Press release
Rising Electricity Demand Fuels Smart Grid Technology Market Growth: Strengthening the Growth Trajectory of the Smart Grid Technology Market
Smart Grid Technology
What Is the Expected CAGR for the Smart Grid Technology Market Through 2025?
In the past few years, the market size of smart grid technology has expanded swiftly. The market worth is expected to jump from $54.28 billion in 2024 to $64.11 billion in 2025, marking an impressive compound annual growth rate (CAGR) of 18.1%. Key contributing factors to this growth during the historical period include the growing energy needs and usage, the aging of grid infrastructure, and burgeoning urbanization.
What's the Projected Size of the Global Smart Grid Technology Market by 2029?
The market size for smart grid technology is projected to experience swift expansion in the coming years, with a valuation expected to reach $131.49 billion in 2029, reflecting a compound annual growth rate (CAGR) of 19.7%. Factors contributing to this growth during the forecast period include an uptick in the penetration of renewable energy, conducive government policies and regulations, a rise in the adoption of electric vehicles (EVs), and the digitalization of the energy sector. These trends will continue to influence the market growth during the forecast period, including the increase in renewable energy penetration, growth-boosting government initiatives and regulations, rising adoption of electric vehicles (EVs), and digital transformation within the energy sector.
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Top Growth Drivers in the Smart Grid Technology Industry: What's Accelerating the Market?
The rise in electricity demand is predicted to fuel the expansion of the smart grid technology market. Electricity, a form of energy that can be generated in various ways, is capable of powering machines that produce heat, light, and other effects. The smart grid makes it possible to supply electricity to homes and businesses nationwide, using power plants. The smart grid's extensive network enabling the generation, transmission, and distribution of electricity facilitates its operation in this modern era. In October 2023, the US Energy Information Administration (EIA), an American government agency, reported in the International Energy Outlook 2023 that global electricity production is set to skyrocket by 30% to 76% by 2050 compared to 2022 levels. Thus, the rising demand for electricity generation is spurring the development of the smart grid technology market.
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What Trends Will Shape the Smart Grid Technology Market Through 2029 and Beyond?
Emerging technologies are a leading trend in the smart grid technology market, gaining increasing popularity. To ensure they maintain their market positions, companies in this market space are taking up these new technologies. For example, in March 2023, a France-based autonomous intergovernmental organization known as the International Energy Agency, rolled out a new technology, grid Integration tool technology. This was designed as a supplementary feature to the guidebook for policymakers on the grid integration of Electric Vehicles (EVs), with the aim to examine the impact of EV charging on the power system. Program users can customize features such as an EV fleet, driving behavior, charging opportunities, and the category of electricity consumed.
What Are the Main Segments in the Smart Grid Technology Market?
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 Top Companies are Driving Growth in the Smart Grid Technology Market?
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
Which Regions Will Dominate the Smart Grid Technology Market Through 2029?
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.
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