Global Smart Grid Market Size, Share & Trends Analysis Report, By Product (Software (Advanced Metering Infrastructure, Smart Grid Distribution Management, Smart Grid Security, Grid Asset Management and Billing and Customer Information System), Hardware (Smart Meters, Sensors, Programmable Logic Controllers (PLC) and Others), and Service (Consulting, Support and Maintenance and Others)), Forecast (2022-2028)
The global smart grid market is anticipated to grow at an exponential CAGR of 20.0% during the forecast period. The growth of the global smart grid market during the forecast period can be attributed to the increased need for efficient data monitoring systems coupled with improved cost savings as well as the increasing emphasis on renewable energy sources across the globe.
The global smart grid market is segmented based on product. Based on the product, the market is sub-segmented into software (advanced metering infrastructure, smart grid distribution management, smart grid security, grid asset management and billing and customer information system), hardware (smart meters, sensors, programmable logic controllers (PLC) and others), and service (consulting, support and maintenance and others).Among these, the smart meter segment is anticipated to grow during the forecast period due to the increasing adoption of smart meters over conventional meters to improve cost savings.
Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America holds a prominent share in the market due to the increased adoption of advanced and novel technologies and increased investments by the regional governments. Furthermore, Europe is anticipated to hold the market share following North America due to the smart grid projects in the region. For instance, in November 2021, Northern PowerGrid, the electricity distribution network operator for the North East, Yorkshire and northern Lincolnshire in the UK announced to launch of the first-of-its-kind smart-grid program, known as "Micro resilience," that uses energy storage systems and innovative communications technology.
The major companies serving the global smart grid market include ABB Ltd., Siemens AG, IBM Corp., General Electric Corp., and Landis+Gyr AG, among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, partnerships, geographical expansion and collaborations to stay competitive in the market. For instance, in September 2020, Siemens Energy, a subsidiary of Siemens, announced to launch of its new Unified Power Flow Controller (UPFC) PLUS and expanded the options for grid stabilization to assist system operators to stabilize the grid by dynamically controlling the load flow in alternating-current grids.
Research Methodology
The market study of the global smart grid market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include
- Financial reports of companies involved in the market.
- Whitepapers, research papers, and news blogs.
- Company websites and their product catalog.
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Market Segmentation
- Global Smart Grid Market Research and Analysis, By Product
The Report Covers
- Comprehensive research methodology of the global smart grid market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the global smart grid market.
- Insights about market determinants that are stimulating the global smart grid market.
- Detailed and extensive market segments with the regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
Table of Contents
Companies Mentioned
A selection of companies mentioned in this report includes:
- ABB, Ltd.
- Aclara Technologies, LLC
- Adesto Technologies Corp.
- Alstom SA
- BPL Global, Ltd.
- Cisco Systems, Inc.
- Eaton Corp.
- Enphase Energy, Inc.
- General Electric Co.
- GIPRO GmbH
- Honeywell International, Inc.
- IBM Corp.
- Itron, Inc.
- Landis+Gyr AG
- Nexgrid LLC
- Open System International, Inc.
- Oracle Corp.
- S&C Electric Co.
- Schneider Electric SE
- Sensus
- Siemens AG
- Stem, Inc.
- Sunverge Energy, Inc.
- Tendril Networks, Inc.
- Toshiba Corp.
