Smart Grid Network Market Segmentation by Application (Transmission, Smart Distribution Board, Advanced Metering Infrastructure, and Others); by Service (Consulting, Integration, and Others); and by End-User (Residential, Commercial, Industrial, and Others) – Global Demand Analysis & Opportunity Outlook 2030
Buy Now Report ID: 3465 | Published Date: Feb 08, 2023
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.
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The global smart grid network market is further classified on the basis of region as follows:
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.
Our in-depth analysis of the global smart grid network market includes the following segments:
By Application
By Service
By End-User
Growth Drivers
Challenges
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Payel Roy, Dhruv Bhatia
Ans: Increased adoption of smart grids and meters and need for energy utility optimization to drive the market growth.
Ans: The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022 – 2030.
Ans: Lack of awareness and slow adoption process of smart grids are estimated to hamper the market growth.
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.
Ans: The major players in the market are Schneider Electric, The General Electric Company, Siemens AG, Honeywell International Inc., Grid Point, Inc., and others.
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.
Ans: The market is segmented by application, service, end-user, and by region.
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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