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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Smart Grid Market Trends
Smart grids play a crucial role in the effective management and distribution of renewable energy, due to their advanced capabilities for self-assessment and real-time responsiveness. They perform self-assessments by continuously collecting data from various points across the grid. This data includes information on power flow, voltage levels, and the status of grid infrastructure. By analysing this data in real-time, the smart grid can identify anomalies, potential faults, or inefficiencies in the system. When smart grids detect an issue, such as a potential overload or a fault in the system, they can take immediate action to mitigate the problem. This might involve rerouting power, adjusting the load, or isolating sections of the grid to prevent widespread outages.
Sustainability is an area that has received increased attention from researchers and energy companies. In February 2024, ENOWA created a pioneering plan for the establishment of the first-ever smart grid powered entirely by renewable energy, in a bid to support smart grid market. This groundbreaking blueprint outlines the framework for an advanced electrical grid that leverages clean energy sources to supply power efficiently and reliably across vast distances. By integrating renewable energy into a high-voltage grid, ENOWA aims to set a new standard for sustainable energy infrastructure.
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