UK Smart Grid Market

UK Smart Grid Market Overview:

The UK smart grid market size reached USD 1.84 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 8.46 Billion by 2032, exhibiting a growth rate (CAGR) of 16.30% during 2024-2032. The increasing energy efficiency demand, integration of renewable energy, government initiatives supporting grid modernization, the rise in electric vehicle (EV) adoption, rapid advancements in the Internet of Things (IoT) and artificial intelligence (AI) technologies, growing use of smart meters, urbanization, and the need for enhanced grid security and resilience are some of the factors propelling the market growth.

UK Smart Grid Market Trends:

Increasing Demand for Energy Efficiency

A key driver of the UK smart grid market is the growing need for improved energy efficiency. Moreover, the increasing energy consumption has made it imperative for both households and industries to works toward eliminating waste and better consume energy, which is fueling the market growth. Smart grids enhance energy distribution by balancing supply and demand in real time, significantly reducing transmission and distribution losses, further boosting market expansion.  Additionally, the deployment of sensors and real-time data analytics enables to find inefficiencies, leaks, or faults in the grid, which is further creating a positive outlook for the market.

Integration of Renewable Energy Sources

The increasing utilization of renewable sources of energy, such as solar and wind power, for electricity generation in the UK is consequently aiding the market growth. Smart grids enable a more flexible and dynamic supply and management through advanced software and automation, which is propelling the market growth. This technology also enables energy storage solutions, such as batteries, to be better integrated into the grid, ensuring that excess renewable energy can be stored and used when needed. In line with this, the UK government is fast-tracking the need for smart grids that can effectively support new energy systems, which is another growth-inducing factor for the market.

Government Initiatives and Regulations

The UK smart grid market is majorly driven by the government initiatives and regulations. To support the transition to net-zero emissions, the UK government has implemented a number of policies to escalate smart grid development. Smart grid technologies are promoted through financial incentives, grants, and regulatory frameworks for utilities and energy companies. For instance, the introduction of smart meters as a mandatory measure to help consumers monitor their energy usage. Apart from this, government programs such as the Energy Systems Catapult and innovation competitions are fostering the development and deployment of new smart grid technologies.  

UK Smart Grid Market News:

• In 2024, Schneider Electric has called for rapid smart grid deployment to advance the energy transition. At Enlit Europe 2023, the company introduced technologies like SF6-free switchgear and digital solutions such as EcoStruxure Microgrid Flex, aiming to modernize grids, boost renewable integration, and enhance grid efficiency.

UK Smart Grid Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on component and end user. 

Component Insights:

• Software 
  • Advanced Metering Infrastructure
  • Smart Grid Distribution Management
  • Smart Grid Network Management
  • Substation Automation
  • Others
• Hardware 
  • Sensor
  • Programmable Logic Controller
  • AMI Metre
  • Networking Hardware
  • Others
• Services 
  • Consulting
  • Support and Maintenance
  • Deployment and Integration
     

The report has provided a detailed breakup and analysis of the market based on the component. This includes software (advanced metering infrastructure, smart grid distribution management, smart grid network management, substation automation, and others), hardware (sensor, programmable logic controller, AMI metre, networking hardware, and others), and services (consulting, support and maintenance, and deployment and integration).

End User Insights:

• Residential
• Commercial
• Industrial
   

A detailed breakup and analysis of the market based on the end user have also been provided in the report. This includes residential, commercial, and industrial.

Regional Insights:

• London
• South East
• North West
• East of England
• South West
• Scotland
• West Midlands
• Yorkshire and The Humber
• East Midlands
• Others
   

The report has also provided a comprehensive analysis of all the major regional markets, which include London, South East, North West, East of England, South West, Scotland, West Midlands, Yorkshire and The Humber, East Midlands, and Others.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

UK Smart Grid Market Report Coverage:

Key Questions Answered in This Report:

• How has the UK smart grid market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the UK smart grid market?
• What is the breakup of the UK smart grid market on the basis of component?
• What is the breakup of the UK smart grid market on the basis of end user?
• What are the various stages in the value chain of the UK smart grid market? 
• What are the key driving factors and challenges in the UK smart grid?
• What is the structure of the UK smart grid market and who are the key players?
• What is the degree of competition in the UK smart grid market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the UK smart grid market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the UK smart grid market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the UK smart grid industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.