What Has Been Smart Grid Technology Market in Recent Years?
The smart grid technology market has seen considerable growth due to a variety of factors.
• In recent years, the market size for smart grid technology has significantly expanded. The market is projected to increase from $54.28 billion in 2024 to $64.11 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 18.1%.
The historical growth pattern is due to factors such as burgeoning energy demand and consumption, aging grid infrastructure, and ascension in urbanization.
How Will The Smart Grid Technology Market Size Evolve In The Foreseeable Future?
The smart grid technology market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations for the smart grid technology market size foresee a swift expansion in the approaching years. A compound annual growth rate (CAGR) of 19.7% is expected to drive the market to a whopping $131.49 billion by 2029.
This anticipated surge during the forecast period can be credited to aspects like the intensification of renewable energy penetration, propitious governmental initiatives and regulations, the surging adoption of electric vehicles (EVs), and the digital transformation of the energy sector. The forecast period is additionally set to be marked with trends such as increasing renewable energy utilization, supportive government policies and regulations, expanding electric vehicles (EVs) use, and progressive digitalization within the energy sector.
What Key Factors and Trends are Driving the Growth of the Smart Grid Technology Market?
The expected rise in electricity production demand is set to drive the expansion of the smart grid technology market. Electricity, an energy type that can be generated in different ways and drives machinery to produce heat, light and various effects, is provided from power plants to homes and businesses all over the nation by the smart grid. The function of the smart grid in today's world is made possible by its comprehensive network for producing, transmitting, and delivering electricity. For example, the International Energy Outlook 2023 report from the United States Energy Information Administration (EIA), a US government agency, estimated in October 2023 that global electricity generation is predicted to balloon by 30% to 76% by 2050 relative to 2022 levels. Consequently, the demand surge for electricity production is steering the augmentation of the smart grid technology market.
What Are The Core Segments Of The Globa Smart Grid Technology Market?
The smart grid technology market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Network Operation: Outage Management Systems, Demand Management Systems, Geographical Management Systems, Energy Management Systems
3) By Technology: Wired, Wireless
4) By Application: Generation, Transmission, Distribution, Consumption
5) By End-User: Residential, Commercial, Industrial, Government
Subsegments:
1) By Hardware: Smart Meters, Sensors and Measurement Devices, Distribution Management Systems, Energy Management Systems, Communication Equipment, Switchgear
2) By Software: Grid Management Software, Data Analytics Software, Customer Information Systems, SCADA (Supervisory Control and Data Acquisition) Systems, Demand Response Software
3) By Services: Consulting Services, Installation And Maintenance Services, Managed Services, Integration Services, Training And Support Services
Pre-Book The Smart Grid Technology Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
Which Emerging Trends Are Reshaping The Smart Grid Technology Market?
One significant pattern emerging in the smart grid technology market is the progression in technology. Firms in this market are using the latest technologies to maintain their market standings. To illustrate, the International Energy Agency, an independent intergovernmental organization from France, introduced a grid Integration tool technology in March 2023. This tool was designed to supplement the policymakers' guidebook on the grid integration of EVs as it can assess the impact of EV charging on the electrical system. The tool allows users to input details like EV fleet, driving patterns, charging possibilities, and the kind of electricity consumed.
Who Are the Key Players in the Smart Grid Technology Market?
Major companies operating in the smart grid technology market include:
• Siemens AG
• Hitachi. Ltd.
• Schneider Electric SE
• Oracle Corporation
• General Electric Company
• Cisco Systems Inc.
• Eaton Corporation plc
• Itron Inc.
• International Business Machines Corporation
• Landis+Gyr AG
• ABB
• Mitsubishi Electric
• Huawei Technologies
• Toshiba
• Panasonic
• Smarter Grid Solutions
• Kries
• Enel
• Elster Group
• E.ON SE
• EDF France
• Engie
• Elgama-Elektronika Ltd
• NURI Telecom
• AEM S.A
• Iskraemeco Corp
• Energotest
• Elektromed Ltd
• SWTCH Energy Inc
• VRB Energy
• BeaconTron
• Solarwyse Ltd.
• Trilliant Incorporated
• Smart Grid Observer
• Windlogics
• UBESS
• Moura
• Voltalia
• Reuniwatt
• Neoenergia
• Iberdrola
• HIMOINSA
• Nidec Industrial Solutions
• Edelar S.A.
• ALEC Energy
• Mohamed Abdulrahman Al Bahar LLC
• Honeywell International Inc
• S&C Electric Co
• Husk Power Systems
• Engie Energy Access
• PowerGen Renewable Energy
• Abengoa
• S.A.
• New Southern Energy
• SOLA Group
• SolarX
What are the Regional Insights into the Smart Grid Technology Market?
North America was the largest region in the smart grid technology market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart grid technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
