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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Smart Grid Market Share
The solution segment accounts for a major market share as it encompasses the hardware and software involved in the proper functioning of smart grids
The solution segment holds the highest share in the smart grid market. This segment includes hardware and software solutions essential for the construction and functioning of smart grids, such as advanced metering infrastructure (AMI), smart grid distribution management, smart grid communications, smart grid network management systems, grid asset management, and substation automation.
The smart grid market encompasses energy services which include professional assistance such as consulting, deployment and integration, support and maintenance, and managed services. Services are critical for ensuring the successful deployment, operation, and optimisation of smart grid solutions. They help utilities and other stakeholders to effectively implement smart grid technologies, align them with specific operational needs, and ensure their ongoing efficiency and reliability.
Smart Grid Market Report Snapshots
Smart Grid Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 56.71 billion.
The market is projected to grow at a CAGR of 17.5% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 246.21 billion by 2032.
The major market drivers are the modernisation of the ageing grid, rising investment in electrical infrastructure, and growing demand for improving energy efficiency in different end-use sectors.
The key trends of the market include increased utilisation of smart grids for the effective management and distribution of renewable energy, growing applications of microgrids in remote areas and mission-critical infrastructure, and deployment of advanced technologies such as AI and IoT in the utility sector.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Various solutions of smart grid are advance metring infrastructure, smart grid distribution management, grid asset management, smart grid network management, substation automation, and smart grid security, among others.
The major players in the market are Siemens AG, ABB Ltd., Schneider Electric SE, Honeywell International Inc., General Electric Company, Cisco Systems, Inc., Eaton Corporation plc, ORACLE Corporation, Globema sp. z o.o., and Trilliant Holdings Inc., among others.
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Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124