The global smart grid market is anticipated to grow at an exponential CAGR of 20.0% during the forecast period. A smart grid is used to develop the electrical power grid to handle a large amount of electricity production such as solar and wind energy. Smart grids are a better alternative to the traditional methods of electrical networks to cater to the increased needs in terms of accessibility, flexibility, reliability, and quality of power supply. The rising demands across the globe for the preservation of energy have been at the forefront of the development of smart grids. The growth of the market is also attributed to the rising energy consumption across the globe.
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According to the US Energy Information Administration (EIA), global energy consumption is expected to grow by nearly 50.0% during 2018 to 2050, with Asia being the major consumer of energy over the years.? Additionally, according to the bp Statistical Review of World Energy 2020, the global primary energy consumption stood at 583.9 Exajoules in 2019. Moreover, the increasing government initiatives for smart grid projects are further anticipated to boost the growth of the market during the forecast period. For instance, in November 2021, the European Union announced to launch of three new smart grid projects including Carpathian Modernized Energy Network (CARMEN) project, the Gabreta project, and Green Switch. Additionally, the EU 20-20-20 policy that aims to convert over 80.0% of the installed meter base to a smart one has ensured growth prospects in the demand for smart meters which in turn is boosting the growth of the smart grid market in the region.
Global Smart Grid Market Report by Segment
By Product
- Software
- Advanced Metering Infrastructure
- Smart Grid Distribution Management
- Smart Grid Security
- Grid Asset Management
- Billing and Customer Information System
- Hardware
- Smart Meters
- Sensors
- Programmable Logic Controllers (PLC)
- Others
- Service
- Consulting
- Support and Maintenance
- Others
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Smart Grid Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- ABB, Ltd.
- Aclara Technologies, LLC
- Adesto Technologies Corp.
- Alstom SA
- BPL Global, Ltd.
- Cisco Systems, Inc.
- Eaton Corp.
- Enphase Energy, Inc.
- General Electric Co.
- GIPRO GmbH
- Honeywell International, Inc.
- IBM Corp.
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