Smart Grid Ict Market will reach at US$ 995.34 Bn by the end of 2032 Biggest Innovation with Top Key Players -Elster, Echelon, Carlson Wireless, Aeris, Aclara, BPL Global, Itron, Eaton, Cisco, GridPoint, Silver Spring Networks, Tantalus, Nokia, TransData,

The global smart grid market was valued at US$ 141.1 Bn in 2021. It is estimated to expand at a CAGR of 19.1% from 2021 to 2032. The global smart grid market is expected to reach the value of US$ 995.34 Bn by the end of 2032

Analysts' Viewpoint Smart Grid Market Scenario

The global smart grid market is expected to witness substantial growth over the forecast period. There is an increasing popularity of smart grids due to rising need for power and supportive regulations by governments of countries in various regions across the globe. The rapid adoption of centralized grid distribution management and control is driving the global market. The popularity of smart meters and regional government initiatives & funding for smart grid projects are factors expected to drive the market. In addition, rise in the number of market players across the globe is contributing to the expansion of the smart grid market, thereby creating lucrative revenue opportunities for market players. Governments of various countries are transforming cities into smart cites. Moreover, collaborative efforts taken by market stakeholders to overcome challenges in the smart grid market are contributing to the market growth.

Some of the Major Key players profiled in the study are Elster, Echelon, Carlson Wireless, Aeris, Aclara, BPL Global, Itron, Eaton, Cisco, GridPoint, Silver Spring Networks, Tantalus, Nokia, TransData, Siemens, Sensus, Oracle, Tendril, Spinwave, Landis+Gyr, Motorola Solutions, TI, Huawei, Fujitsu, Sequans, Ericsson, ZTE, Trilliant, Qualcomm, CommAgility

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Various factors are responsible for the market's growth trajectory, which are studied at length in the report. In addition, the report lists down the restraints that are posing threat to the global Smart Grid Ict market. This report is a consolidation of primary and secondary research, which provides market size, share, dynamics, and forecast for various segments and sub-segments considering the macro and micro environmental factors. It also gauges the bargaining power of suppliers and buyers, threat from new entrants and product substitute, and the degree of competition prevailing in the market.

Global Smart Grid Ict Market Segmentation:

Smart Grid Ict Segmentation by Type:

Wireless Communication Technology, Wired communication technology.

Smart Grid Ict Segmentation by Application:

Family, Office, Others

Lucrative Growth Opportunities for Market Players in Asia Pacific
The Asia Pacific smart grid market is expected to witness major market share during the forecast period. China holds the highest share of the smart grid market in Asia Pacific. Japan and India are other countries dominating the smart grid market. The rising need to reduce transmission and distribution losses in developing nations across Asia Pacific is expected to drive the market. The need to reduce carbon emissions from developed nations in the region and the growing consumption of electricity in China, South Korea, Australia, New Zealand, India, and Singapore are likely to drive the smart grid market. Prominence of the market in this part of the world is mainly due to the initiatives from various universities and governments.

Smart Grid Market: Overview
Smart grid is an electricity network that enables two-way flow of electricity and data with digital communications technology. It detects, react, and pro-acts to changes in usage and multiple issues. Smart grids are essential in digital transformation of the electricity sector.
Demand for smart grids is high, owing to rise in need for power; and supportive regulations by governments of countries in various regions across the globe. Higher transmission and distribution losses are other factors that are expected to drive the market for smart grid.
Rising demand for quality, secure, and reliable power supply is expected to ensure the significant growth of the market. Growing concerns regarding reduction in carbon footprints and the need to replace aging infrastructure are shaping the global smart grid market. In addition, there is a need for centralized grid distribution management and control.
The market size of smart grids has been growing considerably in the past few years, owing to rising adoption of smart meters and regional government initiatives and funding for smart grid projects. Governments of various countries are striving to transform cities into smart cites. This is projected to drive the market.
Asia Pacific to Lead Smart Grid Market
Although the growth of the smart grid market can be felt across the globe, Asia Pacific is particularly witnessing significant rise
Asia Pacific is expected to account for 47% share of the market in 2020. China has the highest share of the smart grid market in Asia Pacific. Japan and India are other countries making progress in the smart grid market.
The need to reduce transmission and distribution losses in developing nations across Asia Pacific is expected to drive the market. Moreover, the need to reduce carbon emissions from developed nations in the region and the growing consumption of electricity in China, South Korea, Australia, New Zealand, India, and Singapore are projected to drive the smart grid market.
North America is expected to follow Asia Pacific in terms of growth. The U.S. is anticipated to be the most significant contributor to the North American smart grid market. With investment support from various universities, this region is likely to contribute to quite an extent in the near future.
Transmission Upgrades Continue to Lead in Smart Grid Market
In terms of technology, the smart grid market has been segmented into advanced metering infrastructure, distribution automation, cyber security, software and hardware, communication technologies, and transmission upgrades. Of these, the transmission upgrades segment not only led in the past, but also is expected to continue its leading position by 2031, accounting for 45.2% of the market. The market for transmission upgrades is projected to be significantly large in Asia Pacific.
Major Players in Smart Grid Market
The global smart grid market is fragmented in nature. Large players in the industry are acquiring software vendors that have the most promising potential.
Increasing number of mergers and acquisition activities are taking place in the global smart grid market. The inherent need to scale up the manufacturing capacity is resulting in high exit barriers, thus intensifying the degree of competition.
Key players in the market include
Aclara
Alstom
Comverge
eMeter
GridPoint Inc
Landis+Gyr
Schneider Electric
Schweitzer Engineering Laboratories
Sensus
Siemens
ABB Ltd
Itron
Opower
General Electric

Opportunities: Ongoing smart city projects in developing countries
Smart cities are developed urban areas that create sustainable economic growth and high quality of life by excelling in several fields, such as technology, mobility, environment, living standard, and government regulations. More than 100 smart city projects are going on across the world, presenting a huge opportunity for technology companies, utility service providers, and consulting service providers. In smart cities, key services pertaining to utilities, safety, transportation, and healthcare segments are managed more efficiently and intelligently with proper utilization of resources and the adoption of advanced technologies such as IoT and smart energy meters. Traditional power grid models cannot provide the same level of efficiency to citizens and find it difficult to meet the requirements for energy monitoring, real-time data gathering, and smart billing, which are generated due to modernization.

Smart cities are likely to significantly depend on a robust smart grid platform to create a centrally planned and controlled infrastructure. Favorable conditions such as developed ICT infrastructure and better internet access are likely to result in widespread adoption of smart grids in smart cities. APAC is witnessing rapid urbanization. Developed and developing countries in the region are constantly focusing on adopting smart city technologies. To support smart grid technology, developing countries, such as China, India, and Brazil, are expected to build a new infrastructure, which will enable private and public sectors to create cost-effective, innovative technology solutions.

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Recent Developments
In May 2021, Thailand-based energy company Impact Solar partnered with Hitachi ABB Power Grids for provisioning an energy storage system for the country's largest private-owned microgrid.
In January 2021, Schneider Electric acquired DC Systems BV, which is a major supplier of smart systems. This has helped the company in advancing innovations in electrical distribution.
In September 2020, Siemens Energy, a subsidiary of Siemens, launched its new Unified Power Flow Controller (UPFC) PLUS and expanded the options for grid stabilization. The UPFC PLUS helps system operators stabilize the grid by dynamically controlling the load flow in alternating-current grids.

Table of Contents

Global Smart Grid Ict Market Research Report 2022 - 2029

Chapter 1 Smart Grid Ict Market Overview

Chapter 2 Global Economic Impact on Industry

Chapter 3 Global Market Competition by Manufacturers

Chapter 4 Global Production, Revenue (Value) by Region

Chapter 5 Global Supply (Production), Consumption, Export, Import by Regions

Chapter 6 Global Production, Revenue (Value), Price Trend by Type

Chapter 7 Global Market Analysis by Application

Chapter 8 Manufacturing Cost Analysis

Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers

Chapter 10 Marketing Strategy Analysis, Distributors/Traders

Chapter 11 Market Effect Factors Analysis

Chapter 12 Global Smart Grid Ict Market Forecast

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Application Insights

Based on the application, the transmission segment accounted for over 26% of the market share in 2020. This is attributed to the higher demand for the secure, quality, and reliable transmission across the globe. Moreover, the transmission and distribution losses is a major concern that fosters the growth of the transmission segment across the globe.

On the other hand, the consumption is estimated to be the fastest-growing segment during the forecast period. The low response duration for outage, increased energy efficiency, and efficient resource utilization are the major drivers of this segment. Furthermore, the segment's growth is augmented due to the increasing adoption of the ICT technologies in the smart grid systems.

Region Insights

Based on region, North America dominated the global smart grid market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. The countries like US and Canada witnessed an increased focus of the government on forming appropriate and supportive regulatory frameworks relating to the adoption of the smart grids in the region. The early adoption of the smart grid in the region owing to the increased financial strength of the economy has fostered the growth of the smart grid market in North America and the region emerged as a market leader.

On the other hand, Asia Pacific is estimated to be the most opportunistic segment during the forecast period. The nations like China, Thailand, and India are providing lucrative growth opportunities in the forthcoming years owing to the increasing government initiatives and investments in the installation of the smart grid systems across the nation for the efficient power supply. For instance, the Ministry of Energy, in Thailand, joined hands with the New Energy and Industrial Technology Development Organization and the Marubeni Corporation to increase the operational efficiency of the energy generation plants in Thailand.

Key Companies & Market Share Insights

The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.

In January 2019, Siemens announced to acquire Russelectric to mark its presence and strengthen its position in the global smart grid market.

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