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Smart Grid Market Size to Reach $103.4 Billion by 2026

07-13-2023 09:56 AM CET | Energy & Environment

Press release from: MarketsandMarkets

Smart grid technology enables the transition from a traditional energy distribution network to an intelligent electricity grid that allows two-way communication between the utility and its customers. The smart electric grid uses digital communication technologies, information systems, and automation for monitoring the energy flow and adjusting the changes in energy demand and supply. It also helps in real-time monitoring power consumption by coupling it with smart metering systems, providing consumers and suppliers with information on real-time power consumption. Thus, the smart grid helps improve system operating efficiency, thereby reducing the operational cost. Increasing demand for smart infrastructure in industrial, commercial, and residential environment to offers lucrative opportunities for the smart grid market.

The global smart grid market is expected to grow from an estimated USD 43.1 billion in 2021 to USD 103.4 billion by 2026, at a CAGR of 19.1% during the forecast period. Modernization of aging grid infrastructure is one the primary factors driving market growth. Moreover, the government across the world is encouraging the investments in smart grids.

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The distribution segment is expected to dominate the smart grid market.

The distribution segment accounted for the largest share of the smart grid market, by application, in 2020. Efficient distribution application helps in quicker restoration of electricity after power disturbances, reduces operations and management costs for utilities, and ultimately lowers the power costs for consumers.

North America is expected to lead the smart grid market

North America includes countries such as the US, Canada, and Mexico. The US and Canada, which contribute heavily to the growth of the regional market. The region is estimated to account for the largest share of the global smart grid market, and a similar trend is expected to continue until 2026. One of the key reasons for the large market size is the early adoption of smart grid projects. The strong financial position of the US and Canada enables them to invest heavily in smart infrastructure platforms of the smart grid market.

The smart grid market in US is expected to grow mainly because it is the most mature market in terms of smart grid deployment, advanced IT infrastructure, the presence of several enterprises, and the availability of technical expertise in the country. Smart grid technology in the US is undergoing a considerable transformation as digital technologies are being applied to distributed energy resources. All these factors are expected to drive the growth of the market in North America.

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The key players in the Smart Grid Market include GE (US), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), and Itron (US).

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program manage ment, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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