Smart Grid Network Market Size & Share, by Application (Transmission, Smart Distribution Board, Advanced Metering Infrastructure); Service (Consulting, Integration); End-user (Residential, Commercial, Industrial) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2030

  • Report ID: 3465
  • Published Date: Feb 08, 2023
  • Report Format: PDF, PPT

Global Smart Grid Network Market Highlights over 2022 – 2030

ggThe global smart grid network market is estimated to grow at a CAGR of ~10% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to growing adoption of smart grids and smart meters globally, backed by the changing dynamics of global power sector. The increasing consumption of electricity, amongst various end-users, has led to the rise in demand for smart grids. Smart grid network provides the user with a two-way connection with the service, through internet and cloud-computing, which is estimated to act as the primary growth factor for the market. Smart grid network provides effective transmission, and fast restoration of electricity, reduced management costs, and transparent record of energy utilization. The growing investment in the smart grid infrastructure is estimated to fuel the market growth. According to the data provided by the International Energy Agency, USD 18 billion were invested in the smart grid infrastructure, while USD 21 billion was spent for installation of smart meters, in 2019. Moreover, adoption of smart grid network is estimated to cut down a significant amount of power theft in the residential and commercial sector. Furthermore, the global shift towards renewable sources of energy, and rising concerns for energy conservation, are estimated to boost the market growth.

Smart Grid Network Market Graph

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The market is segmented by application into transmission, smart distribution board, advanced metering infrastructure, and others, out of which, the advanced metering infrastructure segment is anticipated to hold the notable share in the global smart grid network market over the forecast period on account of the use of advanced metering infrastructure to measure, collect, and analyze energy usage. It acts as the network between the measurement device and user, which can be used to track energy consumption and optimize utilization. This is estimated to boost the segment growth. 

Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption Graph

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Global Smart grid network Market Regional Synopsis

On the basis of geographical analysis, the global smart grid network market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to experience the highest CAGR during the forecast period on the back of evolving energy infrastructure, backed by the growing industrialization in developing countries. The growing demand for smart grids and smart electric meters to optimize energy utilization, along with the initiatives to promote the use of renewable is projected to promote market growth in the region.

The market in the North America region currently holds the largest market share and is anticipated to lead the market share throughout the forecast period owing to the escalating adoption of smart grids in the region and rising environmental awareness amongst the people. Moreover, increasing industrial development is raising the demand for power. This is another crucial factor expected to boost the market growth in the region.

Smart Grid Network Market Share Graph

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The global smart grid network market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global smart grid network market includes the following segments:

By Application

  • Transmission
  • Smart Distribution Board
  • Advanced Metering Infrastructure
  • Others

By Service

  • Consulting
  • Integration
  • Others

By End-User

  • Residential
  • Commercial
  • Industrial
  • Others

Growth Drivers

  • Growing Demand for Optimizing Energy Utilization
  • Increasing Adoption of Smart Grids and Meters
  • Rising Investment in Smart Grid Infrastructure

Challenges

  • Lack of Awareness Regarding Adoption of Smart Grid Infrastructure in Developing Countries 

Top Featured Companies Dominating the Market

  • Schneider Electric
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Siemens AG
  • Johnson Controls International plc
  • Honeywell International Inc.
  • Energate, Inc. (Tantalus Systems Corp.)
  • ABB Ltd.
  • Grid Point, Inc.
  • The General Electric Company
  • Yokogawa Electric Corporation
  • DEXMA Sensors, SL


In-the-news

In the News

  • April, 2019: ABB Ltd. announced the launch of its first digital grids at the CIRED in Madrid, Spain. ABB also demonstrated its complete portfolio of safe, efficient, and digital product offerings.


Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 3465
  • Published Date: Feb 08, 2023
  • Report Format: PDF, PPT

Key Questions Answered in the Report

1) What are the major factors driving the growth of the smart grid network market?

Ans: Increased adoption of smart grids and meters and need for energy utility optimization to drive the market growth.

2) What would be the CAGR of smart grid network market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022 – 2030.

3) What are the challenges affecting the smart grid network market growth?

Ans: Lack of awareness and slow adoption process of smart grids are estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of smart grid network market in future?

Ans: Asia Pacific market is estimated to provide most growth opportunities during the forecast period on the back of growing smart grid infrastructure in the region.

5) Who are the major players dominating the smart grid network market?

Ans: The major players in the market are Schneider Electric, The General Electric Company, Siemens AG, Honeywell International Inc., Grid Point, Inc., and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the smart grid network market?

Ans: The market is segmented by application, service, end-user, and by region.

8) Which sub-segment captures the largest market size in end-user segment in the smart grid network market?

Ans: The industrial segment is anticipated to hold largest market size over the forecast period owing to the growing demand for energy in the industrial sector.

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