DUBAI, UAE, Oct. 24, 2023 /PRNewswire/ -- As per the latest report published by Kings Research, the global Smart Grid Market size was recorded at USD 39.18 billion in 2022 and is estimated to grow to USD 123.24 billion by 2030, exhibiting a CAGR of 13.57% through the projection period of 2023-2030. The demand for smart grids is rising globally, driven by increasing power consumption and favorable government regulations. The widespread adoption of centralized network distribution management & control is fueling the growth of the global industry. Key drivers of industry expansion include the growing popularity of smart meters, government initiatives at the regional level, and increased investments in smart grid projects.
A smart grid is an electrical network that controls and manages the transport of power from all generating sources to satisfy the needs of end consumers. Smart grids coordinate the demands and opportunities of all producers, network operators, end users, and electrical market stakeholders to maximize the efficiency of all system components. Market vendors are concentrating on reducing costs and environmental impacts while increasing system reliability, resilience, flexibility, and stability. There is a rising need to reduce blackouts caused by aging electrical infrastructure, and these irrational outages can be prevented with the use of smart grid technologies.
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Trending Now: Federal Government Joins Forces with Alberta Indigenous and Industry Allies for Investment in 12 New Wind, Solar, and Smart-Grid Projects
On September 18, 2023, Jonathan Wilkinson, the Minister of Energy and Natural Resources in Canada, revealed that the federal government plans to allocate more than $175 million towards 12 clean energy initiatives in Alberta. These projects aim to generate numerous employment opportunities, stimulate local economic development, and provide clean and affordable energy to communities. When these initiatives are fully executed, they are projected to reduce emissions by an amount equivalent to removing approximately 325,000 gas-powered vehicles from the roads annually. This will contribute to improving air quality and fostering healthier communities.
Competitive Landscape
Leading participants in the global smart grid market are placing emphasis on various business tactics such as collaborations, and alliances, to enhance their market standing. In April 2022, Gridspertise and Hera Group entered into a cooperative agreement aimed at advancing smart power grids for the future. The agreement focuses on testing the integrated data collection system utilized in Hera Group's gas facilities and the smart meters implemented in Gridspertinen's electricity networks. The collaboration seeks to develop more intelligent electricity networks through the implementation of modern technology.
Prominent companies in the global smart grid market are:
- Aclara Technologies LLC
- Cisco Systems, Inc.
- Eaton
- Gridspertise
- Honeywell International Inc.
- Oracle
- Schneider Electric
- Siemens
- Wipro
- IBM
- GE
- ABB
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The global Smart Grid Market is segmented as:
By Component
- Solutions
- Services
Transition to Sustainable Energy to Boost Uptake of Smart Grid Solutions
On the basis of component, the solution segment is leading the global smart grid market primarily due to its ability to achieve cost savings on overall electricity bills. Additionally, there is a growing demand to shift from conventional energy sources to sustainable and renewable energy supplies, further contributing to segment growth.
By Technology
- Advanced Metering Infrastructure
- Smart Grid Distribution Management
- Smart Grid Communications
- Smart Grid Network Management
- Substation Automation
- Smart Grid Security
- Others
Increasing Initiatives to Modernize Electricity Grid Propel Advanced Metering Infrastructure Adoption
In terms of technology, the advanced metering infrastructure segment is dominating the global smart grid market, mainly driven by intensified efforts aimed at modernizing the electricity grid. Furthermore, substantial investments by government bodies in AMI are anticipated to drive the growth of this market segment.
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Growing Need to Modernize Aging Power Infrastructure to Drive Market Expansion
The global smart grid market is undergoing transformation due to the rising need to modernize aging power infrastructure, which is driving market growth. This transformation is spurred by various factors, including the growing integration of renewable energy sources, the demand for enhanced grid dependability and robustness, and the increasing emphasis on energy efficiency.
The integration of renewable energy sources is key to upgrading aging infrastructure. Smart grids enable seamless assimilation of renewables through real-time monitoring and control, ensuring a reliable power supply despite the variability of renewables. This supports a greener and more sustainable energy future.
North America Secures Smart Grid Market Leadership Through Supportive Regulations
North America is the largest market for smart grids and is expected to retain its position over the forecast period. In nations such as the United States and Canada, authorities are placing greater emphasis on establishing suitable and supportive regulations for the implementation of smart grid systems in the region. The rapid integration of smart grid technology in the region, due to high economic stability, has significantly contributed to market expansion. The rise of smart city initiatives further amplifies the demand for advanced smart grid solutions. Additionally, the increasing necessity for eco-friendly energy sources has led to the wider adoption of smart grid technology in the region.
The implementation of smart power grids is viewed as essential for tackling the deteriorating electricity infrastructure and satisfying the rising electricity needs of the region. Numerous efforts and gatherings concentrate on advancing smart grid technologies in North America. Public organizations across the region establish benchmarks and recommendations for the adoption and utilization of smart grid technologies, encouraging compatibility and cybersecurity precautions. Through the utilization of digital technologies and data-driven solutions, smart grids have the capability to address present and future difficulties within the electricity sector, foster consumer involvement in energy management, and facilitate the transition towards cleaner energy throughout the region.
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Major Points from TOC:
1 Introduction of the Global Smart Grid Market
2 Executive Summary
3 Research Methodology
4 Global Smart Grid Market Outlook
5 Impact of Russia-Ukraine War
6 Global Smart Grid Market, By Component
7 Global Smart Grid Market, By Technology
8 Global Smart Grid Market, By Application
9 Global Smart Grid Market, By End-User
10 Global Smart Grid Market, By Geography
11 North America
12 Europe
13 Asia Pacific
14 Middle East & Africa
15 Latin America
16 Global Smart Grid Market Competitive Landscape
17 Company Profiles
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