Smart Grid Network Market Outlook 2031:
The global smart grid network market size was valued at USD 51.33 Billion in 2022 and is projected to reach USD 247.50 Billion by 2031, expanding at a CAGR of 19.1% during the forecast period 2023 - 2031. Growth of the market is attributed to growing demand for the energy or electricity across the globe. The government’s initiatives and policies for the smart grid network and technologies are projected to drive the market.
Smart grid is an electrical grid used in the power grid modernization process as it decreases the transmission and distribution loss. Smart grid has various types of operation and energy measures such as smart distribution boards and circuit breakers, renewable energy resources, advanced metering infrastructure, smart appliances, and load control switches.
Various technologies manage the demand and supply for electricity with continuous data exchange with the help of data storage, data and information management, networking, and information analytics.
Smart grid network has various properties such as reliability, efficiency, peak curtailment, flexibility in network topology, load adjustment, demand response support, sustainability, advanced services, and market enabling.
Innovative and advanced technologies are used to stabilize the grid, deliver maximum power, and for accurate power control. Smart grid network system provides wide ranging opportunities for efficient operations and energy conservation.
Smart Grid Network Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for electricity is expected to spur the market during the forecast period.
- Growing investments in various smart grid projects is major factor fueling the market.
- Government’s supportive policies and legislative mandates are anticipated to propel the market during the forecast period.
- Rapid growth of the commercial, industrial, and residential sectors is key factors driving the market in the coming years.
- High installation price of smart grid technology solutions is projected to hamper the market expansion.
- Lack of energy management act as main factor that can hinder the market in the coming years.
- Rise in fragmentation of the market is estimated to restrict the market growth during the forecast period.
- R&D investment and technological advancement in smart grid market is projected to create lucrative opportunities for the market players.
Scope of the Smart Grid Network Market Report
The report on the global smart grid network market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Smart Grid Network Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Technology Application Areas (Demand Response, Transmission, Advance Metering Infrastructure, and Other Technology Application Areas)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
General Electric Company, Cisco Systems Inc., Itron Inc., ABB Ltd., Eaton Corporation PLC, Siemens AG, Oracle Corporation, Schneider Electric SE, and Osaki Electric Co.
Smart Grid Network Market Segment Insights:
The advance metering infrastructure segment is projected to constitute a major market share
Based on technology application areas, the global smart grid network market is segregated into demand response, transmission, advance metering infrastructure, and other technology application areas.
The advance metering infrastructure segment is expected to hold a key share of the market during the forecast period owing to rising efforts for modernizing the electricity grid, growing investment by government and helps in reducing the transmission and distribution loss.
Advance metering infrastructure is a system of smart meters, networks, communication, and data management system which allows two way communications between consumers and utilities.
Asia Pacific is expected to dominate the market
On the basis of regions, the global smart grid network market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is anticipated to expand at a robust CAGR during the forecast period.
The regional market growth can be attributed to increasing demand for electricity. Growing focus on dealing with issues about environmental protection, conventional electric networks, and adopting smart grid technology for improving efficiency in energy consumption and conservation are boosting the market in the region.
On the other hand, the market of North America is expected to exhibit a rapid growth rate in the coming years owing to adoption of innovative and latest technologies such as substation automation, smart grid distribution management, advance metering infrastructure, and smart grid communication, and rising investments in the smart grid projects for better control mechanisms and smart grid.
The global smart grid network market has been segmented on the basis of
Technology Application Area
- Demand Response
- Advance Metering Infrastructure
- Other Technology Application Areas
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players competing in the global smart grid network market include General Electric Company, Cisco Systems Inc., Itron Inc., ABB Ltd., Eaton Corporation PLC, Siemens AG, Oracle Corporation, Schneider Electric SE, and Osaki Electric Co.
Some of these players are engaged in several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.