CHICAGO, June 20, 2024 /PRNewswire/ -- Smart Grid
Market in terms of revenue was estimated to be worth
$71.8 billion in 2024 and is poised
to reach $185.0 billion by 2029,
growing at a CAGR of 20.8% from 2024 to 2029 according to a new
report by MarketsandMarkets™.
The demand for smart grid is on the rise due to various factors.
Expansion in industries like manufacturing, automotive, and
construction contributes to increased adoption of smart grid
because of their variable energy needs. Additionally, population
growth leads to higher levels of energy requirement from increased
energy consumption, thereby driving the need for smart grid.
Financial uncertainties are also a driving factor, as companies
seek protection against potential losses arising from unforeseen
events
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Browse in-depth TOC on "Smart Grid
Market"
200 - Tables
150 - Figures
350 -
Pages
Smart Grid Market Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$71.8
billion
|
Estimated Value by
2029
|
$185.0
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 20.8%
|
Market Size Available
for
|
2022–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Component, application,
communication technology and Region
|
Geographies
Covered
|
Asia Pacific, North
America, Europe, Middle East & Africa, and South
America
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Ongoing smart city
projects in developing countries
|
Key Market
Drivers
|
Improved grid
reliability and efficient outage response
|
Wireless, by Communication technology, is expected to be the
second largest segment during the forecast period.
The wireless segment is growing in the Smart Grid Market owing
to increasing variable energy requirement due to expansion in
industries such as manufacturing, automotive, construction, power
generation, and chemical production. The variable energy
requirement and demand response can be fulfilled only by adapting
smart grid solutions. Wireless technology offers integral support
to the utilities by offering high bandwidth, covering a large area,
and optimizing complex logistics and production processes. These
technologies are used in several applications, such as distribution
automation, substation automation, transmission lines, and power
plants. Wireless communication technology enables to automate
substations. Consequently, driving the demand for wireless
communication.
Advance Metering Infrastructure, by software, is expected to
be the largest segment during the forecast period.
Advance Metering Infrastructure (AMI) segment is expected to
grow driven by the integration of advanced software solutions that
facilitate two-way communication between customers and utilities.
These software solutions empower both parties with real-time data
on energy consumption and electricity pricing, enabling more
efficient energy management. The software not only supports
personalized tariff plans but also offers enhanced services such as
remote meter reading, which ensures error-free data collection, and
network congestion identification. Furthermore, it aids in load
profiling, conducting energy audits, and implementing partial load
curbing during load shedding scenarios.
The software's ability to provide cost-effective solutions for
reducing carbon footprints further underscores its growing
importance. Consequently, AMI software is positioned to lead the
market, reflecting its critical role in modernizing energy
management and distribution systems.
Consulting Services, is expected to be the largest segment
during the forecast period.
Consulting Services are projected to be the largest segment
during the forecast period as these services are offered by experts
from companies like Oracle, ABB, and Schneider Electric and are
essential for managing solution for grid infrastructure, reducing
risks, and ensuring regulatory compliance. They deliver customized,
effective strategies to maximize ROI and streamline complex
infrastructure projects. Consequently, fuelling the demand for
these services.
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Asia Pacific is expected to
be the fastest-growing region during the forecast
period.
The Asia-Pacific region is
poised to lead the Smart Grid Market due to rapid industrialization
and construction activities, particularly in countries like
India and China. This growth is driven by stringent
environmental regulations, increasing awareness about energy
optimization, and rising energy requirements. As these nations
strive for sustainable development, the demand for smart grid
escalates, making Asia Pacific the
fastest-growing market for such solutions.
Key Players
Some of the major players in the Smart Grid
Market are General Electric Company (US), ABB
(Switzerland), Siemens
(Germany), Schneider Electric
(France), Wipro (India),Globema (Poland), Trilliant Holdings (US), Kamstrup
(Denmark), Tech Mahindra
(India), Oracle (US), Cisco (US),
Eaton (Ireland), ENEL X
(Italy), Grid4C (US), Mitsubishi
Electric (Japan), and Itron (US)
among others. The major strategies adopted by these players include
new product launches, acquisitions, contracts, agreements,
partnerships, joint ventures, collaborations, investments, and
expansions.
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Get access to the latest updates on Smart Grid Companies and
Smart Grid Industry Growth
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