The smart grid technology market is anticipated to flourish at a strong CAGR of 19.6% between 2023 and 2033. The market is expected to hold a market share of US$ 2.5 trillion by 2033, whereas, the market is likely to reach a value of US$ 429 billion in 2023.
FMI explains how different benefits delivered by smart grid technology help the market thrive at a strong growth rate. The first and key market river is enhanced electrical transmission efficiency which regulates and calculates the electrical transmission. The faster electrical restoration post outages and quick damage analysis also make it a cut-above technology of the future. The smart mitigation of electrical losses and wastage is also one factor that the grid authorities look for in any grid. The remotely monitored meters also help the authorities to reduce electrical theft.
These factors help the market system directly or indirectly. Technology not only delivers energy in a better way, but it also encourages the authorities to switch to renewable energy platforms. The increased population, higher urban settings, more working spaces, and increase in the systems are expected to fuel the market growth. Alongside this, the minimum and reduced maintenance expenses are also due to the monitoring and talking of energy consumption dimension and source. Lastly, the concept of smart cities, a rapid rise in electric vehicle consumption, is likely to boom with the flourishing sale of smart grid technology.
Recent Trends in the Market:
| Attributes | Details |
|---|---|
| Smart Grid Technology Market CAGR (2023 to 2033) | 19.6% |
| Smart Grid Technology Market Size (2023) | US$ 429 billion |
| Smart Grid Technology Market Size (2033) | US$ 2.5 trillion |
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From 2018 to 2022, the smart grid technology market thrived at a lower CAGR of 28.3%, reaching a market size of US$ 359 billion in 2022. The market thrives at a CAGR of 19.6% between 2023 and 2033. The shrunk growth rate is attributed to the slowed research and development projection
From 2018 to 2022, smart grid technology was a new concept and was highly adopted during that time. The inactivated work people usually residing at their homes are expected to garner the market’s success. The higher access to homes, and appliances, higher sales of electric cars, and maintenance fueled the adoption of higher supply-based smart grid technology.
The enhanced communication network is another challenge that turned into a win through the smart grid technology. All these smart elements during the phase between 2018 and 2022 have worked in favor of the smart grid technology market. Now, the market and numerous hydro or coal-based power alternatives are returning to normalcy. The popularity of solar power, biofuel-based power generation, and other sources have slightly slowed down the market.
The subsequent dependency on conventional power supplies is expected to garner market growth at a CAGR of 19.6% during the forecast period. Therefore, the market is expected to reach US$ 2.5 trillion by 2033.
The energy, power, and fuel-based markets are large and have several verticals all around the industries. Reduced electricity costs, minimal equipment failure, limited oil usage, and scale blackouts are some growth drivers that contribute positively to the market.
The governments are ensuring the constant supply of electricity with reduced electricity theft. The expansion of businesses that require a continual flow of electricity to function properly is helping garner market growth. Furthermore, the supportive government policies around the deployment of these smart grids are anticipated to expand the market size. The installation of smart meters is also projected to help the deployment of smart grid technologies.
The few restrictions to the market growth can be discussed as higher initial deployment costs and hacking of some smart meters. Increased challenges of network congestion or performance.
Principal Consultant
| Country | United States |
|---|---|
| CAGR % (2023 to 2033) | 18.4% |
| Anticipated Value (2033) | US$ 829.63 billion |
The United States thrives at a CAGR of 18.4% and is expected to hold a value of US$ 829.63 billion by the end of 2033. The growth is attributed to government policies on electricity model upgrades, the adoption of new systems, and rapidly increasing urbanization. Furthermore, new companies producing flexible grid systems with higher efficiency and security detail are projected to add value to the regional market. The government’s plans to shift to efficient, sustainable, and green energy are expected to garner growth in the market.
| Country | United Kingdom |
|---|---|
| CAGR % (2023 to 2033) | 18.7% |
| Anticipated Value (2033) | US$ 130 billion |
The United Kingdom market is expected to flourish at a CAGR of 18.7% between 2023 and 2033, while it is anticipated to reach a value of US$ 130 billion by 2033. The regional market is expected to flourish in the electricity need through different technologies.
Through key initiatives and emissions, the smart grid in the United Kingdom is increasing the traction for the market. The low-carbon economy is also promoting the adoption of smart grid technologies for the future.
| Country | China |
|---|---|
| CAGR % (2023 to 2033) | 20.7% |
| Anticipated Value (2033) | US$ 224.74 billion |
China fuels at a CAGR of 20.7% between 2023 and 2033, while it reaches the value of US$ 224.74 billion in 2033. The market growth is attributed to emerging economies building their power systems and higher electricity consumption. The countries like China and India are also focusing on creating sustainable energy.
| Category | By Communication Network |
|---|---|
| Leading Segment | WAN Network |
| CAGR (2023 to 2033) | 19.5% |
| Category | By Software and Hardware |
|---|---|
| Leading Segment | Distribution Management System - DMS |
| CAGR (2023 to 2033) | 19.4% |
The market is segmented into software & hardware, sensors, and communication network. These segments have different subsegments further. FMI analyzes these segments and explains which segment is leading and the reasons behind
Based on the WAN network, the WAN network segment leads the market with a CAGR of 19.5% between 2023 and 2033. The growth is attributed to it being the core communication technology. It also provides an efficient, secure, and reliable communication platform. The network also delivers goals for the smart grid NANs.
Based on software and hardware, the distribution management system segment is expected to lead as it thrives at a leading CAGR of 19.4 during the forecast period. The growth is attributed to the real-time visibility it provides for the end user's data and uniformity at all levels of the distributional channel. This way, the even share of power gets shared from one end to another.
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The smart grid technology sector is fragmented and competitive and includes various players such as Siemens (Germany), Schneider Electric (France), S&C Electric Company (United States), Eaton (Ireland), and GE (United States). These companies mainly focus on mergers, collaboration, and other campaigns to enhance the supply chain and deployment capacity.
Market Developments
Key Players
The smart grid technology market is expected to reach US$ 429 billion in 2023.
The market is anticipated to surge at a CAGR of 19.6% from 2023 to 2033.
United States is expected to reach a value pool of US$ 829.63 billion until 2033.
China’s market is expected to augment at a CAGR of 20.7% from 2023 to 2033.
The WAN network segment is anticipated to remain preferred in the market till 2033.
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Investment Feasibility Matrix 3.5. PESTLE and Porter’s Analysis 3.6. Regulatory Landscape 3.6.1. By Key Regions 3.6.2. By Key Countries 3.7. Regional Parent Market Outlook 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022 4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Software and Hardware 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) Analysis By Software and Hardware, 2018 to 2022 5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Software and Hardware, 2023 to 2033 5.3.1. Distribution Management System - DMS 5.3.2. Demand Response Management - DRM 5.3.3. Meter Data Management System - MDMS 5.3.4. Supervisory Control And Data Acquisition - SCADA 5.3.5. Smart Meter 5.3.6. Outage Management System - OMS 5.4. Y-o-Y Growth Trend Analysis By Software and Hardware, 2018 to 2022 5.5. Absolute $ Opportunity Analysis By Software and Hardware, 2023 to 2033 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sensors 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) Analysis By Sensors, 2018 to 2022 6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Sensors, 2023 to 2033 6.3.1. Voltage Sensors 6.3.2. Transformer Monitoring Sensors 6.3.3. Dynamic Line Rating Sensors 6.3.4. Home Area Network Sensors 6.4. Y-o-Y Growth Trend Analysis By Sensors, 2018 to 2022 6.5. Absolute $ Opportunity Analysis By Sensors, 2023 to 2033 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Communication Network 7.1. Introduction / Key Findings 7.2. Historical Market Size Value (US$ Million) Analysis By Communication Network, 2018 to 2022 7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Communication Network, 2023 to 2033 7.3.1. Wide Area Network 7.3.2. Home Area Network 7.4. Y-o-Y Growth Trend Analysis By Communication Network, 2018 to 2022 7.5. Absolute $ Opportunity Analysis By Communication Network, 2023 to 2033 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. Introduction 8.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022 8.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033 8.3.1. North America 8.3.2. Latin America 8.3.3. Europe 8.3.4. Asia Pacific 8.3.5. MEA 8.4. Market Attractiveness Analysis By Region 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 9.2.1. By Country 9.2.1.1. U.S. 9.2.1.2. Canada 9.2.2. By Software and Hardware 9.2.3. By Sensors 9.2.4. By Communication Network 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Software and Hardware 9.3.3. By Sensors 9.3.4. By Communication Network 9.4. Key Takeaways 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 10.2.1. By Country 10.2.1.1. Brazil 10.2.1.2. Mexico 10.2.1.3. Rest of Latin America 10.2.2. By Software and Hardware 10.2.3. By Sensors 10.2.4. By Communication Network 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Software and Hardware 10.3.3. By Sensors 10.3.4. By Communication Network 10.4. Key Takeaways 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 11.2.1. By Country 11.2.1.1. Germany 11.2.1.2. U.K. 11.2.1.3. France 11.2.1.4. Spain 11.2.1.5. Italy 11.2.1.6. Rest of Europe 11.2.2. By Software and Hardware 11.2.3. By Sensors 11.2.4. By Communication Network 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Software and Hardware 11.3.3. By Sensors 11.3.4. By Communication Network 11.4. Key Takeaways 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 12.2.1. By Country 12.2.1.1. China 12.2.1.2. Japan 12.2.1.3. South Korea 12.2.1.4. Singapore 12.2.1.5. Thailand 12.2.1.6. Indonesia 12.2.1.7. Australia 12.2.1.8. New Zealand 12.2.1.9. Rest of Asia Pacific 12.2.2. By Software and Hardware 12.2.3. By Sensors 12.2.4. By Communication Network 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Software and Hardware 12.3.3. By Sensors 12.3.4. By Communication Network 12.4. Key Takeaways 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 13.2.1. By Country 13.2.1.1. GCC Countries 13.2.1.2. South Africa 13.2.1.3. Israel 13.2.1.4. Rest of MEA 13.2.2. By Software and Hardware 13.2.3. By Sensors 13.2.4. By Communication Network 13.3. Market Attractiveness Analysis 13.3.1. By Country 13.3.2. By Software and Hardware 13.3.3. By Sensors 13.3.4. By Communication Network 13.4. Key Takeaways 14. Key Countries Market Analysis 14.1. U.S. 14.1.1. Pricing Analysis 14.1.2. Market Share Analysis, 2022 14.1.2.1. By Software and Hardware 14.1.2.2. By Sensors 14.1.2.3. By Communication Network 14.2. Canada 14.2.1. Pricing Analysis 14.2.2. Market Share Analysis, 2022 14.2.2.1. By Software and Hardware 14.2.2.2. By Sensors 14.2.2.3. By Communication Network 14.3. Brazil 14.3.1. Pricing Analysis 14.3.2. Market Share Analysis, 2022 14.3.2.1. By Software and Hardware 14.3.2.2. By Sensors 14.3.2.3. By Communication Network 14.4. Mexico 14.4.1. Pricing Analysis 14.4.2. Market Share Analysis, 2022 14.4.2.1. By Software and Hardware 14.4.2.2. By Sensors 14.4.2.3. By Communication Network 14.5. Germany 14.5.1. Pricing Analysis 14.5.2. Market Share Analysis, 2022 14.5.2.1. By Software and Hardware 14.5.2.2. By Sensors 14.5.2.3. By Communication Network 14.6. U.K. 14.6.1. Pricing Analysis 14.6.2. Market Share Analysis, 2022 14.6.2.1. By Software and Hardware 14.6.2.2. By Sensors 14.6.2.3. By Communication Network 14.7. France 14.7.1. Pricing Analysis 14.7.2. Market Share Analysis, 2022 14.7.2.1. By Software and Hardware 14.7.2.2. By Sensors 14.7.2.3. By Communication Network 14.8. Spain 14.8.1. Pricing Analysis 14.8.2. Market Share Analysis, 2022 14.8.2.1. By Software and Hardware 14.8.2.2. By Sensors 14.8.2.3. By Communication Network 14.9. Italy 14.9.1. Pricing Analysis 14.9.2. Market Share Analysis, 2022 14.9.2.1. By Software and Hardware 14.9.2.2. By Sensors 14.9.2.3. By Communication Network 14.10. China 14.10.1. Pricing Analysis 14.10.2. Market Share Analysis, 2022 14.10.2.1. By Software and Hardware 14.10.2.2. By Sensors 14.10.2.3. By Communication Network 14.11. Japan 14.11.1. Pricing Analysis 14.11.2. Market Share Analysis, 2022 14.11.2.1. By Software and Hardware 14.11.2.2. By Sensors 14.11.2.3. By Communication Network 14.12. South Korea 14.12.1. Pricing Analysis 14.12.2. Market Share Analysis, 2022 14.12.2.1. By Software and Hardware 14.12.2.2. By Sensors 14.12.2.3. By Communication Network 14.13. Singapore 14.13.1. Pricing Analysis 14.13.2. Market Share Analysis, 2022 14.13.2.1. By Software and Hardware 14.13.2.2. By Sensors 14.13.2.3. By Communication Network 14.14. Thailand 14.14.1. Pricing Analysis 14.14.2. Market Share Analysis, 2022 14.14.2.1. By Software and Hardware 14.14.2.2. By Sensors 14.14.2.3. By Communication Network 14.15. Indonesia 14.15.1. Pricing Analysis 14.15.2. Market Share Analysis, 2022 14.15.2.1. By Software and Hardware 14.15.2.2. By Sensors 14.15.2.3. By Communication Network 14.16. Australia 14.16.1. Pricing Analysis 14.16.2. Market Share Analysis, 2022 14.16.2.1. By Software and Hardware 14.16.2.2. By Sensors 14.16.2.3. By Communication Network 14.17. New Zealand 14.17.1. Pricing Analysis 14.17.2. Market Share Analysis, 2022 14.17.2.1. By Software and Hardware 14.17.2.2. By Sensors 14.17.2.3. By Communication Network 14.18. GCC Countries 14.18.1. Pricing Analysis 14.18.2. Market Share Analysis, 2022 14.18.2.1. By Software and Hardware 14.18.2.2. By Sensors 14.18.2.3. By Communication Network 14.19. South Africa 14.19.1. Pricing Analysis 14.19.2. Market Share Analysis, 2022 14.19.2.1. By Software and Hardware 14.19.2.2. By Sensors 14.19.2.3. By Communication Network 14.20. Israel 14.20.1. Pricing Analysis 14.20.2. Market Share Analysis, 2022 14.20.2.1. By Software and Hardware 14.20.2.2. By Sensors 14.20.2.3. By Communication Network 15. Market Structure Analysis 15.1. Competition Dashboard 15.2. Competition Benchmarking 15.3. Market Share Analysis of Top Players 15.3.1. By Regional 15.3.2. By Software and Hardware 15.3.3. By Sensors 15.3.4. By Communication Network 16. Competition Analysis 16.1. Competition Deep Dive 16.1.1. Cisco Systems Inc. 16.1.1.1. Overview 16.1.1.2. Product Portfolio 16.1.1.3. Profitability by Market Segments 16.1.1.4. Sales Footprint 16.1.1.5. Strategy Overview 16.1.1.5.1. Marketing Strategy 16.1.2. Comverge, Inc. 16.1.2.1. Overview 16.1.2.2. Product Portfolio 16.1.2.3. Profitability by Market Segments 16.1.2.4. Sales Footprint 16.1.2.5. Strategy Overview 16.1.2.5.1. Marketing Strategy 16.1.3. Cooper Power Systems, LLC 16.1.3.1. Overview 16.1.3.2. Product Portfolio 16.1.3.3. Profitability by Market Segments 16.1.3.4. Sales Footprint 16.1.3.5. Strategy Overview 16.1.3.5.1. Marketing Strategy 16.1.4. Echelon Corp 16.1.4.1. Overview 16.1.4.2. Product Portfolio 16.1.4.3. Profitability by Market Segments 16.1.4.4. Sales Footprint 16.1.4.5. Strategy Overview 16.1.4.5.1. Marketing Strategy 16.1.5. Honeywell 16.1.5.1. Overview 16.1.5.2. Product Portfolio 16.1.5.3. Profitability by Market Segments 16.1.5.4. Sales Footprint 16.1.5.5. Strategy Overview 16.1.5.5.1. Marketing Strategy 16.1.6. Siemens 16.1.6.1. Overview 16.1.6.2. Product Portfolio 16.1.6.3. Profitability by Market Segments 16.1.6.4. Sales Footprint 16.1.6.5. Strategy Overview 16.1.6.5.1. Marketing Strategy 16.1.7. GE Energy 16.1.7.1. Overview 16.1.7.2. Product Portfolio 16.1.7.3. Profitability by Market Segments 16.1.7.4. Sales Footprint 16.1.7.5. Strategy Overview 16.1.7.5.1. Marketing Strategy 16.1.8. GridNet 16.1.8.1. Overview 16.1.8.2. Product Portfolio 16.1.8.3. Profitability by Market Segments 16.1.8.4. Sales Footprint 16.1.8.5. Strategy Overview 16.1.8.5.1. Marketing Strategy 16.1.9. IBM Corp 16.1.9.1. Overview 16.1.9.2. Product Portfolio 16.1.9.3. Profitability by Market Segments 16.1.9.4. Sales Footprint 16.1.9.5. Strategy Overview 16.1.9.5.1. Marketing Strategy 16.1.10. Infrax Systems, Inc. 16.1.10.1. Overview 16.1.10.2. Product Portfolio 16.1.10.3. Profitability by Market Segments 16.1.10.4. Sales Footprint 16.1.10.5. Strategy Overview 16.1.10.5.1. Marketing Strategy 17. Assumptions & Acronyms Used 18. Research Methodology
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Smart Grid Technology Market
