Smart Grid Market Trends, Opportunities, Growth and Forecast 2022-2027

The IMARC Group provides extensive analysis of the smart grid industry covering the market trends, investment opportunities, growth trends, statistics, and industry prospects. The report offers a comprehensive analysis of the industry, which comprises insights on smart grid market size, share, trends, analysis, growth, demand, statistics, and overview. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report. The market is segmented by size and region. The report provides an analysis of the key trends in each sub-segment of the market, along with forecasts at the global and regional level from 2022-2027. The report also includes competitive landscape of major key players in the industry along with emerging trends in the market.

Informed covered in the report:

Historical market data from 2016-2021
CAGR of the market during the forecast period 2022-2027
Detailed information on factors that will drive market growth during the next five years
Precise estimation of the Keyword market size and its contribution to the parent market
Upcoming market trends and changes in consumer behavior
A thorough analysis of the market's competitive landscape and detailed information on key players
Comprehensive details of factors that will challenge the growth of smart meters market key players

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The global smart grid market reached a value of US$ 44.3 Billion in 2021. Smart Grids refer to an advanced electrical network and smart data communication technology that delivers electricity to the user. It relies on multiple cosmopolitan sources, including wind turbines, solar energy systems, and plug-in hybrid electric vehicles (EVs), to supply power. Smart grids ensure a consistent power supply without leakages and promote consumer engagement in grid operations to improve overall efficiency and reduce energy production costs. Additionally, smart grid technology includes intelligent appliances, smart power meters, substations, superconducting cables, integrated communication systems, and phasor management units. These elements optimize and monitor peak loads, identify faults in transmission lines, and offer two-way communication between the electricity provider and end-user for automatic billing processes or maintenance problems.

Smart Grid Market Trends:

The increasing energy demand due to rapid industrialization and the ongoing development of smart cities is creating a positive outlook for the market. Industries are widely adopting smart grids over aging power supply infrastructures to offer operational efficiency with improved network reliability. Moreover, the shifting consumer inclination toward smart grids owing to their multiple benefits, including energy monitoring, real-time data gathering, and smart billing, is aiding the market growth. Furthermore, the rising energy conservation concerns have prompted governments to promote the uptake of sustainable energy sources, which is driving global product demand. Besides this, the extensive usage of smart grids in EVs for charging purposes and the emergence of various smart grid technologies, such as advanced metering infrastructure (AMI), distribution automation, and cyber security, are supporting the market growth. Looking forward, IMARC Group expects the global smart grid market to reach US$ 125.8 Billion by 2027, exhibiting at a CAGR of 18.8% during 2022-2027.

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Competitive Landscape with Key Players:

CISCO Systems
IBM Corporation
Siemens AG
Schneider Electric
Wipro
General Electric
Honeywell
Oracle Corporation
ABB
Itron
Fujitsu
Eaton
Tantalus
eSmart Systems

Market Segmentation:

Breakup by Component:

Software
Advanced Metering Infrastructure
Smart Grid Distribution Management
Smart Grid Network Management
Substation Automation
Others
Hardware
Sensor
Programmable Logic Controller
AMI Metre
Networking Hardware
Others
Services
Consulting
Support and Maintenance
Deployment and Integration

Breakup by End-User:

Residential
Commercial
Industrial

Breakup by Region:

Asia Pacific
Europe
North America
Middle East and Africa
Latin America

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Key highlights of the report:                                                    

Market Performance (2016-2021)
Market Outlook (2022-2027)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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