This report describes and explains the smart grid technology market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.
The global smart grid technology market reached a value of nearly $39.4 billion in 2022, having grown at a compound annual growth rate (CAGR) of 14.3% since 2017. The market is expected to grow from $39.4 billion in 2022 to $92.0 billion in 2027 at a rate of 18.5%. The market is then expected to grow at a CAGR of 19.0% from 2027 and reach $219.5 billion in 2032.
Growth in the historic period resulted from increasing energy demand and consumption, aging grid infrastructure and rise in urbanization. Factors that negatively affected growth in the historic period was COVID-19 impact, data privacy and security concerns and high implementation costs.
Going forward, increasing renewable energy penetration, favorable government initiatives and regulations, growing electric vehicles (EVs) adoption, and energy sector digitalization will drive the growth. Factor that could hinder the growth of the smart grid technology market in the future include Russia-Ukraine war impact, skilled labor shortages and economic instability.
The smart grid technology market is segmented by component into hardware, software, and services. The software market was the largest segment of the smart grid technology market segmented by component, accounting for 43.4% of the total in 2022. Going forward, the services segment is expected to be the fastest growing segment in the smart grid technology market segmented by component, at a CAGR of 19.4% during 2022-2027.
The smart grid technology market is segmented by network operation into outage management systems, demand management systems, geographical management systems and energy management systems. The energy management systems market was the largest segment of the smart grid technology market segmented by network operation, accounting for 42.1% of the total in 2022. Going forward, the energy management systems segment is expected to be the fastest growing segment in the smart grid technology market segmented by network operation, at a CAGR of 19.0% during 2022-2027.
The smart grid technology market is segmented by technology into wired and wireless. The wired market was the largest segment of the smart grid technology market segmented by technology, accounting for 69.8% of the total in 2022. Going forward, the wireless segment is expected to be the fastest growing segment in the smart grid technology market segmented by technology, at a CAGR of 19.9% during 2022-2027.
The smart grid technology market is segmented by application into generation, transmission, distribution, and consumption. The distribution market was the largest segment of the smart grid technology market segmented by application, accounting for 35.6% of the total in 2022. Going forward, the distribution segment is expected to be the fastest growing segment in the smart grid technology market segmented by application, at a CAGR of 19.0% during 2022-2027.
The smart grid end-user market is segmented by end-user into residential, commercial and industrial, and government. The government market was the largest segment of the smart grid end-user market segmented by end-user, accounting for 48.5% of the total in 2022. Going forward, the commercial and industrial segment is expected to be the fastest growing segment in the smart grid end-user market segmented by end-user, at a CAGR of 19.6% during 2022-2027.
North America was the largest region in the smart grid technology market, accounting for 33.1% of the total in 2022. It was followed by Asia-Pacific, and then the other regions. Going forward, the fastest-growing regions in the smart grid technology market will be Asia-Pacific and South America where growth will be at CAGRs of 21.4% and 20.2% respectively. These will be followed by Middle East and North America where the markets are expected to grow at CAGRs of 18.4% and 17.4% respectively.
The global smart grid technology market is concentrated, with a few large players operating in the market. The top ten competitors in the market made up to 42.71% of the total market in 2022. Siemens AG was the largest competitor with 7.47% share of the market, followed by Hitachi, Ltd. with 7.02%, Schneider Electric SE with 6.87%, Oracle Corporation with 5.71%, General Electric Company (GE) with 5.49%, Cisco Systems Inc. with 2.76%, Eaton Corporation plc with 2.55%, Itron Inc. with 2.05%, International Business Machines Corporation (IBM) with 1.72%, and Landis+Gyr AG with 1.08%.
The top opportunities in the smart grid technology market segmented by component will arise in the software segment, which will gain $23.4 billion of global annual sales by 2027. The top opportunities in the smart grid technology market segmented by network operation will arise in the energy management systems segment, which will gain $23.0 billion of global annual sales by 2027. The top opportunities in the smart grid technology market segmented by technology will arise in the wired segment, which will gain $35.0 billion of global annual sales by 2027. The top opportunities in the smart grid technology market segmented by application will arise in the distribution segment, which will gain $19.5 billion of global annual sales by 2027. The top opportunities in the smart grid technology market segmented by end-user will arise in the government segment, which will gain $23.6 billion of global annual sales by 2027. The smart grid technology market size will gain the most in the USA at $13.5 billion.
Market-trend-based strategies for the smart grid technology market include advanced metering infrastructure, integration of digital technologies, focusing on energy efficiency and sustainability solutions, investments in research and development and partnerships and collaborations.
Player-adopted strategies in the smart grid technology market include focus on strategic partnerships and collaborations to expand geographical reach, increasing investments and increasing technological advancements.
To take advantage of the opportunities, the recommends the smart grid technology companies to focus on advanced metering infrastructure, focus on integration of digital technologies, focus on energy efficiency and sustainability solutions, expand in emerging markets, continue to focus on developed markets, focus on mergers and acquisitions, provide competitively priced offerings, continue to use B2B promotions, participate In trade shows and events, continue to target fast-growing applications, and focus on fast-growing end-users.
The global smart grid technology market reached a value of nearly $39.4 billion in 2022, having grown at a compound annual growth rate (CAGR) of 14.3% since 2017. The market is expected to grow from $39.4 billion in 2022 to $92.0 billion in 2027 at a rate of 18.5%. The market is then expected to grow at a CAGR of 19.0% from 2027 and reach $219.5 billion in 2032.
Growth in the historic period resulted from increasing energy demand and consumption, aging grid infrastructure and rise in urbanization. Factors that negatively affected growth in the historic period was COVID-19 impact, data privacy and security concerns and high implementation costs.
Going forward, increasing renewable energy penetration, favorable government initiatives and regulations, growing electric vehicles (EVs) adoption, and energy sector digitalization will drive the growth. Factor that could hinder the growth of the smart grid technology market in the future include Russia-Ukraine war impact, skilled labor shortages and economic instability.
The smart grid technology market is segmented by component into hardware, software, and services. The software market was the largest segment of the smart grid technology market segmented by component, accounting for 43.4% of the total in 2022. Going forward, the services segment is expected to be the fastest growing segment in the smart grid technology market segmented by component, at a CAGR of 19.4% during 2022-2027.
The smart grid technology market is segmented by network operation into outage management systems, demand management systems, geographical management systems and energy management systems. The energy management systems market was the largest segment of the smart grid technology market segmented by network operation, accounting for 42.1% of the total in 2022. Going forward, the energy management systems segment is expected to be the fastest growing segment in the smart grid technology market segmented by network operation, at a CAGR of 19.0% during 2022-2027.
The smart grid technology market is segmented by technology into wired and wireless. The wired market was the largest segment of the smart grid technology market segmented by technology, accounting for 69.8% of the total in 2022. Going forward, the wireless segment is expected to be the fastest growing segment in the smart grid technology market segmented by technology, at a CAGR of 19.9% during 2022-2027.
The smart grid technology market is segmented by application into generation, transmission, distribution, and consumption. The distribution market was the largest segment of the smart grid technology market segmented by application, accounting for 35.6% of the total in 2022. Going forward, the distribution segment is expected to be the fastest growing segment in the smart grid technology market segmented by application, at a CAGR of 19.0% during 2022-2027.
The smart grid end-user market is segmented by end-user into residential, commercial and industrial, and government. The government market was the largest segment of the smart grid end-user market segmented by end-user, accounting for 48.5% of the total in 2022. Going forward, the commercial and industrial segment is expected to be the fastest growing segment in the smart grid end-user market segmented by end-user, at a CAGR of 19.6% during 2022-2027.
North America was the largest region in the smart grid technology market, accounting for 33.1% of the total in 2022. It was followed by Asia-Pacific, and then the other regions. Going forward, the fastest-growing regions in the smart grid technology market will be Asia-Pacific and South America where growth will be at CAGRs of 21.4% and 20.2% respectively. These will be followed by Middle East and North America where the markets are expected to grow at CAGRs of 18.4% and 17.4% respectively.
The global smart grid technology market is concentrated, with a few large players operating in the market. The top ten competitors in the market made up to 42.71% of the total market in 2022. Siemens AG was the largest competitor with 7.47% share of the market, followed by Hitachi, Ltd. with 7.02%, Schneider Electric SE with 6.87%, Oracle Corporation with 5.71%, General Electric Company (GE) with 5.49%, Cisco Systems Inc. with 2.76%, Eaton Corporation plc with 2.55%, Itron Inc. with 2.05%, International Business Machines Corporation (IBM) with 1.72%, and Landis+Gyr AG with 1.08%.
The top opportunities in the smart grid technology market segmented by component will arise in the software segment, which will gain $23.4 billion of global annual sales by 2027. The top opportunities in the smart grid technology market segmented by network operation will arise in the energy management systems segment, which will gain $23.0 billion of global annual sales by 2027. The top opportunities in the smart grid technology market segmented by technology will arise in the wired segment, which will gain $35.0 billion of global annual sales by 2027. The top opportunities in the smart grid technology market segmented by application will arise in the distribution segment, which will gain $19.5 billion of global annual sales by 2027. The top opportunities in the smart grid technology market segmented by end-user will arise in the government segment, which will gain $23.6 billion of global annual sales by 2027. The smart grid technology market size will gain the most in the USA at $13.5 billion.
Market-trend-based strategies for the smart grid technology market include advanced metering infrastructure, integration of digital technologies, focusing on energy efficiency and sustainability solutions, investments in research and development and partnerships and collaborations.
Player-adopted strategies in the smart grid technology market include focus on strategic partnerships and collaborations to expand geographical reach, increasing investments and increasing technological advancements.
To take advantage of the opportunities, the recommends the smart grid technology companies to focus on advanced metering infrastructure, focus on integration of digital technologies, focus on energy efficiency and sustainability solutions, expand in emerging markets, continue to focus on developed markets, focus on mergers and acquisitions, provide competitively priced offerings, continue to use B2B promotions, participate In trade shows and events, continue to target fast-growing applications, and focus on fast-growing end-users.
Table of Contents
1. Executive Summary2. Table Of Contents3. List Of Figures4. List Of Tables5. Report Structure
6. Introduction And Market Characteristics
7. Major Market Trends
8. Smart Grid Technology Market - Macro Economic Scenario
9. Global Market Size and Growth
10. Global Smart Grid Technology Market Segmentation
11. Smart Grid Technology Market, Regional and Country Analysis
12. Asia-Pacific Market
13. Western Europe Market
14. Eastern Europe Market
15. North America Market
16. South America Market
17. Middle East Market
18. Africa Market
19. Competitive Landscape And Company Profiles
20. Key Mergers And Acquisitions
21. Opportunities And Strategies
22. Smart Grid Technology Market, Conclusions And Recommendations
23. Appendix
Executive Summary
Smart Grid Technology Global Market Opportunities And Strategies To 2032 provides the strategists; marketers and senior management with the critical information they need to assess the global smart grid technology market as it emerges from the COVID-19 shut down.Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 12 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis
Description:
Where is the largest and fastest-growing market for smart grid technology? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider smart grid technology market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics: Brief introduction to the segmentations covered in the market, definitions and explanations about the smart grid technology market.
- Key Trends: Highlights the major trends shaping the global smart grid technology market. This section also highlights likely future developments in the market.
- Macro Economic Scenario: The report provides an analysis of geopolitical tensions between Russia and Ukraine, impact of the COVID-19 pandemic and impact of rising inflation and interest rates on global and regional markets, providing strategic insights for businesses in the smart grid technology market.
- Global Market Size and Growth: Global historic (2017-2022) forecast (2022 - 2027, 2032F) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional Analysis: Historic (2017-2022) and forecast (2022 - 2027, 2032F) market values and growth and market share comparison by region.
- Market Segmentation: Contains the market values (2017-2032) (2022 - 2027, 2032F) and analysis for each segment by component, by network operation, by technology, by application and by end-user in the market.
- Regional Market Size and Growth: Regional market size (2022), historic (2017-2022) and forecast (2022-2027, 2032F) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape: Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Key Mergers and AcquisitionsInformation on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities And Strategies: Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations: This section includes recommendations for smart grid technology providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix: This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope
Markets Covered:
- 1) By Component: Hardware; Software; Services
- 2) By Network Operation: Outage Management Systems; Demand Management Systems; Geographical Management Systems; Energy Management Systems
- 3) By Technology: Wired; Wireless
- 4) By Application: Generation; Transmission; Distribution; Consumption
- 5) By End-User: Residential; Commercial; Industrial; Government
Companies Mentioned:
Siemens AG; Hitachi, Ltd.; Schneider Electric SE; Oracle Corporation; General Electric Company (GE)Countries:
China; Australia; India; Indonesia; Japan; South Korea; USA; Brazil; France; Germany; UK; RussiaRegions:
Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; AfricaTime-series:
Five years historic and ten years forecast.Data:
Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; smart grid technology indicators comparison.Data segmentations:
country and regional historic and forecast data; market share of competitors; market segments.Sourcing and Referencing:
Data and analysis throughout the report is sourced using end notes.Companies Mentioned
- Siemens AG
- Hitachi, Ltd.
- Schneider Electric SE
- Oracle Corporation
- General Electric Company (GE)
- Cisco Systems Inc.
- Eaton Corporation plc
- Itron Inc.
- International Business Machines Corporation (IBM)
- Landis+Gyr AG
- ABB
- Mitsubishi Electric
- Huawei Technologies
- Toshiba
- Panasonic
- Smarter Grid Solutions (SGS)
- Kries
- Enel
- Elster Group
- E.ON SE
- EDF France
- Engie
- Elgama-Elektronika Ltd
- NURI Telecom
- AEM S.A
- Iskraemeco Corp
- Energotest
- Elektromed Ltd
- SWTCH Energy Inc
- VRB Energy
- BeaconTron
- Solarwyse Ltd.
- Trilliant Incorporated
- Smart Grid Observer
- Windlogics (formerly SSESCO Inc.)
- UBESS
- Moura
- Voltalia
- Reuniwatt
- Neoenergia
- Iberdrola
- HIMOINSA
- otal Eren
- Nidec Industrial Solutions
- Edelar S.A.
- ALEC Energy
- Mohamed Abdulrahman Al Bahar LLC
- Honeywell International Inc
- S&C Electric Co
- Husk Power Systems
- Engie Energy Access
- PowerGen Renewable Energy
- Abengoa, S.A.
- New Southern Energy
- SOLA Group
- SolarX
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 306 |
| Published | November 2023 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value ( USD | $ 39.4 Billion |
| Forecasted Market Value ( USD | $ 219.5 Billion |
| Compound Annual Growth Rate | 18.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 56 |
