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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Smart Grid Market Size
The global smart grid market size reached approximately USD 56.71 billion in 2023. The market is projected to grow at a CAGR of 17.5% between 2024 and 2032, reaching a value of around USD 246.21 billion by 2032.
Key Takeaways
| Features of Smart Grid | Requirement of the Digital Age | Opportunities |
| Reliable, efficient, facilitates advanced services, offers flexibility in topology, and facilitates two way communication between meters and distribution companies |
Smart grid has become necessary to improve safety and quality of supply, and support higher penetration of renewable resources or distributed generation | Decentralised storage and cyber security improvements (to protect networks from damage or unauthorised access) |
A smart grid is a digitally enabled grid infrastructure that utilises smart devices for electricity generation, transmission, and distribution. It uses a two-way communication network and enhances the energy efficiency of electricity generation to meet the growing requirements of consumers. It also employs sophisticated automated control systems and data analytics to optimise the production, distribution, and use of electricity.
The smart grid market growth can be attributed to advances in energy storage technologies that enable more effective integration of renewable energy sources, enhancing grid stability and energy efficiency. Governments worldwide are implementing policies and providing financial incentives to encourage the upgrade of existing grid infrastructures to smart grids, thus promoting smart grid market development. These include grants, subsidies, and regulations aimed at improving energy efficiency and integrating renewable energy sources. Commitments to reduce carbon emissions under international agreements like the Paris Agreement encourage the adoption of smart grids as part of broader strategies to increase the use of renewable energy and improve energy efficiency.
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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+1-415-325-5166
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