Press release
Smart Grid Technology Market Set to Reach $131.49 Billion by 2029 with 19.7% Yearly Growth
Smart Grid Technology
The smart grid technology market is expected to experience significant growth due to the rising demand for electricity generation. Electricity, a form of energy that can be produced in various ways, powers equipment that produces heat, light, and other effects. Supplying electricity from power plants to households and businesses nationwide is made possible by the smart grid. This extensive network of electricity generation, transmission, and delivery allows it to function in the modern world. For example, the International Energy Outlook 2023 report by the US Energy Information Administration (EIA), a US-based government entity, projected in October 2023 that worldwide electricity generation could increase by 30% to 76% by 2050 in comparison to 2022 levels. Consequently, the surging demand for electricity generation is fueling the expansion of the smart grid technology market.
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How will the growth rate of the smart grid technology market shape industry trends by 2034?
In recent times, the smart grid technology market has experienced a significant surge in its size. Projections show that it will rise from $54.28 billion in 2024 to achieve a market value of $64.11 billion by 2025, with a compound annual growth rate (CAGR) of 18.1%. The noticeable growth in its historical trajectory can be credited to factors such as escalated energy needs and uptake, the dilapidation of existing grid frameworks, and the spike in urbanization.
The market size of smart grid technology is anticipated to experience swift expansion in the upcoming years, expected to reach a value of $131.49 billion by 2029, with a compound annual growth rate (CAGR) of 19.7%. This growth over the forecast period is largely due to factors such as the surge in renewable energy usage, supportive government policies and regulations, the rise in the adoption of electric vehicles (EVs), and the digitalization of the energy sector. The forecast period will witness dominant trends such as increased penetration of renewable energy, government initiatives and regulations that support growth, escalating adoption of EVs, and advancing digitalization in the energy industry.
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What new trends are reshaping the smart grid technology market and its opportunities?
Techological innovation is a notable trend emerging in the smart grid technology market. Firms that operate in this market are embracing cutting-edge technologies to maintain their market standing. For instance, in March 2023, the International Energy Agency, an independent intergovernmental organization based in France, introduced grid Integration tool technology. This solution was designed to complement a guidebook for policymakers on electric vehicle grid integration, assisting in assessing the impact of EV charging on the power grid. Users can input specifics such as an EV fleet, driving behaviors, charging opportunities, and the category of electricity utilized.
Which primary segments of the smart grid technology market are driving growth and industry transformations?
The smart grid technology market covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Network Operation: Outage Management Systems, Demand Management Systems, Geographical Management Systems, Energy Management Systems
3) By Technology: Wired, Wireless
4) By Application: Generation, Transmission, Distribution, Consumption
5) By End-User: Residential, Commercial, Industrial, Government
Subsegments:
1) By Hardware: Smart Meters, Sensors and Measurement Devices, Distribution Management Systems, Energy Management Systems, Communication Equipment, Switchgear
2) By Software: Grid Management Software, Data Analytics Software, Customer Information Systems, SCADA (Supervisory Control and Data Acquisition) Systems, Demand Response Software
3) By Services: Consulting Services, Installation And Maintenance Services, Managed Services, Integration Services, Training And Support Services
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Which geographical regions are pioneering growth in the smart grid technology market?
North America was the largest region in the smart grid technology market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart grid technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the smart grid technology market landscape?
Major companies operating in the smart grid technology market include Siemens AG, Hitachi, Ltd., Schneider Electric SE, Oracle Corporation, General Electric Company, Cisco Systems Inc., Eaton Corporation plc, Itron Inc., International Business Machines Corporation, Landis+Gyr AG, ABB, Mitsubishi Electric, Huawei Technologies, Toshiba, Panasonic, Smarter Grid Solutions, Kries, Enel, Elster Group, E.ON SE, EDF France, Engie, Elgama-Elektronika Ltd, NURI Telecom, AEM S.A, Iskraemeco Corp, Energotest, Elektromed Ltd, SWTCH Energy Inc, VRB Energy, BeaconTron, Solarwyse Ltd., Trilliant Incorporated, Smart Grid Observer, Windlogics, UBESS, Moura, Voltalia, Reuniwatt, Neoenergia, Iberdrola, HIMOINSA, Nidec Industrial Solutions, Edelar S.A., ALEC Energy, Mohamed Abdulrahman Al Bahar LLC, Honeywell International Inc, S&C Electric Co, Husk Power Systems, Engie Energy Access, PowerGen Renewable Energy, Abengoa, S.A., New Southern Energy, SOLA Group, SolarX
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What Is Covered In The Smart Grid Technology Global Market Report?
• Market Size Forecast: Examine the smart grid technology market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the smart grid technology market for a structured understanding.
• Key Players Overview: Analyze major players in the smart grid technology market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the smart grid technology market.
• Segment Contributions: Evaluate how different segments drive overall growth in the smart grid technology market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the smart grid technology market.
• Industry Challenges: Identify potential risks and obstacles affecting the smart grid technology market.
• Competitive Landscape: Review strategic developments in the smart grid technology market, including expansions, agreements, and new product launches.
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