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Smart Grid Market to Reach USD 400.2 Billion by 2035 - Driven by Grid Modernization, Renewable Energy Integration, and Rising Electricity Demand | TMR
Smart Grid Market
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According to the latest industry analysis, utilities across the globe are making substantial investments in advanced digital technologies that enhance operational efficiency, optimize asset utilization, and reduce power outages through predictive maintenance and real-time monitoring.
Market Overview
Smart grids represent a significant evolution in the global energy landscape, transforming traditional one-way power distribution systems into intelligent, two-way energy networks. They integrate digital communication, automation, and control technologies to enable dynamic interaction between power producers and consumers, improving efficiency, flexibility, and grid reliability.
By incorporating IoT-based sensors, smart meters, and data analytics, smart grids allow utilities to predict energy demand, manage distributed generation sources, and deliver enhanced reliability. These innovations not only support renewable energy integration but also facilitate advanced energy management, reduced downtime, and improved customer engagement through transparency and customizable energy solutions.
Key Growth Drivers
1. Integration of Renewable Energy Sources
The global shift toward sustainable energy is driving the adoption of smart grids. Renewable sources such as solar, wind, and hydro are increasingly integrated into national grids, creating a need for real-time monitoring and automated balancing systems. According to the U.S. Energy Information Administration (EIA), renewables accounted for 22% of total electricity generation in 2023, expected to rise to 25% by 2025.
Annual investments in renewable infrastructure exceeded US$ 600 billion in 2023 (IEA), with China, India, and the EU leading in capacity additions. India's Green Energy Corridor project, for instance, aims to integrate 20 GW of renewable energy into the national grid using intelligent transmission and smart synchronization technologies.
2. Rising Electricity Demand and Need for Grid Modernization
The global demand for electricity continues to rise due to urbanization, population growth, and electrification of transport and industry. The International Energy Agency reports that global electricity consumption grew 2.2% in 2023 and is projected to increase by 50% by 2040.
Traditional grids, many of which are decades old, struggle to handle modern energy demands, leading to frequent outages. The U.S. Department of Energy estimates that power interruptions cost American businesses over US$ 150 billion annually. Smart grids address these challenges through automation, self-healing networks, and predictive analytics, significantly improving grid resilience and reliability.
Countries such as China and Brazil are investing heavily in smart grid infrastructure. China's State Grid Corporation has allocated US$ 100 billion (2021-2025) toward ultra-high-voltage smart transmission projects, while Brazil's electricity utilities are expanding smart metering systems to enhance efficiency.
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Market Segmentation Insights
By Application: Distribution Segment Leads
The distribution segment dominates the global smart grid market as utilities increasingly deploy advanced distribution management systems (ADMS), automated fault detection, and smart metering technologies.
India's Smart Meter National Program (SMNP) aims to install 250 million smart meters by 2030, while China's State Grid Corporation plans to digitize 90% of urban distribution networks by the same year. Similarly, Japan's TEPCO has already installed over 30 million smart meters, targeting nationwide completion by 2025.
The growth of rooftop solar systems, electric vehicle (EV) charging networks, and distributed energy resources (DERs) further boosts demand for intelligent, flexible distribution systems.
Regional Outlook
North America: Market Leader
North America leads the global smart grid market, driven by significant investments and supportive government initiatives. The U.S. Department of Energy's Smart Grid Investment Grant Program, valued at US$ 4.5 billion, has facilitated the deployment of more than 15 million smart meters and numerous advanced distribution systems. Major utilities such as Pacific Gas & Electric (PG&E) and Duke Energy are spearheading large-scale smart grid deployments.
Asia Pacific: Fastest-Growing Region
The Asia Pacific region is witnessing rapid market expansion, led by China, Japan, and India. In 2023, China invested US$ 77 billion in smart distribution networks and ultra-high-voltage transmission. Japan is focusing on enhancing disaster resilience and demand-side management through smart grid innovation.
Meanwhile, India's ambitious digitalization programs are fostering large-scale deployment of smart meters and grid management systems, aligning with the government's broader clean energy and electrification goals.
Key Industry Participants
Prominent companies shaping the global smart grid market include:
Mitsubishi Heavy Industries, Ltd. - Leader in power systems, grid automation, and distributed energy management; launched the TOMONI® AI suite for predictive plant operations in 2023.
Enel Green Power S.p.A. - Global pioneer in renewable energy integration and smart distribution, with millions of smart meters deployed in Italy and Spain.
Ormat Technologies - Strengthening renewable grid stability through its acquisition of Enel Green Power's geothermal and solar assets valued at US$ 271 million in 2024.
Berkshire Hathaway Energy, Toshiba Energy Systems, Calpine Corporation, Northern California Power Agency, and Sumitomo Corporation - Key players advancing innovation in smart transmission, distributed energy, and digital substations.
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Recent Developments
2024: Ormat Technologies expanded its renewable portfolio by acquiring Enel Green Power North America's assets, enhancing grid integration and energy reliability.
2023: Mitsubishi Heavy Industries introduced AI-driven TOMONI® solutions, optimizing plant efficiency and predictive control - core attributes of next-generation smart grids.
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