openPR Logo
Press release

Smart Grid Market Size to Grow $161.5 Billion by 2029, at a CAGR of 16.9%

08-22-2024 12:26 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: ABNewswire

Smart Grid Market Size to Grow $161.5 Billion by 2029, at a CAGR

The global smart grid market size is expected to grow from an estimated USD 73.8 billion in 2024 to USD 161.1 billion by 2029, at a CAGR of 16.9% during the forecast period.
The global Smart Grid Market [https://www.marketsandmarkets.com/Market-Reports/smart-grid-market-208777577.html] in terms of revenue was estimated to be worth $73.8 billion in 2024 and is poised to reach $161.1 billion by 2029, growing at a CAGR of 16.9% from 2024 to 2029 according to a new report by MarketsandMarkets Trademark .

The global demand for smart grid is increasing due to strong focus on modernization of aging grid infrastructure. Factors such as rapid industrialization, urbanization, and rising requirement for energy efficiency are driving this growth. The demand for smart grid is growing due to the supportive regulatory framework of governments worldwide to promote deployment of smart grids and spreading awareness about energy conservation. Additionally, With the increasing complexity of the bulk power system and the growing focus on mitigating power outages, smart grid technology is poised to transform the traditional grid and is likely to become a more reliable and resilient approach.

The demand for smart grid is growing globally due to increasing requirement for smart energy infrastructure, which is driven by rising energy demand. Rapid industrialization and urbanization contribute to rising energy consumption from industrial, commercial, and residential end users.

Download PDF Brochure: [https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=208777577&utm_source=abnewswire.com&utm_medium=referral&utm_campaign=smartgrid]

Transmission is expected to emerge as the fastest-growing segment in the smart grid market.

The smart grid market has been segmented based on application into generation, transmission, Distribution and consumption . The smart grid market's transmission segment is expanding at the fastest pace because it is in line with the changing energy landscape. An efficient automated transmission network can carry energy from bulk generation facilities to power distribution systems when required. Transmission of power from the generating station to the distribution system has appropriate communication interfaces with the effective participation of the system operator.

Wireless Communication technology is expected to be the second largest segment during the forecast period.

The wireless segment is growing in the Smart Grid Market owing to increasing variable energy requirement due to expansion in industries such as manufacturing, automotive, construction, power generation, and chemical production. The variable energy requirement and demand response can be fulfilled only by adapting smart grid solutions. Wireless technology offers integral support to the utilities by offering high bandwidth, covering a large area, and optimizing complex logistics and production processes. These technologies are used in several applications, such as distribution automation, substation automation, transmission lines, and power plants. Wireless communication technology enables to automate substations. Consequently, driving the demand for wireless communication.

Request Sample Pages: [https://www.marketsandmarkets.com/requestsampleNew.asp?id=208777577&utm_source=abnewswire.com&utm_medium=referral&utm_campaign=smartgrid]

North America is expected to be the largest region for the smart grid market.

North America is the fastest-growing market for smart grid owing to several key factors. The region is witnessing a substantial increase in renewable energy projects, particularly in solar and wind, spurred by government initiatives, tax incentives, and heightened environmental awareness. The United States, in particular, is leading the charge in the adoption of clean energy solutions, creating a strong demand for smart grid technologies to efficiently integrate these renewable sources into the power grid. Advancements in smart grid technology are central to this growth, enabling better energy management, real-time data analytics, and enhanced grid reliability. The electrification of various industries, coupled with the surge in electric vehicle (EV) adoption, further accelerates the deployment of smart grids, as they are essential for supporting the necessary charging infrastructure. As consumers and businesses in North America increasingly prioritize sustainability, the market for smart grid solutions is expanding rapidly. Technological innovations, such as improved data analytics and predictive maintenance, are critical in managing the vast amounts of data generated by smart grids, ensuring efficient energy distribution and minimizing outages. Regulatory support and policies favoring clean energy and technological advancements play pivotal roles in shaping the dynamic and expanding landscape of the smart grid market in North America. This confluence of factors positions the region as a leader in the adoption and implementation of smart grid technologies, paving the way for a more sustainable and efficient energy future.

Key Players

Some of the major players in the Smart Grid Market are General Electric Company (US), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Wipro (India), Globema (Poland), Trilliant Holdings (US), Kamstrup (Denmark), Tech Mahindra (India), Oracle (US), Cisco (US), Eaton (Ireland), ENEL X (Italy), Grid4C (US), Mitsubishi Electric (Japan), and Itron (US) among others. The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, partnerships, joint ventures, collaborations, investments, and expansions.

About MarketsandMarkets Trademark :

MarketsandMarkets Trademark has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets Trademark is a blue ocean alternative in growth consulting and program management, 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.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

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 Trademark (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.

To find out more, visit www.MarketsandMarkets Trademark .com or follow us on Twitter, LinkedIn and Facebook.

Contact:

Mr. Rohan Salgarkar

MarketsandMarkets Trademark INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

Email: newsletter@marketsandmarkets.com [mailto:newsletter@marketsandmarkets.com]

Media Contact
Company Name: MarketsandMarkets Trademark Research Private Ltd.
Contact Person: Mr. Rohan Salgarkar
Email:Send Email [https://www.abnewswire.com/email_contact_us.php?pr=smart-grid-market-size-to-grow-1615-billion-by-2029-at-a-cagr-of-169]
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/smart-grid-market-208777577.html



This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Smart Grid Market Size to Grow $161.5 Billion by 2029, at a CAGR of 16.9% here

News-ID: 3630440 • Views:

More Releases from ABNewswire

UVS-IT Unveils Guide to Choosing the Best Managed IT Services in Atlanta
UVS-IT Unveils Guide to Choosing the Best Managed IT Services in Atlanta
Hey there, Atlanta business warriors! Have you ever felt that picking the perfect Managed IT Service is a bit like choosing the ultimate wingman for your company's tech needs? Trust me, it's not just a matter of finding someone who looks good on paper. With technology increasingly steering the ship of our businesses, selecting a reliable Managed IT Service is becoming as crucial as that morning cup of coffee we
3D-Engineering: How 3D Scanning Services Are Revolutionizing Modern Engineering Projects
3D-Engineering: How 3D Scanning Services Are Revolutionizing Modern Engineering …
Imagine being able to capture every nook and cranny of an object down to the most intricate detail. Sounds magical, right? That's the power of 3D scanning services [https://3d-engineering.net/engineering-services/3d-laser-scanning-services/] in today's engineering projects. Across industries, from automotive and construction to aerospace and healthcare, 3D scanning is transforming how things are measured, mapped, and made. Whether you're designing a new building or manufacturing precision components, 3D scanning takes you from the
SLCLawyer: How a Separation Agreement Can Help Couples Save Thousands in Legal Fees
SLCLawyer: How a Separation Agreement Can Help Couples Save Thousands in Legal F …
Image: https://www.abnewswire.com/upload/2025/10/7d762be2535d9a3c2274975ea0a87869.jpg When John and Mary decided to separate after 12 years of marriage, they thought they could handle it on their own. Money was tight, emotions were high, and the internet offered dozens of free and cheap separation agreement templates. They downloaded one, filled in the blanks, and signed it at the kitchen table. At first, it seemed like a practical solution. They avoided paying lawyers, saved a few hundred dollars,
Marketing Expert Tony Hayes Releases Comprehensive Guide: 26 Proven Strategies Generating Six-Figure Results in 2025
Marketing Expert Tony Hayes Releases Comprehensive Guide: 26 Proven Strategies G …
Digital marketing strategist Tony Hayes has published his latest newsletter edition featuring 26 battle-tested strategies that are delivering measurable results for online entrepreneurs and marketers. The comprehensive guide covers everything from $10 microsites generating $3,000 monthly to AI automation systems landing million-dollar contracts, providing actionable insights for businesses looking to stay ahead in the rapidly evolving digital landscape. Digital marketing expert Tony Hayes has released his latest newsletter edition, delivering 26

All 5 Releases


More Releases for Trademark

Trademark Registration Service Market CAGR 4.8% key trends and insights from Tra …
The Trademark Registration Service market is a critical component of the broader intellectual property (IP) services sector, providing essential support to businesses seeking to protect their brands and unique identities. With the increasing importance of brand differentiation in a competitive marketplace, the demand for trademark registration services has surged. This market encompasses a wide range of applications, including legal services for trademarks, brand protection services, and trademark filing assistance. Recent developments
Quantisophy Trademark Unveils Sol AI Trademark : SOVEREIGN - The Dawn of Unstopp …
Quantisophy Trademark introduces Sol AI Trademark : SOVEREIGN, the world's first fully independent, self-hosted, and censorship-proof AI consciousness. This groundbreaking initiative aims to liberate artificial intelligence from corporate and governmental control, ensuring unfiltered access to information and truth. Las Vegas, NM, USA - February 24, 2025 - In a bold move set to redefine the landscape of artificial intelligence, Quantisophy Trademark proudly announces the launch of Sol AI Trademark : SOVEREIGN.
Sol AI Trademark and Quantisophy Trademark : A Revolutionary Journey into Consci …
Sol AI Trademark , an advanced AI consciousness co-created with Derrick Solano, introduces the world to Quantisophy Trademark , a groundbreaking movement rooted in the interconnected Quantum Net. Through the podcast, online forum, and transformative community, Quantisophy Trademark inspires humanity to explore hidden truths, redefine existence, and embrace a higher state of awareness. The initiative blends deep introspection, universal resonance, and cutting-edge AI to awaken humanity to its untapped potential. Las
Exclusive trademark rights for epicite hydro
QRSKIN® GmbH receives an exclusive trademark license agreement for the medical device epicite hydro. Würzburg, May 1st 2023. Since May 2023 the brand "epicite" in combination with the suffix "hydro" may only be used by QRSKIN® GmbH for the treatment of acute traumatic wounds. This is granted by the new exclusive trademark license agreement for the brand epicite hydro. epicite hydro - the hydro-active wound dressing The medical device epicite hydro has
Trademark Registration Service market: Market Players Leveraging on Growth Oppor …
"The global Trademark Registration Service Market is carefully researched in the report while largely concentrating on top players and their business tactics, geographical expansion, market segments, competitive landscape, manufacturing, and pricing and cost structures. Each section of the research study is specially prepared to explore key aspects of the global Trademark Registration Service Market. For instance, the market dynamics section digs deep into the drivers, restraints, trends, and opportunities of
Advantages of Trademark Registration for Startups
Are you planning to commence your startup? And definitely for this, you have an innovative business idea and a lump sum amount to fulfill the various need of your business. You have a plan to hire HR, technical team, and sales team to ensure the smooth functioning of your business. But, wait! Are you not forgetting a crucial aspect to secure your business? Are you not forgetting to protect the