The Global Smart Grid Market size was valued at USD 62.09 billion in 2020 and is predicted to reach USD 248.63 billion by 2030, with a CAGR of 15.2% from 2021-2030.
Smart grid holds wide applications in residential, commercial, and industrial sector, owing to their capability to ensure uninterrupted power supply by detecting and simultaneously restoring the faults in electricity supply chain.
Smart grid comprises of smart appliances, smart meters, as well as energy efficient and renewable resources that assist in production, distribution, and conditioning of power in the entire supply chain, along with providing an integrated networking & communication system.
The benefits offered by smart grid such as, higher efficiency, energy conservation, uninterrupted power supply, minimal fluctuations in supply chain, reduced footprints, and most importantly environmental protection; consequently result to higher adoption of smart grid solutions; thereby propagating the growth of global smart grid market throughout the forecast period.
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Competitive Landscape
The smart grid market is highly competitive and consists of various market players. Some of the major market players include General Electric, Cisco Systems Inc., Honeywell International Inc., Itron Inc., International Business Machines Corporation (IBM), Schneider Electric, Oracle, Tech Mahindra Limited, Siemens, and Wipro Limited, among others.
The cities are undergoing digital transformation with the evolution of smart cities. With this, the smart networks, smart infrastructures, and smart connectivity webs, are gaining momentum; hence generating a demand for reliable and efficient smart grid solutions. With this trend the major players of the global smart grid market are bagging more and more projects for the development and deployment of smart grid solutions, thereby fuel-rocketing the growth of smart grid market at global level.
In December 2019, Tech Mahindra Limited., one of the key players in the smart grid market, bagged a smart city project from Pimpri Chinchwad Municipal Corporation (PCMC), costing INR 500 Crore. PCMC is Asia’s richest municipal corporation catering more than 15 lakh citizens. Tech Mahindra opted to provide robust, reliable, and sustainable ICT infrastructure that comprise of smart network, smart grid, smart water, smart sewerage, smart parking, smart CCTV surveillance system, smart disaster management, and all types of smart solutions; hence, digitally-transforming the city into smart city.
In January 2020, the Metropolitan Electrical Authority (MEA), of Thailand, announced that it has selected Oracle, one of the giants in smart grid market, to develop and deploy its ‘Smart Metro Grid’ project. This project aims at elevating the standards of living for the citizens living in Central Thailand, thereby developing a Smarter Thailand. MEA, a state-owned energy utility group serving Bangkok and two neighboring provinces, caters more than 4 million consumers. The main objective of this project is to provide smart grid solutions, improved electricity services, lower cost supply, and increased speed of internal processes, along with enabling the consumers to monitor their own usage on MEA’s API.
In February 2020, General Electric Company, one of the ruling companies in smart grid market, announced that it has been awarded with $4.2 million funding from Solar Energy Technologies Office (SETO), the U.S. Department of Energy, to develop and deploy advanced grid-forming photovoltaic (PV) inverter control technology that is capable of supporting higher loads of solar power on the grids. SETO with GEC aims at developing reliable, energy efficient, sustainable, and renewable smart grid solutions for nation’s electric grid system.
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Market Segmentations and Scope of the Study:
The global smart grid market share has been analyzed based on component, application, end user and geography.
Based on component, the smart grid market is segmented into services and solution. The solution segment is sub segmented into Advanced Metering Infrastructure (AMI), Smart Grid Distribution Management, Smart Grid Communications, Smart Grid Network Management, Substation Automation, Smart Grid Security, and others. Based on application, the smart grid market is fragmented into generation, transmission, distribution, and consumption/end use. Based on end user, the smart grid market is divided into commercial, residential, and industrial. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising Asia-Pacific, North America, Europe, and RoW.
Geographical Analysis
North America dominated the global smart grid market and is expected to maintain its dominance throughout the forecast period. This is due to well-established network infrastructures, increasing number of smart cities, and higher adoption of electric vehicles in this region.
Asia Pacific is expected to grow with the highest CAGR values in the global smart grid market throughout the forecast period, owing to increasing government initiatives to digitally transform the infrastructures and emerging concept of smart cities in this region.
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