Press release
Smart Grid Market is estimated to reach USD 10.7 billion in 2029 growing at 17.7% CAGR during 2022-2029 | Size, Growth & Report
Smart Grid Market
Smart Grid Market was valued at USD 2.9 billion in 2021 and is estimated to reach USD 10.7 billion in 2029, growing at a high CAGR of 17.7% during the forecast period 2022-2029
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/global-smart-grid-market/
The factors driving the growth of Smart Grid Market includes emerging need to upgrade the ageing gird infrastructure, rising awareness amongst consumers about energy conservation, increase in the construction of smart cities around the world and growing popularity of electric vehicles. According to the report published by Bloomberg, the Global Smart Cities Market was calculated around USD 390.13 billion in 2021 and is expected to reach USD 1874.83 billion by 2029, growing at a CAGR of 21.68% over the forecast period (2022-2029), which will boost the Global Smart Grid Market in the coming years. Moreover, rise in Government's expenditure to create Electric Vehicles Charging stations, increasing awareness about the benefits of smart grids, electrification of rural areas and growing focus on utilizing renewable sources of energy, are some of the additional factors supplementing the Smart Grid Market Growth. In addition, development of the digital electricity infrastructure, rising focus on reducing carbon emissions, growing consumption of electricity across the globe, increasing investments by leading players on research and development and rapid urbanization, are further propelling the Smart Grid Market share.
However, the growth of Smart Grid Market is hindered attributed to high installation costs of smart grids.
The leading players operating in the market are Landis+Gyr., Wipro Limited, Oracle, General Electric, ABB, Siemens, Honeywell International Inc., Cisco Systems Inc., Schneider Electric and IBM Corporation, among others.
Based on Component, the Hardware segment is predicted to grow at a significant CAGR during the forecast period
As per the Smart Grid Market Forecast, rise in the installation of smart electricity meters and growing demand for digitalized sensing field devices, are some of the factors responsible for the segment's growth.
Based on Communication Technology, the Wireless segment is projected to capture the largest market share over the forecast period
According to the Smart Grid Market Analysis, wireless communication technology supports utilities with higher bandwidth and do not require electrical conductor or wires to transfer information over distance, are some of the features propelling the segment's growth.
Based on Region, the Asia-Pacific region is expected to hold the highest market share during the forecast period
As per the Smart Grid Market Report, rise in the number of smart cities, growing adoption of advanced technologies, increasing focus on electrifying rural areas, rapid urbanization, improvements in living standards and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific.
Key Developments
In 2022, Schneider Electric entered into partnership with Cisco Systems Inc. to build smart grid in Egypt. Through this partnership, both the companies are aiming to make energy hub in the region.
July 2021, AES Ohio partnered with Landis+Gyr for a grid modernization program, which will enhance the efficiency of the electricity distribution network and customer services. AES Ohio will utilize Landis+Gyr cloud services for network management services, system operating software, and installation support.
June 2021, Schneider Electric collaborated with Footprint Project, which aims at helping people and communities impacted by weather and climate disasters by mobilizing microgrids. The company has deployed more than 45 kW of mobile solar and above 170 kWh of mobile battery storage to support more than disaster response and recovery missions which have provided emergency power access to U.S. citizens.
Market Segmentation
Segmentation by Component
Software
Advanced Metering Infrastructure
Smart Grid Distribution Management
Smart Grid Network Management
Grid Asset Management
Substation Automation
Smart Grid Security
Billing and Customer Information System.
Hardware
Smart Meters
Sensors
Programmable Logic Controller (PLC)
Others (Networking Hardware and Energy Storage)
Services
Consulting
Deployment and Integration
Support and Maintenance
Segmentation by Application
Generation
Transmission
Distribution
Consumption
Segmentation by Technology
Wireline
Wireless
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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