market has been segmented based on four major regions, which includes:
- North America: The United States and Canada
- Europe: Germany, The United Kingdom, Italy, France, Belgium, Russia, Poland, and Rest of Europe
- Asia-Pacific: India, China, Japan, South Korea, Indonesia, Thailand, Singapore, Australia & New Zealand, and Rest of Asia-Pacific
- The Aisa-Pacific is the rapidly growing region in the smart grid market.
- The upgradation of power infrastructure to serve the growing economic need with better efficiency aid the smart grid market growth.
- Rest of World: Latin America, the Middle East & Africa
The major market players in the global smart grid market are:
- ABB Ltd
- Cisco Systems Inc
- Itron Inc
- General Electric Company
- Honeywell International
- Others
Key strategies adopted by some of the smart grid companies:
In May 2019, SE invested in AutoGrid, making it a major shareholder in the company. It also established a co-innovation partnership that focuses on driving new AI and machine learning solutions for utility companies.
Key findings of the global smart grid market:
- Commercial is the largest end-user in the smart grid market.
- Distribution is the fastest-growing application in the smart grid market.
- Solution is the largest component in the smart grid market.
Frequently Asked Questions & Answers (FAQs):
- Which is the fastest-growing component in the smart grid market?
A: Services are the fastest-growing component in the smart grid market.
- Which is the fastest-growing end-user in the smart grid market?
A: Residential is the fastest-growing end-user in the smart grid market.
To request a free sample copy of this report, please complete the form below :
We offer 10% free customization including country-level data, niche applications and competitive landscape with every report.
- RESEARCH SCOPE & METHODOLOGY
- STUDY OBJECTIVES
- SCOPE OF STUDY
- METHODOLOGY
- ASSUMPTIONS & LIMITATIONS
- EXECUTIVE SUMMARY
- MARKET SIZE & ESTIMATES
- MARKET OVERVIEW
- MARKET DYNAMICS
- MARKET SCOPE
- KEY DRIVERS
- NEED FOR EFFICIENT USE OF ENERGY
- RAPID DIGITIZATION OF ELECTRICITY INFRASTRUCTURE
- SHIFTING TREND TOWARDS RENEWABLE ENERGY USE
- GOVERNMENT REGULATIONS & POLICIES
- STABILITY IN INSTALLATION COSTS
- INVESTMENT IN SMART GRID PROJECTS
- KEY RESTRAINTS
- CHALLENGES IN TERMS OF INTEROPERABILITY & STANDARDIZATION
- SECURITY CONCERNS
- KEY ANALYTICS
- IMPACT OF COVID-19 ON SMART GRID MARKET
- KEY INVESTMENT INSIGHTS
- PORTER’S FIVE FORCES ANALYSIS
- BUYERS POWER
- SUPPLIERS POWER
- SUBSTITUTION
- NEW ENTRANTS
- INDUSTRY RIVALRY
- OPPORTUNITY MATRIX
- VENDOR LANDSCAPE
- MARKET BY END-USER
- COMMERCIAL END-USER
- INDUSTRIAL END-USER
- RESIDENTIAL END-USER
- MARKET BY APPLICATION
- TRANSMISSION
- DISTRIBUTION
- CONSUMPTION/END-USE
- GENERATION
- MARKET BY COMPONENT
- SOLUTION
- SUBSTATION AUTOMATION
- SMART GRID DISTRIBUTION MANAGEMENT
- ADVANCED METERING INFRASTRUCTURE
- SMART GRID NETWORK MANAGEMENT
- SMART GRID SECURITY
- SMART GRID COMMUNICATION
- OTHER SOLUTIONS
- SERVICES
- SOLUTION
- GEOGRAPHICAL ANALYSIS
- NORTH AMERICA
- MARKET SIZE & ESTIMATES
- KEY GROWTH ENABLERS
- KEY CHALLENGES
- KEY PLAYERS
- COUNTRY ANALYSIS
- UNITED STATES
- CANADA
- EUROPE
- MARKET SIZE & ESTIMATES
- KEY GROWTH ENABLERS
- KEY CHALLENGES
- KEY PLAYERS
- COUNTRY ANALYSIS
- UNITED KINGDOM
- GERMANY
- FRANCE
- ITALY
- RUSSIA
- BELGIUM
- POLAND
- REST OF EUROPE
- ASIA-PACIFIC
- MARKET SIZE & ESTIMATES
- KEY GROWTH ENABLERS
- KEY CHALLENGES
- KEY PLAYERS
- COUNTRY ANALYSIS
- CHINA
- JAPAN
- INDIA
- SOUTH KOREA
- INDONESIA
- THAILAND
- SINGAPORE
- AUSTRALIA & NEW ZEALAND
- REST OF ASIA-PACIFIC
- REST OF WORLD
- MARKET SIZE & ESTIMATES
- KEY GROWTH ENABLERS
- KEY CHALLENGES
- KEY PLAYERS
- REGIONAL ANALYSIS
- LATIN AMERICA
- MIDDLE EAST & AFRICA
- NORTH AMERICA
- COMPETITIVE LANDSCAPE
- KEY STRATEGIC DEVELOPMENTS
- MERGERS & ACQUISITIONS
- PRODUCT LAUNCHES & DEVELOPMENTS
- PARTNERSHIPS & AGREEMENTS
- BUSINESS EXPANSIONS & DIVESTITURES
- COMPANY PROFILES
- ABB LTD
- AMDOCS CORPORATION
- AUTOGRID SYSTEMS INC
- CISCO SYSTEMS INC
- GENERAL ELECTRIC COMPANY
- HONEYWELL INTERNATIONAL
- INTERNATIONAL BUSINESS MACHINES CORPORATION
- ITRON INC
- LANDIS & GYR GROUP AG
- ORACLE CORPORATION
- SCHNEIDER ELECTRIC SE
- SENSUS INC
- SIEMENS AG
- TANTALUS SYSTEM CORP
- WIPRO LIMITED
- KEY STRATEGIC DEVELOPMENTS
LIST OF TABLES
TABLE 1: MARKET SNAPSHOT – SMART GRID
TABLE 2: GLOBAL SMART GRID MARKET, BY END-USER, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 3: GLOBAL SMART GRID MARKET, BY END-USER, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 4: GLOBAL COMMERCIAL END-USER MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 5: GLOBAL COMMERCIAL END-USER MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 6: GLOBAL INDUSTRIAL END-USER MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 7: GLOBAL INDUSTRIAL END-USER MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 8: GLOBAL RESIDENTIAL END-USER MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 9: GLOBAL RESIDENTIAL END-USER MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 10: GLOBAL SMART GRID MARKET, BY APPLICATION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 11: GLOBAL SMART GRID MARKET, BY APPLICATION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 12: GLOBAL TRANSMISSION MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 13: GLOBAL TRANSMISSION MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 14: GLOBAL DISTRIBUTION MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 15: GLOBAL DISTRIBUTION MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 16: GLOBAL CONSUMPTION/END-USE MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 17: GLOBAL CONSUMPTION/END-USE MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 18: GLOBAL GENERATION MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 19: GLOBAL GENERATION MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 20: GLOBAL SMART GRID MARKET, BY COMPONENT, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 21: GLOBAL SMART GRID MARKET, BY COMPONENT, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 22: GLOBAL SOLUTION MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 23: GLOBAL SOLUTION MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 24: GLOBAL SERVICES MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 25: GLOBAL SERVICES MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 26: GLOBAL SOLUTION MARKET, BY TYPE, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 27: GLOBAL SOLUTION MARKET, BY TYPE, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 28: GLOBAL SMART GRID MARKET, BY GEOGRAPHY, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 29: GLOBAL SMART GRID MARKET, BY GEOGRAPHY, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 30: NORTH AMERICA SMART GRID MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 31: NORTH AMERICA SMART GRID MARKET, BY COUNTRY, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 32: EUROPE SMART GRID MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 33: EUROPE SMART GRID MARKET, BY COUNTRY, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 34: ASIA-PACIFIC SMART GRID MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 35: ASIA-PACIFIC SMART GRID MARKET, BY COUNTRY, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 36: REST OF WORLD SMART GRID MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)
TABLE 37: REST OF WORLD SMART GRID MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)
TABLE 38: LIST OF MERGERS & ACQUISITIONS
TABLE 39: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS
TABLE 40: LIST OF PARTNERSHIPS & AGREEMENTS
TABLE 41: LIST OF BUSINESS EXPANSIONS & DIVESTITURES
LIST OF FIGURES
FIGURE 1: KEY INVESTMENT INSIGHTS
FIGURE 2: PORTER’S FIVE FORCES ANALYSIS
FIGURE 3: OPPORTUNITY MATRIX
FIGURE 4: VENDOR LANDSCAPE
FIGURE 5: GLOBAL SMART GRID MARKET, GROWTH POTENTIAL, BY END-USER, IN 2020
FIGURE 6: GLOBAL SMART GRID MARKET, BY COMMERCIAL END-USER, 2021-2028 (IN $ MILLION)
FIGURE 7: GLOBAL SMART GRID MARKET, BY INDUSTRIAL END-USER, 2021-2028 (IN $ MILLION)
FIGURE 8: GLOBAL SMART GRID MARKET, BY RESIDENTIAL END-USER, 2021-2028 (IN $ MILLION)
FIGURE 9: GLOBAL SMART GRID MARKET, GROWTH POTENTIAL, BY APPLICATION, IN 2020
FIGURE 10: GLOBAL SMART GRID MARKET, BY TRANSMISSION, 2021-2028 (IN $ MILLION)
FIGURE 11: GLOBAL SMART GRID MARKET, BY DISTRIBUTION, 2021-2028 (IN $ MILLION)
FIGURE 12: GLOBAL SMART GRID MARKET, BY CONSUMPTION/END-USE, 2021-2028 (IN $ MILLION)
FIGURE 13: GLOBAL SMART GRID MARKET, BY GENERATION, 2021-2028 (IN $ MILLION)
FIGURE 14: GLOBAL SMART GRID MARKET, GROWTH POTENTIAL, BY COMPONENT, IN 2020
FIGURE 15: GLOBAL SMART GRID MARKET, BY SOLUTION, 2021-2028 (IN $ MILLION)
FIGURE 16: GLOBAL SMART GRID MARKET, BY SUBSTATION AUTOMATION, 2021-2028 (IN $ MILLION)
FIGURE 17: GLOBAL SMART GRID MARKET, BY SMART GRID DISTRIBUTION MANAGEMENT, 2021-2028 (IN $ MILLION)
FIGURE 18: GLOBAL SMART GRID MARKET, BY ADVANCED METERING INFRASTRUCTURE, 2021-2028 (IN $ MILLION)
FIGURE 19: GLOBAL SMART GRID MARKET, BY SMART GRID NETWORK MANAGEMENT, 2021-2028 (IN $ MILLION)
FIGURE 20: GLOBAL SMART GRID MARKET, BY SMART GRID SECURITY, 2021-2028 (IN $ MILLION)
FIGURE 21: GLOBAL SMART GRID MARKET, BY SMART GRID COMMUNICATION, 2021-2028 (IN $ MILLION)
FIGURE 22: GLOBAL SMART GRID MARKET, BY OTHER SOLUTIONS, 2021-2028 (IN $ MILLION)
FIGURE 23: GLOBAL SMART GRID MARKET, BY SERVICES, 2021-2028 (IN $ MILLION)
FIGURE 24: NORTH AMERICA SMART GRID MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)
FIGURE 25: UNITED STATES SMART GRID MARKET, 2021-2028 (IN $ MILLION)
FIGURE 26: CANADA SMART GRID MARKET, 2021-2028 (IN $ MILLION)
FIGURE 27: EUROPE SMART GRID MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)
FIGURE 28: UNITED KINGDOM SMART GRID MARKET, 2021-2028 (IN $ MILLION)
FIGURE 29: GERMANY SMART GRID MARKET, 2021-2028 (IN $ MILLION)
FIGURE 30: FRANCE SMART GRID MARKET, 2021-2028 (IN $ MILLION)
FIGURE 31: ITALY SMART GRID MARKET, 2021-2028 (IN $ MILLION)
FIGURE 32: RUSSIA SMART GRID MARKET, 2021-2028 (IN $ MILLION)
FIGURE 33: BELGIUM SMART GRID MARKET, 2021-2028 (IN $ MILLION)
FIGURE 34: POLAND SMART GRID MARKET, 2021-2028 (IN $ MILLION)
FIGURE 35: REST OF EUROPE SMART GRID MARKET, 2021-2028 (IN $ MILLION)
FIGURE 36: ASIA-PACIFIC SMART GRID MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)
FIGURE 37: CHINA SMART GRID MARKET, 2021-2028 (IN $ MILLION)
FIGURE 38: JAPAN SMART GRID MARKET, 2021-2028 (IN $ MILLION)
FIGURE 39: INDIA SMART GRID MARKET, 2021-2028 (IN $ MILLION)
FIGURE 40: SOUTH KOREA SMART GRID MARKET, 2021-2028 (IN $ MILLION)
FIGURE 41: INDONESIA SMART GRID MARKET, 2021-2028 (IN $ MILLION)
FIGURE 42: THAILAND SMART GRID MARKET, 2021-2028 (IN $ MILLION)
FIGURE 43: VIETNAM SMART GRID MARKET, 2021-2028 (IN $ MILLION)
FIGURE 44: AUSTRALIA & NEW ZEALAND SMART GRID MARKET, 2021-2028 (IN $ MILLION)
FIGURE 45: REST OF ASIA-PACIFIC SMART GRID MARKET, 2021-2028 (IN $ MILLION)
FIGURE 46: REST OF WORLD SMART GRID MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)
FIGURE 47: LATIN AMERICA SMART GRID MARKET, 2021-2028 (IN $ MILLION)
FIGURE 48: MIDDLE EAST & AFRICA SMART GRID MARKET, 2021-2028 (IN $ MILLION)
- MARKET BY END-USER
- COMMERCIAL END-USER
- INDUSTRIAL END-USER
- RESIDENTIAL END-USER
- MARKET BY APPLICATION
- TRANSMISSION
- DISTRIBUTION
- CONSUMPTION/END-USE
- GENERATION
- MARKET BY COMPONENT
- SOLUTION
- SUBSTATION AUTOMATION
- SMART GRID DISTRIBUTION MANAGEMENT
- ADVANCED METERING INFRASTRUCTURE
- SMART GRID NETWORK MANAGEMENT
- SMART GRID SECURITY
- SMART GRID COMMUNICATION
- OTHER SOLUTIONS
- SERVICES
- SOLUTION
- GEOGRAPHICAL ANALYSIS
- NORTH AMERICA
- MARKET SIZE & ESTIMATES
- KEY GROWTH ENABLERS
- KEY CHALLENGES
- KEY PLAYERS
- COUNTRY ANALYSIS
- UNITED STATES
- CANADA
- EUROPE
- MARKET SIZE & ESTIMATES
- KEY GROWTH ENABLERS
- KEY CHALLENGES
- KEY PLAYERS
- COUNTRY ANALYSIS
- UNITED KINGDOM
- GERMANY
- FRANCE
- ITALY
- RUSSIA
- BELGIUM
- POLAND
- REST OF EUROPE
- ASIA-PACIFIC
- MARKET SIZE & ESTIMATES
- KEY GROWTH ENABLERS
- KEY CHALLENGES
- KEY PLAYERS
- COUNTRY ANALYSIS
- CHINA
- JAPAN
- INDIA
- SOUTH KOREA
- INDONESIA
- THAILAND
- SINGAPORE
- AUSTRALIA & NEW ZEALAND
- REST OF ASIA-PACIFIC
- REST OF WORLD
- MARKET SIZE & ESTIMATES
- KEY GROWTH ENABLERS
- KEY CHALLENGES
- KEY PLAYERS
- REGIONAL ANALYSIS
- LATIN AMERICA
- MIDDLE EAST & AFRICA
- NORTH AMERICA
To request a free sample copy of this report, please complete the form below :
We offer 10% free customization including country-level data, niche applications and competitive landscape with every report.