Press release
Rising Electricity Demand Fuels Smart Grid Technology Market Growth: Critical Driver Shaping the Global Smart Grid Technology Market in 2025
Smart Grid Technology
Smart Grid Technology Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, there has been significant expansion in the market size of smart grid technology. It is projected to escalate from $54.28 billion in 2024 to $63.67 billion in 2025, with a compound annual growth rate (CAGR) of 17.3%. The surge in this historical era has been steered by increasing demand and consumption of energy, outdated grid infrastructure, and intensifying urbanization.
Smart Grid Technology Market Size Forecast: What's the Projected Valuation by 2029?
The market size for smart grid technology is projected to experience accelerated expansion in the upcoming years, expected to reach $129.31 billion by 2029 with a 19.4% compound annual growth rate (CAGR). This anticipated development in the projected period can be ascribed to the escalating incorporation of renewable energy, supportive government policies and rules, expansion of electric vehicles (EVs) usage, and the digital transformation in the energy sector. Predominant trends during the forecasted timeframe encompass the surge in renewable energy integration, beneficial government schemes and regulations, the proliferation of electric vehicles (EVs), and digitization in the energy domain.
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What Are the Drivers Transforming the Smart Grid Technology Market?
The rise in the need for electricity production is anticipated to fuel the expansion of the smart grid technology market in the future. Electricity, a form of energy that can be generated in several ways, powers machinery that produces heat, light, and other effects. The smart grid supplies homes and businesses across the nation with electricity sourced from power stations. Its vast system of electricity production, transmission, and delivery enables it to function in the contemporary world. For example, the International Energy Outlook 2023 report by the US Energy Information Administration (EIA), a US governmental agency, predicted in October 2023 that global electricity production could see a dramatic increase of 30% to 76% by 2050 compared to 2022 figures. Consequently, the escalating demand for electricity production is steering the progression of the smart grid technology market.
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What Long-Term Trends Will Define the Future of the Smart Grid Technology Market?
One key trend gaining traction in the smart grid technology market is the progression of technology. Businesses active in the smart grid technology industry are incorporating new technologies to hold their market position. For example, the International Energy Agency, an independent intergovernmental organization based in France, launched the grid Integration tool technology in March 2023. This tool was developed as an extension to the policy maker's guidebook on grid integration of EVs, allowing them to assess the impact of EV charging on the power system. Program users can input features such as an EV fleet, driving routines, charging opportunities, and the kind of electricity used.
Which Segments in the Smart Grid Technology Market Offer the Most Profit Potential?
The smart grid technologymarket 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 Firms Dominate the Smart Grid Technology Market by Market Share and Revenue in 2025?
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 Offer the Highest Growth Potential 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.
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