Smart Grid Market | Expected to Reach US$ 58.6 Billion by 2024

Smart grids are electricity networks, based on digital technology, that are utilized for supplying electricity to consumers through two-way digital communication. They assist in overcoming the flaws of the traditional electrical grids by using smart net meters. They also aid in monitoring, analyzing, controlling and communicating within the supply chain to enhance efficiency, minimize energy consumption and cost, and maximize the transparency and reliability of the energy supply chain. Smart grids can repair themselves, ensuring consistent power supply and promoting consumer engagement in grid operations.

According to the global smart grid market report by IMARC Group, the market size reached US$ 23.7 Billion in 2018. The market value is projected to reach US$ 58.6 Billion by 2024, expanding at a CAGR of 16.0% during 2019-2024.

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Global Smart Grid Market Drivers:

Owing to rapid urbanization, increasing demand for energy, aging electric grid infrastructure and the growing requirement for digitalization of the power sector, there is a rise in the need for smart grids around the world. They are widely being used for introducing the software-based architecture, especially in emerging economies. Apart from this, the proliferation of distributed energy sources, such as geothermal, photovoltaic (PV) and hydroelectric power, is also strengthening the market growth. These energy sources enable on-site generation and storage of electricity via microgrids and several connected devices.

Additionally, owing to increasing concerns about environmental protection, there is a rise in the adoption of smart grid technology for improving energy conservation. Furthermore, governments in numerous countries are focusing on the development of smart cities. As smart grids represent an integral component of their infrastructure, these projects are expected to significantly boost their demand in the upcoming years.

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Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Smart Grid Market
5.1 Market Overview
5.2 Market Performance
5.3 Market Breakup by Component
5.4 Market Breakup by End-User
5.5 Market Breakup by Region
5.6 Market Forecast
6 Market Breakup by Component
6.1 Software
6.1.1 Market Trends
6.1.2 Market Breakup by Type
6.1.2.1 Advanced Metering Infrastructure
6.1.2.1.1 Market Trends
6.1.2.1.2 Market Forecast
6.1.2.2 Smart Grid Distribution Management
6.1.2 2.1 Market Trends
6.1.2.2.2 Market Forecast
6.1.2.3 Smart Grid Network Management
6.1.2.3.1 Market Trends
6.1.2.3.2 Market Forecast
6.1.2.4 Substation Automation
6.1.2.4.1 Market Trends
6.1.2.4.2 Market Forecast
6.1.2.5 Others
6.1.2.5.1 Market Trends
6.1.2.5.2 Market Forecast
6.1.2 Market Forecast
6.2 Hardware
6.2.1 Market Trends
6.2.2 Market Breakup by Type
6.2.2.1 Sensor
6.2.2.1.1 Market Trends
6.2.2.1.2 Market Forecast
6.2.2.2 Programmable Logic Controller
6.2.2 2.1 Market Trends
6.2.2.2.2 Market Forecast
6.2.2.3 AMI Metre
6.2.2.3.1 Market Trends
6.2.2.3.2 Market Forecast
6.2.2.4 Networking Hardware
6.2.2.4.1 Market Trends
6.2.2.4.2 Market Forecast
6.2.2.5 Others
6.2.2.5.1 Market Trends
6.2.2.5.2 Market Forecast
6.2.2 Market Forecast
6.3 Services
6.3.1 Market Trends
6.3.2 Market Breakup by Type
6.3.2.1 Sensor
6.3.2.1.1 Market Trends
6.3.2.1.2 Market Forecast
6.3.2.2 Programmable Logic Controller
6.3.2 2.1 Market Trends
6.3.2.2.2 Market Forecast
6.3.2.3 AMI Metre
6.3.2.3.1 Market Trends
6.3.2.3.2 Market Forecast
6.3.2 Market Forecast
7 Market Breakup by End-User
7.1 Residential
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Commercial
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Industrial
7.3.1 Market Trends
7.3.2 Market Forecast
8 Market Breakup by Region
8.1 Asia Pacific
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Europe
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 North America
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Middle East and Africa
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Latin America
8.5.1 Market Trends
8.5.2 Market Forecast
9 SWOT Analysis
9.1 Overview
9.2 Strengths
9.3 Weaknesses
9.4 Opportunities
9.5 Threats
10 Value Chain Analysis
11 Porter’s Five Forces Analysis
11.1 Overview
11.2 Bargaining Power of Buyers
11.3 Bargaining Power of Suppliers
11.4 Degree of Competition
11.5 Threat of New Entrants
11.6 Threat of Substitutes
12 Competitive Landscape
12.1 Market Structure
12.2 Key Players
12.3 Profiles of Key Players
12.3.1 CISCO Systems (NASDAQ: CSCO)
12.3.2 IBM Corporation (NYSE: IBM)
12.3.3 Siemens AG (OTCMKTS: SIEGY)
12.3.4 Schneider Electric (OTCMKTS: SBGSY)
12.3.5 Wipro (NYSE: WIT)
12.3.6 General Electric
12.3.7 Honeywell
12.3.8 Oracle Corporation
12.3.9 ABB
12.3.10 Itron
12.3.11 Fujitsu
12.3.12 Eaton
12.3.13 Tantalus
12.3.14 eSmart Systems

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