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Global Smart Grid Technology Market size is predicted to reach $128.16 Billion by 2030, growing at a CAGR of 10.2 % during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. Increase in demand for energy-efficient products and Deployment of Smart Grid technology to support rural electrification propel the market growth, finds IndustryARC in its recent report, titled “Smart Grid Technology Market – By Grid Type (AC, DC) By Service Type Consulting, Implementation and Deployment, Maintenance and Others), By Technology (Advanced Metering Infrastructure (AMI) (Meter Data Management System, Analytics, AMI Security), Distributed Automation, Software, hardware (Sensors, Smart Meters and Others), Communication Technologies, Cyber Security and Others) By Vertical (Industrial, Military, Utility, Aerospace and Defense, Automotive, Others ), By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030”
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APAC to Register Highest Growth:
Asia-Pacific stands out as the fastest-growing region, fueled by rapid industrialization and urbanization, especially in countries like India and China. This expansion is significantly driving investments in energy infrastructure, particularly in the deployment of advanced smart grid solutions. As the region continues to develop, there is an urgent need to modernize and enhance energy systems to support this growth. The region’s increasing energy demand is a result of several factors. The burgeoning population is putting additional pressure on energy resources, while various industrial activities are consuming more power.
Smart Grid Technology Market 2023-2030: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
CAGR |
10.2% |
|
Market Size in 2030 |
$128.16 Billion |
|
Segments Covered |
Grid Type, Service Type, Technology, Vertical and Region |
|
Geographies Covered |
North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa). |
|
Key Market Players |
1. ABB Ltd. 2. Eaton Corporation PLC 3. General Electric (GE) 4. Itron Inc 5. Schneider Electric Corporation 6. Siemens AG 7. Cisco Systems Inc 8. Osaki Electric Co. Ltd products 9. Honeywell International Inc. 10. Hitachi Ltd |
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Smart Grid Technology Market Report – Key Takeaways:
In 2023, DC Smart Grids commanded a significant 66% share of the global Smart Grid Technology Market. They are widely used in high-power electrical equipment and machinery across industries, buildings, and transportation. DC Smart Grids are crucial for many distributed energy resources, such as stationary batteries and fuel cells. They offer clear advantages over AC Smart Grids, including lower costs, greater reliability, and improved stability. DC Smart Grids also minimize energy losses and reduce costs associated with converting AC to DC, leading many users to favor them. The Smart Grid Technology Market is growing due to the deployment of advanced distributed energy resources (DERs) like micro turbines, combustion turbines, hydrogen electrolyzers, synchronous generators, hybrid systems, and wind systems. Integrating these technologies with Smart Grids can significantly cut carbon emissions compared to traditional grids. Furthermore, the rise of IoT-based platforms is enhancing Smart Grid capabilities, making it easier for utilities to monitor energy use in real-time. The demand for Smart Grids, particularly isolated ones, is also driven by the increasing use of demand response applications.
The industrial sector is experiencing considerable growth, with the market expected to reach $5.2 billion and expand at a CAGR of 6.9%. This growth is driven by various industrial sectors, including water and wastewater, chemicals, oil and gas, among others. In the UK, the Environment Agency is inspecting over 2,200 sewage treatment facilities to ensure they meet environmental standards. Additionally, in August 2023, Britvic invested $28.51 million to expand and upgrade its Beckton factory in East London, boosting production capacity and adopting sustainable practices. Manufacturing facilities in the UK extensively use water and heat meters for various processes, including carbonation, leak detection, tank blanketing, and dryer air management.
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Key Opportunity Analysis:
Development of Electric Vehicle (EV) Charging Infrastructure
The surge in UHD content availability from streaming services, broadcasters, and digital platforms is significantly driving the demand for UHD TVs. As more content providers offer films, TV shows, sports events, and documentaries in Ultra High Definition, consumers are increasingly drawn to UHD TVs to fully appreciate the enhanced picture quality and detail. This trend is further accelerated by the growing availability of 4K and 8K content, which provides even sharper and more vibrant visuals. Additionally, advancements in content delivery technology, such as higher bandwidth and improved compression methods, are making it easier for consumers to access UHD content seamlessly, thereby reinforcing the demand for UHD TVs.
Grid Modernization and Infrastructure Resilience
Grid modernization and infrastructure resilience are critical as aging grids in many countries face increased strain from rising energy demand and climate-related disruptions. Smart grid technologies offer a comprehensive solution by integrating advanced sensors, automation systems, and real-time data analytics to improve grid performance. These technologies allow for the detection of faults, faster outage restoration, and predictive maintenance, enhancing reliability and reducing operational downtime. Furthermore, smart grids bolster resilience against environmental threats such as storms, wildfires, and cyber-attacks by enabling dynamic grid management, load balancing, and distributed energy resources (DERs), ensuring continuous and secure energy supply.
Smart Metering and Consumer Engagement
The deployment of smart meters revolutionizes the way consumers interact with their energy usage by providing real-time data and communication between utility providers and end-users. This transparency empowers consumers to actively monitor and adjust their consumption patterns, leading to significant cost savings and more efficient energy use. Utilities can leverage this data to offer personalized energy plans, dynamic pricing, and incentives that encourage energy-saving behaviors. Such engagement not only promotes more sustainable energy consumption but also increases customer satisfaction and loyalty. By offering tailored solutions, utilities can enhance retention rates and build stronger, more responsive relationships with consumers.
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The report also covers the following areas:
Smart Grid Technology Market 2023-2030: Key Highlights
Covid and Ukrainian Crisis Impact:
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List of Key Market Players in the Smart Grid Technology Market:
The Global Smart Grid Technology Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
Related Reports:
Microgrid Market – size is forecast to reach USD $36.9 billion by 2030, after growing at a CAGR of 14.9% during the forecast period 2024-2030.
Smart Grid Market – size is set to grow at a CAGR of 10.2% and to reach $128.16 billion during the period 2024-2030.
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