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Smart Grid Market by Software (AMI, Grid Distribution, Grid Network, Grid Asset, Grid Security, Substation Automation, and Billing & CIS), Hardware (Smart Meter), Service (Consulting, Integration, and Support), and Region - Global Forecast to 2023

  • ID: 4669159
  • Report
  • Region: Global, CIS
  • 180 Pages
  • Markets and Markets
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The Global Smart Grid Market Size is Expected to Grow From USD 23.8 Billion in 2018 to USD 61.3 Billion by 2023, at a CAGR of 20.9% During the Forecast Period

FEATURED COMPANIES

  • ABB
  • Eaton
  • Fujitsu
  • Honeywell
  • Landis+Gyr
  • Schneider Electric
  • MORE

Increasing focus on effective management and modernizing aging grid infrastructure to drive the overall smart grid market

The global smart grid market size is expected to grow from USD 23.8 billion in 2018 to USD 61.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 20.9% during the forecast period. Major growth factors for the market include the need for effective management of smart grid operations, modernization of aging grid infrastructure, and the need for specialized service providers who can offer cost-effective services. However, the high initial cost for deployment of smart grid technology solutions can hinder the market growth.

Smart grid distribution management software to grow at the highest CAGR during the forecast period

In recent years, renewable energy sources have gained significance. The development of the smart grid technology has benefitted traditional energy infrastructure vendors and offered business opportunities for emerging players planning to capitalize on the untapped market opportunities. Key growth drivers of the smart grid distribution management/ADM market include the growing smart grid technology market, increasing adoption of distributed renewable generation, and regulatory pressure for reducing carbon emission.

Deployment and integration services segment to hold the largest market size during the forecast period

Deployment and integration services in the energy sector help in streamlining business applications by adequate installation and integration of various modules of utility smart grid operations. These services help in overcoming various business challenges, creating high growth opportunities, and accelerating technological innovations. Hence, enterprises opt for these services to make the whole deployment and integration process smooth and reduce costs and inefficiencies.

Asia Pacific (APAC) to record the highest growth rate during the forecast period

APAC is expected to grow at the highest CAGR during the forecast period, as the rapidly increasing consumption of power in major APAC countries, such as China, India, and Japan, has driven the need to introduce new measures to generate, distribute, or use electricity efficiently. Also, they have finally realized advantages in the smart grid industry and developed a comprehensive roadmap to leverage these assets toward a countrywide smart grid infrastructure development. Meanwhile, North America is projected to hold the largest market size during the forecast period.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the smart grid marketplace. The following is the breakup of primary participants’ profiles:

  • By company type: Tier 1 - 38%, Tier 2 - 41%, and Tier 3 - 21%
  • By designation: C-level - 40%, D-level - 28%, and Others - 32%
  • By region: North America - 34%, APAC - 32%, Europe- 22%, and RoW- 12%

Major vendors offering smart grid solutions and services across the globe include General Electric (GE; US), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Itron (US), Landis+Gyr (Switzerland), Aclara (US), Cisco (US), OSI (US), IBM (US), Wipro (India), Honeywell (US), Oracle (US), S&C Electric Company (US), Eaton (Ireland), Kamstrup (Denmark), Trilliant Holdings (US), Globema (Poland), Tech Mahindra (India), Enel X North America (US), eSmart Systems (Norway), Tanatalus (US), EsyaSoft (India), Grid4C (US), and C3 Energy (US). The study includes an in-depth competitive analysis of these key players in the smart grid market, with their company profiles, recent developments, and key market strategies.

Research coverage

The market study covers the smart grid market size across segments. It aims at estimating the market size and the growth potential of the market across segments, such as software, service, hardware, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key benefits of buying the report

The report will help the market leaders/new entrants in the global smart grid market with information on the closest approximations of the revenue numbers for the overall market and the subsegments. The report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • ABB
  • Eaton
  • Fujitsu
  • Honeywell
  • Landis+Gyr
  • Schneider Electric
  • MORE

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Segmentation
1.4 Country Coverage
1.5 Years Considered for the Study
1.6 Currency Considered
1.7 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Breakup of Primaries
2.1.2 Key Industry Insights
2.2 Market Breakdown and Data Triangulation
2.3 Market Size Estimation
2.3.1 Bottom-Up Approach
2.3.2 Top-Down Approach
2.4 Assumptions for the Study
2.5 Limitations of the Study

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Smart Grid Market
4.2 Smart Grid Market in North America, By Component and Country
4.3 Smart Grid Market: Major Countries

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Smart Grid Ecosystem
5.3 Smart Grid Management
5.3.1 Generation
5.3.2 Transmission
5.3.3 Distribution
5.3.4 Consumption
5.4 Top Smart Grid Projects Worldwide
5.5 Strategic Benchmarking
5.6 Market Dynamics
5.6.1 Drivers
5.6.1.1 Governments Supportive Policies and Legislative Mandates
5.6.1.2 Improved Grid Reliability and Efficient Outage Response
5.6.1.3 Increasing Awareness About Carbon Footprint Management
5.6.1.4 Modernization of Aging Grid Infrastructure
5.6.2 Restraints
5.6.2.1 High Initial Costs for Deployment of Smart Grid Technology Solutions
5.6.2.2 Lack of Standards and Interoperability
5.6.2.3 Smart Grid Cybersecurity and Its Vulnerabilities
5.6.3 Opportunities
5.6.3.1 Revenue Opportunity for Traditional Energy Infrastructure Vendors and Emerging Vendors
5.6.3.2 Upcoming Smart Cities Projects in Developing Regions
5.6.4 Challenges
5.6.4.1 Inadequate Data Storage and Management
5.6.4.2 Providing Business Intelligence Through Analytics
5.6.4.3 Energy Loss Resulting in Revenue Loss
5.6.4.4 Long Time to Realize Roi for Utilities May Limit the Smart Grid Market Growth

6 Smart Grid Market, By Component
6.1 Introduction
6.2 Software
6.2.1 Need for Effective Management of Smart Grid Operations is Driving the Growth of the Software Segment
6.3 Hardware
6.3.1 Rising Adoption of Smart Meter Across the Globe is Driving the Growth of the Hardware Segment
6.4 Services
6.4.1 Growing Need to Improve Smart Grid Customer Services is Driving the Growth of the Services Segment

7 Smart Grid Market, By Software
7.1 Introduction
7.2 Advanced Metering Infrastructure
7.2.1 Government Regulations and Mandates By Legislative Bodies, Rise in Global Energy Usage, and Cost-Effective Carbon Savings are the Major Growth Drivers of the Ami Segment
7.2.2 Meter Data Management
7.2.3 Analytics
7.3 Smart Grid Distribution Management
7.3.1 Increasing Adoption of Distributed Renewable Generation is Driving the Growth of the Smart Grid Distribution Management Segment
7.3.2 Supervisory Control and Data Acquisition
7.3.3 Demand Response Management
7.3.4 Outage Management
7.3.5 Distributed Energy Resource Management
7.3.6 Energy Management System
7.3.7 Distribution Automation
7.4 Smart Grid Network Management
7.4.1 the Increasing Share of Renewable Energy and the Inability of Traditional Electricity Grids to Transmit Renewable Energy are Driving the Growth of the Smart Grid Network Management Segment
7.4.2 Network Traffic Management
7.4.3 Network Device Management
7.4.4 Network Configuration Management
7.4.5 Network Security Management
7.4.6 Network Performance Monitoring Management
7.5 Grid Asset Management
7.5.1 Need to Reduce the Cost Associated With Failure and REPAir of Grid Assets is Spurring the Adoption of the Grid Asset Management Segment
7.5.2 Condition and Performance Monitoring
7.5.3 Predictive Maintenance
7.5.4 Asset Data Management
7.6 Substation Automation
7.6.1 Benefits of Preventing Blackouts and Faster Power Recovery are Propelling the Adoption of the Substation Automation Software
7.6.2 Production Management
7.6.3 Performance Management
7.7 Smart Grid Security
7.7.1 Increasing Instances of Various Cyber-Attacks on Smart Grids is Driving the Growth of the Smart Grid Security Segment
7.8 Billing and Customer Information System
7.8.1 Growing Demand for Efficient Billing and Collection Capabilities is Driving the Growth of the Billing and Customer Information System Segment

8 Smart Grid Market, By Hardware
8.1 Introduction
8.2 Smart Meter
8.2.1 Government Policies, Energy Savings, and Investments in Efficient Distribution Networks are the Driving Factors for the Growth of the Smart Meter Segment

9 Smart Grid Market, By Service
9.2 Introduction
9.3 Consulting
9.3.1 Need to Deliver Maximum Product Assurance is Driving the Growth of the Consulting Segment
9.4 Deployment and Integration
9.4.1 Streamlining Operations of the Smart Grid Components is Driving the Growth of the Deployment and Integration Segment
9.5 Support and Maintenance
9.5.1 Reduced Downtime of Operations and Higher Productivity of Smart Grids are the Driving Factors of the Support and Maintenance Segment

10 Smart Grid Market, By Region
10.1 Introduction
10.2 North America
10.2.1 United States
10.2.1.1 Increasing Investments for Analytics in the Power Industry is Driving the Growth of the Smart Grid Market in the United States
10.2.2 Canada
10.2.2.1 Enhancement of Power Supply Capability and Upgradation of Electric Grid Infrastructure are Driving the Smart Grid Market in Canada
10.3 Europe
10.3.1 United Kingdom
10.3.1.1 Smart Grid Will Help UK Transform into A Low Carbon Economy, Meet Its Carbon Reduction Targets, and Ensure Energy Security
10.3.2 Germany
10.3.2.1 New Regulations in Germany are Expected to Increase the Growth of Smart Grid Infrastructure in the Utilities Sector
10.3.3 France
10.3.3.1 French Government to Target Large Number of Household With Smart Meters By 2020
10.3.4 Rest of Europe
10.4 Asia Pacific
10.4.1 China
10.4.1.1 Rising Adoption of Solar Pv Initiatives is Fuelling the Growth of the Smart Grid Market in China
10.4.2 Japan
10.4.2.1 To Host the 2020 Olympic Games, Japan is Expected to Install Smart Meters
10.4.3 India
10.4.3.1 Government Policies for Energy Access, Deployment of Renewable Resources, and Smart Cities are Pushing India’s Smart Grid Market Toward the Growth Phase
10.4.4 South Korea
10.4.4.1 Plans to Implement Smart Infrastructure By 2030, Which Includes Grid, Consumer, Transportation, Renewables, and Electricity Services
10.4.5 Rest of Asia Pacific
10.5 Middle East and Africa
10.5.1 Kingdom of Saudi Arabia
10.5.1.1 Surge in Upgrading Meters, Generating Capabilities, and Developing Advanced Transmission Systems Would Propel the Smart Grid Market Growth in KSA
10.5.2 Qatar
10.5.2.1 Facilitated By the Qatar National Vision 2030, Qatar Plans to Meet the Power Need of the Fifa Tournament in 2022
10.5.3 United Arab Emirates
10.5.3.1 Dubai Aims to Produce a Large Number of Its Energy From Renewable Resources By 2030
10.5.4 South Africa
10.5.4.1 The Department of Energy Established Sasgi Under the South African National Energy Development Institute to Improve Energy Efficiency
10.5.5 Rest of Middle East and Africa
10.6 Latin America
10.6.1 Brazil
10.6.1.1 Increasing Investments for Smart Metering Deployment is Driving the Growth of the Smart Grid Market in Brazil
10.6.2 Mexico
10.6.2.1 To Boost the Adoption of Smart Grids, Mexico is Planning to Invest Heavily on Smart Grids By 2025
10.6.3 Rest of Latin America

11 Competitive Landscape
11.1 Overview
11.2 Ranking of Key Players
11.3 Competitive Scenario
11.3.1 New Product Launches and Upgradations
11.3.2 Mergers and Acquisitions
11.3.3 Partnerships, Collaborations, and Agreements

12 Company Profiles
12.1 Introduction
12.2 GE
12.3 ABB
12.4 Siemens
12.5 Schneider Electric
12.6 Itron
12.7 Landis+Gyr
12.8 Aclara
12.9 Cisco
12.10 OSI
12.11 IBM
12.12 Wipro
12.13 Oracle
12.14 Honeywell
12.15 S&C Electric Company
12.16 Eaton
12.17 Kamstrup
12.18 Trilliant Holdings
12.19 Globema
12.20 Tech Mahindra
12.21 Enel X North America
12.22 Fujitsu
12.23 eSmart Systems
12.24 Tantalus
12.25 EsyaSoft Technologies
12.26 Grid4C
12.27 C3 Energy

13 Appendix
13.1 Industry Excerpts
13.2 Discussion Guide
13.3 Knowledge Store: Subscription Portal
13.4 Available Customizations
13.5 Related Reports
13.6 Author Details

List of Tables
Table 1 United States Dollar Exchange Rate, 2015-2017
Table 2 Smart Grid Market Size, By Component, 2016-2023 (USD Million)
Table 3 Smart Grid Market Size, By Region, 2016-2023 (USD Million)
Table 4 Software: Smart Grid Market Size, By Region, 2016-2023 (USD Million)
Table 5 Hardware: Smart Grid Market Size, By Region, 2016-2023 (USD Million)
Table 6 Services: Smart Grid Market Size, By Region, 2016-2023 (USD Million)
Table 7 Smart Grid Market Size, By Software, 2016-2023 (USD Million)
Table 8 Advanced Metering Infrastructure: Smart Grid Market Size, By Type, 2016-2023 (USD Million)
Table 9 Advanced Metering Infrastructure: Smart Grid Market Size, By Region, 2016-2023 (USD Million)
Table 10 Smart Grid Distribution Management: Smart Grid Market Size, By Region, 2016-2023 (USD Million)
Table 11 Smart Grid Network Management: Smart Grid Market Size, By Region, 2016-2023 (USD Million)
Table 12 Grid Asset Management: Smart Grid Market Size, By Region, 2016-2023 (USD Million)
Table 13 Substation Automation: Smart Grid Market Size, By Region, 2016-2023 (USD Million)
Table 14 Smart Grid Security: Smart Grid Market Size, By Region, 2016-2023 (USD Million)
Table 15 Billing and Customer Information System: Smart Grid Market Size, By Region, 2016-2023 (USD Million)
Table 16 Hardware: Smart Grid Market Size, By Region, 2016-2023 (USD Million)
Table 17 Smart Grid Market Size, By Service, 2016-2023 (USD Million)
Table 18 Consulting: Smart Grid Market Size, By Region, 2016-2023 (USD Million)
Table 19 Deployment and Integration: Smart Grid Market Size, By Region, 2016-2023 (USD Million)
Table 20 Support and Maintenance: Smart Grid Market Size, By Region, 2016-2023 (USD Million)
Table 21 North America: Smart Grid Market Size, By Country, 2016-2023 (USD Million)
Table 22 North America: Smart Grid Market Size, By Component, 2016-2023 (USD Million)
Table 23 North America: Smart Grid Market Size, By Software, 2016-2023 (USD Million)
Table 24 North America: Smart Grid Market Size, By Service, 2016-2023 (USD Million)
Table 25 North America: Smart Grid Market Size, By Advance Metering Infrastructure Type, 2016-2023 (USD Million)
Table 26 Europe: Smart Grid Market Size, By Country, 2016-2023 (USD Million)
Table 27 Europe: Smart Grid Market Size, By Component, 2016-2023 (USD Million)
Table 28 Europe: Smart Grid Market Size, By Software, 2016-2023 (USD Million)
Table 29 Europe: Smart Grid Market Size, By Service, 2016-2023 (USD Million)
Table 30 Europe: Smart Grid Market Size, By Advance Metering Infrastructure Type, 2016-2023 (USD Million)
Table 31 Asia Pacific: Smart Grid Market Size, By Country, 2016-2023 (USD Million)
Table 32 Asia Pacific: Smart Grid Market Size, By Component, 2016-2023 (USD Million)
Table 33 Asia Pacific: Smart Grid Market Size, By Software, 2016-2023 (USD Million)
Table 34 Asia Pacific: Smart Grid Market Size, By Service, 2016-2023 (USD Million)
Table 35 Asia Pacific: Smart Grid Market Size, By Advance Metering Infrastructure Type, 2016-2023 (USD Million)
Table 36 Middle East and Africa: Smart Grid Market Size, By Country, 2016-2023 (USD Million)
Table 37 Middle East and Africa: Smart Grid Market Size, By Component, 2016-2023 (USD Million)
Table 38 Middle East and Africa: Smart Grid Market Size, By Software, 2016-2023 (USD Million)
Table 39 Middle East and Africa: Smart Grid Market Size, By Service, 2016-2023 (USD Million)
Table 40 Middle East and Africa: Smart Grid Market Size, By Advance Metering Infrastructure Type, 2016-2023 (USD Million)
Table 41 Latin America: Smart Grid Market Size, By Country, 2016-2023 (USD Million)
Table 42 Latin America: Smart Grid Market Size, By Component, 2016-2023 (USD Million)
Table 43 Latin America: Smart Grid Market Size, By Software, 2016-2023 (USD Million)
Table 44 Latin America: Smart Grid Market Size, By Service, 2016-2023 (USD Million)
Table 45 Latin America: Smart Grid Market Size, By Advance Metering Infrastructure Type, 2016-2023 (USD Million)
Table 46 New Product Launches and Upgradations, 2018
Table 47 Mergers and Acquisitions, 2017-2018
Table 48 Partnerships, Collaborations, and Agreements, 2017-2018

List of Figures
Figure 1 Smart Grid Market, By Software
Figure 2 Global Smart Grid Market: Research Design
Figure 3 Research Methodology
Figure 4 Smart Grid Market: Bottom-Up Approach
Figure 5 Smart Grid Market: Top-Down Approach
Figure 6 Smart Grid Market Size, 2016-2023
Figure 7 Fastest-Growing Segments in the Global Smart Grid Market, 2018-2023
Figure 8 Smart Grid Market: Regional Analysis, 2018
Figure 9 Modernization of the Aging Grid Infrastructure is One of the Factors Driving the Smart Grid Market
Figure 10 Software Component and the United States are Estimated to Account for the Highest Market Share in North America in 2017
Figure 11 Japan is Expected to Grow at the Fastest Growth Rate During the Forecast Period
Figure 12 Smart Grid Ecosystem
Figure 13 The European Region is Expected to Account for the Largest Number of Smart Grid Projects
Figure 14 Drivers, Restraints, Opportunities, and Challenges: Smart Grid Market
Figure 15 Software Segment is Expected to Have the Largest Market Size During the Forecast Period
Figure 16 Smart Grid: Software Component, By Type
Figure 17 Smart Grid: Services Component, By Type
Figure 18 Smart Grid Distribution Management Segment is Expected to Have the Largest Market Size During the Forecast Period
Figure 19 Advanced Metering Infrastructure Architecture
Figure 20 Smart Grid Distribution Management/Advanced Distribution Management Architecture
Figure 21 Supervisory Control and Data Acquisition Architecture
Figure 22 Substation Automation Architecture
Figure 23 North America is Estimated to Have the Largest Market Size in 2018
Figure 24 Deployment and Integration Segment is Expected to Have the Largest Market Size During the Forecast Period
Figure 25 Asia Pacific is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 26 North America: Market Snapshot
Figure 27 Asia Pacific: Market Snapshot
Figure 28 Key Developments By the Leading Players in the Smart Grid Market, 2016-2018
Figure 29 Ranking of Key Players for the Smart Grid Market, 2018
Figure 30 Market Evaluation Framework
Figure 31 Geographic Revenue Mix of Top 5 Players
Figure 32 GE: Company Snapshot
Figure 33 GE: SWOT Analysis
Figure 34 ABB: Company Snapshot
Figure 35 ABB: SWOT Analysis
Figure 36 Siemens: Company Snapshot
Figure 37 Siemens: SWOT Analysis
Figure 38 Schneider Electric: Company Snapshot
Figure 39 Schneider Electric: SWOT Analysis
Figure 40 Itron: Company Snapshot
Figure 41 Itron: SWOT Analysis
Figure 42 Landis+Gyr: Company Snapshot
Figure 43 Cisco Systems: Company Snapshot
Figure 44 IBM: Company Snapshot
Figure 45 Wipro: Company Snapshot
Figure 46 Oracle: Company Snapshot
Figure 47 Honeywell: Company Snapshot
Figure 48 Eaton: Company Snapshot
Figure 49 Kamstrup: Company Snapshot
Figure 50 Tech Mahindra: Company Snapshot
Figure 51 Fujitsu: Company Snapshot

Note: Product cover images may vary from those shown
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  • ABB
  • Aclara
  • C3 Energy
  • Cisco
  • Eaton
  • Enel X North America
  • eSmart Systems
  • EsyaSoft Technologies
  • Fujitsu
  • GE
  • Globema
  • Grid4C
  • Honeywell
  • IBM
  • Itron
  • Kamstrup
  • Landis+Gyr
  • Oracle
  • OSI
  • S&C Electric Company
  • Schneider Electric
  • Siemens
  • Tantalus
  • Tech Mahindra
  • Trilliant Holdings
  • Wipro
Note: Product cover images may vary from those shown
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