The North America smart grid network market size is projected to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the federal and state governments' grid upgrade activities throughout the region.
A smart grid is an electric network that allows for a two-way electric current and information, as well as the detection, reaction, and prevention of variations in usage and other difficulties, using digital communication technologies. Smart grids are self-healing and allow power users to have a proactive role in the system. The smart grid makes use of digital technology to increase the automation, communication, and connectivity of the energy network's many elements. Power producing plants can better foresee and respond to high demand periods.
A smart grid has the potential to minimize greenhouse emissions by up to 210 million metric tons while also being far more dependable than a conventional grid. This is what motivates investors to invest in this innovative technology. The smart grid has numerous environmental benefits, including lower greenhouse gas emissions, improved solar and wind energy integration, and reduced fossil fuel consumption. The smart grid has the potential to save numerous lives. By 2030, the smart grid can reduce air pollution from the electric utility industry by as much as 28%.
Market Trends, Drivers, Restraints, and Opportunities
- Growing demand for standardization and interoperability is anticipated to propel the market expansion during the forecast period.
- Grid communication reliability across several public mobile networks is expected to fuel the market growth in the coming years.
- Transformation of distribution and transmission networks into a network that is involved is projected to spur the market growth during the forecast period.
- Inadequate federal regulations and measures to extend and modernize grid infrastructure are expected to impede the market expansion.
- Smart grid networking is increasingly being viewed as a strategic infrastructure development that can help them accomplish their CO2 emission reduction targets while also sustaining long-term economic growth is projected to offer immense opportunities for the market players.
Scope of the Report
The report on the North America 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.
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Attributes
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Details
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Report Title
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Smart Grid Network Market - North America Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Technology Application Areas (Demand Response, Advanced Metering Infrastructure (AMI), Transmission, and Others)
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Geography
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Canada, United States, and the Rest of North America
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Itron Inc.; Honeywell International Inc.; Cisco Systems Inc.; ABB Ltd; General Electric Company; and Siemens AG
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Market Segment Insights
Advanced metering infrastructure (AMI) segment is projected to constitute a major market share
Based on technology application areas, the North America smart grid network market is segregated into demand response, advanced metering infrastructure (AMI), transmission, and others. The advanced metering infrastructure (AMI) segment is expected to account for a key share of the market during the forecast period due to AMI, also referred to as smart metering, is an integrated solution of smart meters, data management systems, and communications networks, that allows utilities and consumers to communicate in real-time. By the end of 2020, the number of smart meters installed in the United States is estimated to reach 95 million.
Advanced metering infrastructure is being implemented by several utilities in the United States. Governments across North America are spending on advanced metering infrastructure as part of their efforts to modernize the electrical grid and minimize distribution and transmission losses.
United States is anticipated to dominate the market
On the basis of geography, the market is categorized as Canada, United States, and the Rest of North America. United States is anticipated to dominate the market at a healthy CAGR during the forecast period. The market growth of the country can be attributed to the smart meter installation share projected to continue at 75% among electricity users by the end of 2024. With the advent of high-capacity various renewable energy sources such as solar and wind, the demand for the smart grid has grown. A smart grid is effective in synchronizing response activities and providing insights to the distribution network while disruptions. During the hurricanes, rapid rescue efforts necessitated the use of a smart grid.
With its massive resources and huge projects, the United States is anticipated to have a booming smart grid market during the forecast period.
Segments
Segments Covered in the Report
The North America smart grid network market has been segmented based on
Technology Application Areas
- Demand Response
- Advanced Metering Infrastructure (AMI)
- Transmission
- Others
Geography
- Canada
- United States
- the Rest of North America
Key Players
- Itron Inc.
- Honeywell International Inc.
- Cisco Systems Inc.
- ABB Ltd
- General Electric Company
- Siemens AG
Competitive Landscape
Key players competing in the North America smart grid network market are Itron Inc.; Honeywell International Inc.; Cisco Systems Inc.; ABB Ltd; General Electric Company; and Siemens AG. Some of these players are adopting several business strategies such as acquisitions, mergers, collaborations, partnerships, capacity expansion, and product launches to increase their market shares.
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