Smart Grid Market - Trends Forecast Till 2028

Smart Grid Market by Component (Software, Hardware, Services), Application (Generation, Transmission, Distribution, Consumption/End Use), Communication Technology (Wireline, Wireless), and Region (North America, Europe, Asia-Pacific, Middle East and Africa and South America)

Published Date: December, 2021

Base Year Estimate: 2020

Report ID: D-EN-SGM-897


Number of Pages: 337

Domain: Energy

Smart Grid Market – Trends Forecast Till 2028

The global smart grid market is expected to grow from an estimated USD 43.1 billion in 2021, at a CAGR of 20.1% during the forecast period.

The smart grid provides technologies that improve fault detection and enables self-healing of the network automatically after the power disturbances. The smart grid thus provides the extraordinary opportunity for the economy as well as the environment by providing reliable and efficient power supply through various smart grid applications and technologies.

Rise in concerns pertaining to environment protection and growth in adoption of smart grid technology to improve efficiency in energy conservation and consumption are some of the factors that have supported long-term expansion for Smart Grid Market.

COVID-19 has slowed the growth of the smart grid market, as countries were forced to implement lockdowns during the first half of 2020.

Smart Grid Market Research Report

North America includes countries such as the US, Canada, and Mexico. The US and Canada, which contribute heavily to the growth of the regional market. The region is estimated to account for the largest share of the global smart grid market, and a similar trend is expected to continue until 2023.

Smart Grid Market is segmented into component, application, communication technology and region.

On the basis of Component

  • Software
  • Hardware
  • Services

On the basis of Application

  • Generation
  • Transmission
  • Distribution
  • Consumption

On the basis of Communication Technology  

  • Wireline
  • Wireless

On the basis of Region

  • Asia Pacific
  • North America
  • Europe
  • South America
  • Middle East & Africa

Insights are provided for each region and major countries within the regions

Smart Grid Market Primary Respondent


Key Players

  • Cisco Systems, Inc.
  • General Electric
  • Honeywell International Inc
  • International Business Machines Corporation (IBM)
  • Itron Inc.
  • Oracle
  • Schneider Electric
  • Siemens
  • Tech Mahindra Limited
  • Wipro Limited
  • Trilliant Holdings
  • Globema
  • Kamstrup
  • Xylem
  • Enel X
  • Esmart Systems
  • Esyasoft Technologies
  • Grid4c

Recent Developments

  • In May 2021, Thailand-based energy company Impact Solar partnered with Hitachi ABB Power Grids for provisioning an energy storage system for the country’s largest private-owned microgrid.
  • In January 2021, Schneider Electric acquired DC Systems BV, which is a major supplier of smart systems. This has helped the company in advancing innovations in electrical distribution.

Reasons to Acquire

  • Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
  • Gain authentic and granular data access for Smart Grid Market so as to understand the trends and the factors involved behind changing market situations
  • Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
  • In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns

Report Scope


Report Feature


Market Revenue In 2021

USD 43.1 billion

Growth Rate

CAGR of 20.1% during the forecasting period, 2021-2028

Historical Data


Forecast Years


Base Year


Units Considered

Revenue in USD billion and CAGR from 2021 to 2028

Report Segmentation

component, application, communication technology and region.

Report Attribute

Market Revenue Sizing (Global, Regional and Country Level) Company Share Analysis, Market Dynamics, Company Profiling

Regional Level Scope

North America, Europe, Asia-Pacific, South America, and Middle East and Africa

Country Level Scope

U.S., Japan, Germany, U.K., China, India, Brazil, UAE, South Africa (50+ Countries Across the Globe)

Companies Profiled

Cisco Systems, Inc., General Electric, Honeywell International Inc, International Business Machines Corporation (IBM), Itron Inc., Oracle, Schneider Electric, Siemens, Tech Mahindra Limited, Wipro Limited, Trilliant Holdings, Globema, Kamstrup, Xylem, Enel X, Esmart Systems, Esyasoft Technologies, and Grid4c

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