Smart Grid Market Size Projected to Hit USD 108.238 Billion at a 14.70% CAGR by 2032 – Report by Market Research Future (MRFR)
Research Reports
Jul 19, 2023
Market Research Future Insights
According to MRFR analysis, the global Smart grid market is expected to register a CAGR of 14.70% from 2023 to 2032 and hold a value of over USD 108.238 billion by 2032.
The smart grid market refers to the modernization of the traditional electrical grid infrastructure by integrating advanced technologies for two-way communication, automation, and real-time monitoring. It involves the deployment of smart meters, sensors, data analytics, and control systems to optimize the generation, distribution, and consumption of electricity. Smart grids enable efficient energy management, enhance grid reliability, promote renewable energy integration, and empower consumers with better visibility and control over their energy usage. The COVID-19 pandemic has had a mixed impact on the smart grid market. On one hand, the pandemic disrupted supply chains, delayed project deployments, and impacted financial investments in grid modernization. Lockdown measures also temporarily reduced energy demand and altered consumption patterns, affecting the need for immediate grid upgrades. However, the pandemic also highlighted the importance of resilient and flexible energy infrastructure. The increased reliance on remote work and digital services emphasized the need for uninterrupted power supply and the ability to monitor and manage energy flows remotely. The deployment of smart grids helped utilities adapt to changing energy demand, optimize grid operations, and ensure the continuity of critical services.
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Key Players
Some of the market key players are,
- Wipro Ltd (India)
- IBM Corporations (US)
- Schneider Electric SA (France)
- Open Systems International Inc (US)
- Oracle Corporations (US)
- General Electric Company (US)
- ABB Ltd (Switzerland
- Itron Inc (US)
- Cisco Systems Inc (US)
- Siemens AG (Germany)
- Aclara Technologies LLC (US)
Scope of the Report – Smart Grid Market:
|
Report Metrics |
Details |
|
Market Size by 2032 |
USD 108.238 billion |
|
CAGR during 2023-2032 |
14.70% |
|
Base Year |
2022 |
|
Forecast |
2023-2032 |
Market Segmentation
The Global Smart grid market has been segmented into Components, Technology and End-User
Based on Components: Hardware, Software and Services
Based on Technology: Wired and Wireless
Based on End-User: Residential, Corporate and Government
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Regional Analysis
North America holds a significant share in the market, driven by government initiatives, utility modernization programs, and the adoption of renewable energy sources. Europe also plays a prominent role, with countries like Germany, the UK, and Spain leading in smart grid deployments and regulatory frameworks. The Asia-Pacific region, particularly China and Japan, is witnessing rapid growth in the market, driven by increasing energy demand, grid infrastructure investments, and smart city initiatives. Additionally, the Middle East and Africa region show potential for market expansion, with countries like UAE and South Africa focusing on smart grid deployments to address energy challenges. Latin America also presents opportunities for market growth, driven by the need to improve grid reliability, optimize energy distribution, and integrate renewable energy sources.
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