The North America Smart Grid Market should witness market growth of 16.8% CAGR during the forecast period (2022-2028).
Grid managers used to keep things in balance by controlling supply to match demand. Demand, however, is not merely something to meet in smart grids. It may also be a management issue. Demand Response is a technique that modifies customer energy use to assist in balancing grid frequency. It is a decentralised network of energy assets that acts as energy sources for smart grids to tap into, similar to a virtual power plant (VPP). Yet, it functions on the demand side as opposed to the supply side. Only the technology offered by smart grids makes it feasible for these cutting-edge kinds of energy delivery. Without them, there wouldn't have the modern, dependable, and adaptable energy networks. They enable customers to make better informed decisions about how they use electricity.
The relationship between consumer demand and the supply of renewable energy may be optimised via smart grids. Companies may also take use of energy storage's potential by ensuring that electricity is stored while it is accessible and reasonably priced, then released when demand increases. Even though this power system is still far off, smart grid technology will aid in its development by giving important information into the energy markets. It will take time for existing electrical systems to give way to smart grids.
With almost 9,200 electric producing units and 600,000 miles of transmission lines, the U.S. electric grid is an engineering wonder. To provide dependable, secure, and clean energy, the Office of Electricity (OE) is strengthening, transforming, and improving energy infrastructure with public and commercial partners.
Modernizing the grid to make it 'smarter'and more robust by using cutting-edge technology, equipment, and controls that communicate and work together to supply energy more reliably and effectively will dramatically minimise power outages, storm effects, and restoration time. Data access helps consumers control energy use and expenses. Modern grids enhance security, peak loads, renewable integration, and operating costs for utilities. Hence, government modernizations drive North America Smart Grid Sensors market growth.
The US market dominated the North America Smart Grid Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $31,846.7 million by 2028. The Canada market is showcasing a CAGR of 19.5% during (2022-2028). Additionally, The Mexico market would register a CAGR of 18.4% during (2022-2028).
Based on Component, the market is segmented into Solution (Smart Grid Distribution Management, Substation Automation, Smart Grid Network Management, Smart Grid Metering Infrastructure, Smart Grid Security, Smart Grid Communications, and Others) and Services. Based on End-user, the market is segmented into Commercial, Industrial, and Residential. Based on Application, the market is segmented into Distribution, Transmission, Consumption, and Generation. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric Company (GE Grid Solutions), Schneider Electric SE, Cisco Systems, Inc., IBM Corporation, Siemens AG, Wipro Limited, Honeywell International, Inc., Oracle Corporation, ABB Group, and Itron, Inc.
Grid managers used to keep things in balance by controlling supply to match demand. Demand, however, is not merely something to meet in smart grids. It may also be a management issue. Demand Response is a technique that modifies customer energy use to assist in balancing grid frequency. It is a decentralised network of energy assets that acts as energy sources for smart grids to tap into, similar to a virtual power plant (VPP). Yet, it functions on the demand side as opposed to the supply side. Only the technology offered by smart grids makes it feasible for these cutting-edge kinds of energy delivery. Without them, there wouldn't have the modern, dependable, and adaptable energy networks. They enable customers to make better informed decisions about how they use electricity.
The relationship between consumer demand and the supply of renewable energy may be optimised via smart grids. Companies may also take use of energy storage's potential by ensuring that electricity is stored while it is accessible and reasonably priced, then released when demand increases. Even though this power system is still far off, smart grid technology will aid in its development by giving important information into the energy markets. It will take time for existing electrical systems to give way to smart grids.
With almost 9,200 electric producing units and 600,000 miles of transmission lines, the U.S. electric grid is an engineering wonder. To provide dependable, secure, and clean energy, the Office of Electricity (OE) is strengthening, transforming, and improving energy infrastructure with public and commercial partners.
Modernizing the grid to make it 'smarter'and more robust by using cutting-edge technology, equipment, and controls that communicate and work together to supply energy more reliably and effectively will dramatically minimise power outages, storm effects, and restoration time. Data access helps consumers control energy use and expenses. Modern grids enhance security, peak loads, renewable integration, and operating costs for utilities. Hence, government modernizations drive North America Smart Grid Sensors market growth.
The US market dominated the North America Smart Grid Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $31,846.7 million by 2028. The Canada market is showcasing a CAGR of 19.5% during (2022-2028). Additionally, The Mexico market would register a CAGR of 18.4% during (2022-2028).
Based on Component, the market is segmented into Solution (Smart Grid Distribution Management, Substation Automation, Smart Grid Network Management, Smart Grid Metering Infrastructure, Smart Grid Security, Smart Grid Communications, and Others) and Services. Based on End-user, the market is segmented into Commercial, Industrial, and Residential. Based on Application, the market is segmented into Distribution, Transmission, Consumption, and Generation. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric Company (GE Grid Solutions), Schneider Electric SE, Cisco Systems, Inc., IBM Corporation, Siemens AG, Wipro Limited, Honeywell International, Inc., Oracle Corporation, ABB Group, and Itron, Inc.
Scope of the Study
By Component
- Solution
- Smart Grid Distribution Management
- Substation Automation
- Smart Grid Network Management
- Smart Grid Metering Infrastructure
- Smart Grid Security
- Smart Grid Communications
- Others
- Services
By End-user
- Commercial
- Industrial
- Residential
By Application
- Distribution
- Transmission
- Consumption
- Generation
By Country
- US
- Canada
- Mexico
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- General Electric Company (GE Grid Solutions)
- Schneider Electric SE
- Cisco Systems, Inc.
- IBM Corporation
- Siemens AG
- Wipro Limited
- Honeywell International, Inc.
- Oracle Corporation
- ABB Group
- Itron, Inc.
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Smart Grid Market, by Component
1.4.2 North America Smart Grid Market, by End User
1.4.3 North America Smart Grid Market, by Application
1.4.4 North America Smart Grid Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 Analyst's Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.3 Market Share Analysis, 2021
3.4 Top Winning Strategies
3.4.1 Key Leading Strategies: Percentage Distribution (2018-2022)
3.4.2 Key Strategic Move: (Partnerships, Collaborations & Agreements: 2018, Sep - 2023, Feb) Leading Players
Chapter 4. North America Smart Grid Market by Component
4.1 North America Solution Market by Country
4.2 North America Smart Grid Market by Solution Type
4.2.1 North America Smart Grid Distribution Management Market by Country
4.2.2 North America Substation Automation Market by Country
4.2.3 North America Smart Grid Network Management Market by Country
4.2.4 North America Smart Grid Metering Infrastructure Market by Country
4.2.5 North America Smart Grid Security Market by Country
4.2.6 North America Smart Grid Communications Market by Country
4.2.7 North America Others Market by Country
4.3 North America Services Market by Country
Chapter 5. North America Smart Grid Market by End User
5.1 North America Commercial Market by Country
5.2 North America Industrial Market by Country
5.3 North America Residential Market by Country
Chapter 6. North America Smart Grid Market by Application
6.1 North America Distribution Market by Country
6.2 North America Transmission Market by Country
6.3 North America Consumption Market by Country
6.4 North America Generation Market by Country
Chapter 7. North America Smart Grid Market by Country
7.1 US Smart Grid Market
7.1.1 US Smart Grid Market by Component
7.1.1.1 US Smart Grid Market by Solution Type
7.1.2 US Smart Grid Market by End User
7.1.3 US Smart Grid Market by Application
7.2 Canada Smart Grid Market
7.2.1 Canada Smart Grid Market by Component
7.2.1.1 Canada Smart Grid Market by Solution Type
7.2.2 Canada Smart Grid Market by End User
7.2.3 Canada Smart Grid Market by Application
7.3 Mexico Smart Grid Market
7.3.1 Mexico Smart Grid Market by Component
7.3.1.1 Mexico Smart Grid Market by Solution Type
7.3.2 Mexico Smart Grid Market by End User
7.3.3 Mexico Smart Grid Market by Application
7.4 Rest of North America Smart Grid Market
7.4.1 Rest of North America Smart Grid Market by Component
7.4.1.1 Rest of North America Smart Grid Market by Solution Type
7.4.2 Rest of North America Smart Grid Market by End User
7.4.3 Rest of North America Smart Grid Market by Application
Chapter 8. Company Profiles
8.1 General Electric Company (GE Grid Solutions)
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Segmental and Regional Analysis
8.1.4 Research & Development Expense
8.1.5 Recent strategies and developments:
8.1.5.1 Partnerships, Collaborations, and Agreements:
8.1.5.2 Product Launches and Product Expansions:
8.1.6 SWOT Analysis
8.2 Schneider Electric SE
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Segmental and Regional Analysis
8.2.4 Research & Development Expense
8.2.5 Recent strategies and developments:
8.2.5.1 Partnerships, Collaborations, and Agreements:
8.2.5.2 Product Launches and Product Expansions:
8.2.6 SWOT Analysis
8.3 Cisco Systems, Inc.
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Regional Analysis
8.3.4 Research & Development Expense
8.3.5 Recent strategies and developments:
8.3.5.1 Partnerships, Collaborations, and Agreements:
8.3.6 SWOT Analysis
8.4 IBM Corporation
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Regional & Segmental Analysis
8.4.4 Research & Development Expenses
8.4.5 SWOT Analysis
8.5 Siemens AG
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Segmental and Regional Analysis
8.5.4 Research & Development Expense
8.5.5 Recent strategies and developments:
8.5.5.1 Partnerships, Collaborations, and Agreements:
8.5.6 SWOT Analysis
8.6 Wipro Limited
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Segmental and Regional Analysis
8.6.4 Research & Development Expenses
8.6.5 SWOT Analysis
8.7 Honeywell International, Inc.
8.7.1 Company Overview
8.7.2 Financial Analysis
8.7.3 Segmental and Regional Analysis
8.7.4 Research & Development Expenses
8.7.5 SWOT Analysis
8.8 Oracle Corporation
8.8.1 Company Overview
8.8.2 Financial Analysis
8.8.3 Segmental and Regional Analysis
8.8.4 Research & Development Expense
8.8.5 SWOT Analysis
8.9 ABB Group
8.9.1 Company Overview
8.9.2 Financial Analysis
8.9.3 Segmental and Regional Analysis
8.9.4 Research & Development Expense
8.9.5 SWOT Analysis
8.10. Itron, Inc.
8.10.1 Company Overview
8.10.2 Financial Analysis
8.10.3 Segmental and Regional Analysis
8.10.4 Research & Development Expense
8.10.5 Recent strategies and developments:
8.10.5.1 Partnerships, Collaborations, and Agreements:
Companies Mentioned
- General Electric Company (GE Grid Solutions)
- Schneider Electric SE
- Cisco Systems, Inc.
- IBM Corporation
- Siemens AG
- Wipro Limited
- Honeywell International, Inc.
- Oracle Corporation
- ABB Group
- Itron, Inc.
Methodology
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