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Global Smart Grid Market to Reach US$ 58.6 Billion by 2024, Stimulated by Development of Smart Cities

According to the latest report by IMARC Group, titled “Smart Grid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global smart grid market size reached US$ 23.7 Billion in 2018. Smart grids are electricity networks, based on digital technology, that are utilized for supplying electricity to consumers through two-way digital communication. They assist in overcoming the flaws of the traditional electrical grids by using smart net meters. They also aid in monitoring, analyzing, controlling and communicating within the supply chain to enhance efficiency, minimize energy consumption and cost, and maximize the transparency and reliability of the energy supply chain. Smart grids can repair themselves, ensuring consistent power supply and promoting consumer engagement in grid operations.

Global Smart Grid Market Trends:

Owing to rapid urbanization, increasing demand for energy, aging electric grid infrastructure and the growing requirement for digitalization of the power sector, there is a rise in the need for smart grids around the world. They are widely being used for introducing the software-based architecture, especially in emerging economies. Apart from this, the proliferation of distributed energy sources, such as geothermal, photovoltaic (PV) and hydroelectric power, is also strengthening the market growth. These energy sources enable on-site generation and storage of electricity via microgrids and several connected devices. Additionally, owing to increasing concerns about environmental protection, there is a rise in the adoption of smart grid technology for improving energy conservation. Furthermore, governments in numerous countries are focusing on the development of smart cities. As smart grids represent an integral component of their infrastructure, these projects are expected to significantly boost their demand in the upcoming years. Looking forward, the market value is projected to reach US$ 58.6 Billion by 2024, expanding at a CAGR of 16.0% during 2019-2024.

Market Summary:

  • Based on the component, the market has been segmented into software, hardware and services. At present, software holds the largest market share.
  • On the basis of the software, the market has been segregated into advanced metering infrastructure, smart grid distribution management, smart grid network management, substation automation and others. Amongst these, advanced metering infrastructure accounts for the majority of the total market share.
  • The market has been analyzed on the basis of the hardware into sensor, programmable logic controller, advanced metering infrastructure (AMI) meter, networking hardware and others.
  • Based on the service type, the market has been divided into consulting, support and maintenance, and deployment and integration. The deployment and integration segment currently dominates the market, holding the biggest market share.
  • On the basis of the end user, the market has been classified into the residential, commercial and industrial sectors. The residential sector exhibits a clear dominance in the market.
  • Region-wise, North America represents the largest market. Other major regions include Asia Pacific, Europe, Latin America, and Middle East and Africa.
  • The competitive landscape of the market has been examined with some of the key players being CISCO Systems, Inc., IBM Corporation, Siemens AG, Schneider Electric SE, Wipro Limited, General Electric Company, Honeywell International Inc., Oracle Corporation, ABB Ltd., Itron, Inc., Fujitsu Limited, Eaton Corporation Plc, Tantalus systems Corp. and eSmart Systems AS.

 

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