Smart Grid Market - Trends Forecast Till 2028

Market Overview

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.

Regional Analysis

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.

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

Competitive Landscape

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