According to the latest report by IMARC Group, titled "Smart Grid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global smart grid market size reached US$ 44.3 Billion in 2021. A smart grid is an electricity network that is utilized for supplying electricity via a two-way digital communication system. Its deployment assists in monitoring, analyzing, controlling and communicating effectively within the supply chain with a real-time collection of data. This further helps in enhancing the overall process and cost efficiency, reducing energy consumption and maximizing the reliability of the energy supply chain. It is equipped with smart sensors and power meters that enable the automation of billing data collection and detection of device failures. As a result, it is widely utilized across the globe to ensure consistent power supply while offering smooth long-distance power transmission via wireless communication.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Smart Grid Market Trends:
The global market is primarily driven by the increasing demand for energy across numerous industrial segments. With rapid urbanization, the emerging trend of digitalization across numerous sectors and the increasing adoption of heating, ventilation, and air conditioning (HVAC) systems across the globe, there has been a considerable rise in the requirement for uninterrupted power supply. Smart grids are widely being deployed to replace the aging electric grid infrastructure across numerous countries, thereby providing an impetus to the market growth. The market is further driven by the increasing preference for distributed energy sources, such as geothermal, hydroelectric and photovoltaic (PV) power, as they facilitate on-site generation and storage of electricity with the help of microgrids and certain connected devices. Moreover, the rapid expansion of smart cities and the favorable initiatives undertaken by numerous governments to create a positive outlook for smart city projects across the globe have led to the rising demand for smart grids as they form an integral part of the infrastructure. Some of the other factors contributing to the market growth include an enhanced focus on sustainable development, widespread integration of smart grids with cloud technology and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is expected to grow at a CAGR of 18.8% during the forecast period (2022-2027).
- On the basis of the component, the market has been divided into software (advanced metering infrastructure, smart grid distribution management, smart grid network management, substation automation, and others), hardware (sensor, programmable logic controller, AMI meter, networking hardware, and others), services (consulting, support and maintenance, and deployment and integration).
- Based on the end user, the market has been classified into residential, commercial and industrial.
- On the geographical front, the market has been segmented into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include CISCO Systems, IBM Corporation, Siemens AG, Schneider Electric, Wipro, General Electric, Honeywell, Oracle Corporation, ABB, Itron, Fujitsu, Eaton, Tantalus, and eSmart Systems.
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