Smart Grid Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts - 2023 to 2031

Smart grid market is expected to grow at 15.5% by 2031. Smart Grid refers to an electrical grid that uses digital information received from various equipments such as smart meters and appliances, renewable energy resource, and communication technology. Smart grids use digital information and control various equipment to improve efficiency, reliability, and security of the grid.

Global smart grid market is expected to gain robust growth owing to increasing demand for power along with government regulatory policies for transmission and distribution of power is expected to augment the growth of smart grid over the forecast period. Moreover, growing environmental concerns over carbon footprints and need for the replacement antiquated infrastructure is also projected to fuel the demand for smart grid during the forecast period. However, lack of awareness and high implementation cost for modification of existing infrastructure are expected to restrain the demand for smart grids in the near future.

Asia Pacific is expected to be the most promising market over the forecast period due to increasing power demand in emerging economies such as India and China as a result of the rapid urbanization of the region. Followed by it, North America is anticipated to be the second-largest region in the global smart grid market. The growth in the region is augmented by various government regulations and increasing government initiatives to reduce carbon footprints is expected to drive the demand for smart grid in the region.

Leading players identified across the value chain of the smart grid market are focusing on mergers and acquisitions.

Key players identified across the value chain in the smart grid market include but are not limited to:

Cisco, IBM, Itron Inc., Siemens, Schneider Electric, ABB Ltd, Aclara, Alstom, Comverge, eMeter, GridPoint Inc, Landis+Gyr, Schweitzer Engineering Laboratories, Sensus, Itron, Opower, General Electric, Other Notable Players.

Historical & Forecast Period

This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation ofSmart Grid market are as follows:

• Research and development budgets of manufacturers and government spendin.
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Smart Grid market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Market Segmentation

Product Type

• Advanced Metering Infrastructure (AMI)
• Distribution Management System (DMS)
• Smart Grid Communication
• Grid Asset Management
• Outage Management System (OMS)
• Others(Billing and Customer Information System)

Region Segment (2021 - 2031; US$ Million)

• North America
• U.S.
• Canada
• Rest of North America
• UK and European Union
• UK
• Germany
• Spain
• Italy
• France
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East and Africa
• GCC
• Africa
• Rest of Middle East and Africa

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Smart Grid market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2031.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Smart Grid market?
• Which is the largest regional market for Smart Grid market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Smart Grid market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Smart Grid market worldwide?

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