Press release
Smart Grid Technology Market Size Forecasted To Achieve $131.49 Billion By 2029 With Steady Growth
Smart Grid Technology
What Is the Current Smart Grid Technology Market Size and Its Estimated Growth Rate?
The market size for smart grid technology has seen rapid expansion in the past few years. The market is projected to increase from a worth of $54.28 billion in 2024 to $64.11 billion in 2025, equating to a compound annual growth rate (CAGR) of 18.1%. This impressive growth during the historical period is due to factors such as escalating energy demand and consumption, decaying grid infrastructure, and a surge in urbanization.
The market size for smart grid technology is anticipated to exponentially increase over the following few years. Projections show that it could reach $131.49 billion by the year 2029, with a Compound Annual Growth Rate (CAGR) of 19.7%. Factors contributing to the predicted growth during the forecast period include an escalating utilization of renewable energy, advantageous government policies and regulations, amplified usage of electric vehicles (EVs), and the digital transformation of the energy sector. Major trends during this growth phase are expected to continue being the increased uptake of renewable energy, advantageous government regulations and initiatives, heightened adoption of electric vehicles (EVs), and the continuing digitalization of the energy sector.
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How Are Emerging Segments Shaping the Smart Grid Technology Market Landscape?
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 Growth Factors Are Influencing Smart Grid Technology Market Expansion?
The growth of the smart grid technology market is predicted to be fueled by the escalating demand for electricity generation. Electricity, a form of energy that can be generated in numerous ways, powers machinery that generates heat, light, and various other effects. The smart grid supplies electricity from power plants to households and businesses across the nation via its comprehensive network of power generation, transmission, and distribution. According to the US Energy Information Administration's International Energy Outlook 2023 report, released in October 2023, it's projected that global electricity generation will experience a 30% to 76% increase by 2050 compared to 2022. The growing need for power generation, therefore, is spurring the expansion of the smart grid technology market.
Who Are the Dominant Players Across Different Smart Grid Technology Market Segments?
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
What Are the Latest Developing Trends in the Smart Grid Technology Market?
The rise in technological breakthroughs is a notable trend that's gathering momentum in the smart grid technology industry. In a bid to maintain their market position, firms within the sector are embracing innovative technologies. Take for example in March 2023, when the International Energy Agency, an autonomous body hailing from France and functioning at an inter-governmental level, unveiled their grid Integration tool technology. This was developed as a supplementary feature to their guideline for policymakers on integrating EVs into the grid, aiming to assess how EV charging impacts the power system. The software allows users to input various details like the EV fleet features, user driving patterns, recharging opportunities, and the electricity style utilized.
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Which Geographic Regions Are Expected to Dominate the Smart Grid Technology Market in the Coming Years?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Smart Grid Technology Market?
2. What is the CAGR expected in the Smart Grid Technology Market?
3. What Are the Key Innovations Transforming the Smart Grid Technology Industry?
4. Which Region Is Leading the Smart Grid Technology Market?
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