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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Smart Grid Market Analysis by Region
North America accounts for a substantial share of the market, supported by increased investment in smart grid infrastructure. The growing popularity of electric vehicles in the region also offers lucrative market opportunities as EVs can be used for the absorption of excess power from the grids. Both the U.S. and Canada have implemented supportive government policies, regulations, and initiatives that encourage the adoption of smart grids. For instance, the U.S. Department of Energy (DOE) has been actively supporting smart grid advancements through investments and research programmes.
Meanwhile, the Asia Pacific smart grid market is expected to witness a robust growth in the coming years, owing to the growing demand for electricity, coupled with the rising smart city projects in the region. The adoption of smart meters and home energy management systems is also growing in the Asia Pacific, empowering consumers with real-time information about their energy usage and allowing them to participate in demand response programs. This consumer-centric approach to energy management is expected to drive further interest and investment in smart grid technologies.
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