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Smart Grid Market Trends, Growth Analysis By 2028

The market value is slated to grow from USD 35.07 billion in 2021 to USD 140.53 billion in 2028 at a CAGR of 21.9% throughout the forecast period.

Smart Grid Market 2022-2028

Market Overview:

The Global “Smart Grid Market” research report represents an In-Depth overview of this market situation and forecast. The study is perhaps an ideal mixture of qualitative and quantitative information highlighting key market developments, challenges, competition industry analysis and new opportunities available and trend within the Smart Grid Market. Further, this report gives Smart Grid Market size, recent trends, growth, share, development status, market dynamics, cost structure, and competitive landscape. The research report also includes the current market and its growth potential within the given period of forecast.

The global Smart Grid Market size amounted to USD 29.45 billion in 2020. The market value is slated to grow from USD 35.07 billion in 2021 to USD 140.53 billion in 2028 at a CAGR of 21.9% throughout the forecast period.

Key Industry Developments:

July 2021 – AES Ohio selected Landis+Gyr as its technology partner for a grid modernization program for enhancing the efficiency of the electricity distribution network and customer services. AES Ohio will utilize Landis+Gyr cloud services for network management services, system operating software, and installation support.

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Major Smart Grid Market Manufacturers Covered in The Globally Market:

  • ABB
  • Siemens
  • Schneider Electric
  • S&C Electric Company
  • Eaton
  • GE
  • IBM
  • Wipro Limited
  • Honeywell
  • Cisco
  • Aclara
  • Landis+Gyr

Covid-19 Impact:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

Growth Factor:

Need for Reliable Power Distribution Networks to Fuel Smart Grid Deployment

Smart grid technology is gaining massive traction because of reliable fault detection and automatic self-healing capabilities. Its implementation offers real-time assistance to power management systems, leading to increased situational awareness regarding transmission & distribution management. Utilities worldwide are adopting the technology to reenergize their existing power distribution infrastructure.

In May 2021, for instance, Networked Energy Services Corporation (NES) – the company known for its industry-leading Energy Applications Platform (EAP™) – unveiled plans to deploy more than 1 million smart meters by mid-2021. This move would help the company strengthen its new grid watch solution with threat detection and response.

On the contrary, high initial costs associated with the product deployment could slightly slow down the market development, particularly in low- and middle-income countries.

Smart Grid Market Segmentation:

By End-User:

  • Utility
  • Industrial
  • Residential
  • Commercial

By Component:

  • Software
  • Hardware
  • Services

Regional Analysis and Countries Level Analysis:

Smart Grid Market regional analysis is a highly comprehensive part of the research presented in the report. This section sheds light on the sales growth of different regional and country-level Market shares. It provides in-depth and precise country-wise Market growth rate, value/volume analysis, and region-wise market size information of the global market.

Report Scope:

This report aims to provide a comprehensive presentation of the global market for Smart Grid Market, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analys their position in the current marketplace, and make informed business decisions regarding Smart Grid Market.

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