Market Size of Smart Grid Network Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 11.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Smart Grid Market Analysis
The global smart grid network market is expected to record a CAGR of more than 11% during the forecast period, 2022-2027. The COVID-19 pandemic had slowed the growth of the smart grid market, as various countries across the world were forced to implement strict lockdowns during the first half of 2020. Governments and local authorities issued strict guidelines, and all non-essential operations were halted. This adversely affected the smart grid market owing to the suspension of end-user activities. Factors such as increased investment and deployment of smart grid technologies such as smart meters, EV chargers, and other associated smart grid infrastructure technologies are expected to drive the market in the coming years. However, low accessibility to electricity in underdeveloped nations across the world and poor government regulations and initiatives for expanding and modernizing the grid infrastructure are expected to limit the growth of the market studied during the forecast period.
- Advanced Metering Infrastructure (AMI) is expected to witness significant growth during the forecast period due to the increasing deployment of smart grid technologies across the world's developed and emerging economies.
- Governments of both emerging and underdeveloped nations worldwide are increasingly viewing smart grid technology as a strategic infrastructural investment that will sustain their long-term economic prosperity and help them achieve their carbon emission reduction targets. This, in turn, is expected to provide an ample amount of opportunities to the companies involved in the smart grid network market in the near future.
- Asia-Pacific is expected to dominate the market during the forecast period, with the majority of the demand coming from China, India, and Japan.
Smart Grid Industry Segmentation
The smart grid network market report includes:
| Technology Application Area | |
| Transmission | |
| Demand Response | |
| Advanced Metering Infrastructure (AMI) | |
| Other Technology Application Areas |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle East & Africa |
Smart Grid Network Market Size Summary
The smart grid market is poised for significant growth, driven by increased investments in advanced technologies such as smart meters and electric vehicle chargers. Despite the initial slowdown due to the COVID-19 pandemic, which disrupted operations globally, the market is expected to recover and expand. The adoption of smart grid technologies is seen as a strategic move by governments worldwide to enhance economic stability and meet carbon reduction goals. However, challenges such as limited electricity access in underdeveloped regions and inadequate government support for grid modernization may hinder market growth. The Advanced Metering Infrastructure (AMI) sector is anticipated to experience substantial growth, offering operational efficiencies and cost savings for utility companies while providing enhanced service to customers.
The Asia-Pacific region is expected to lead the smart grid market, with China, India, and Japan at the forefront. These countries are making significant strides in modernizing their power infrastructure, supported by government initiatives and substantial investments. China's ambition to become a leader in electrical power equipment and India's efforts to improve power access through the National Smart Grid Mission are key drivers of market expansion in the region. The smart grid network market is moderately fragmented, with major players like ABB Ltd, Cisco Systems Inc., and General Electric Company actively contributing to innovations and advancements in the sector. Recent acquisitions and product launches, such as Schneider Electric's acquisition of DC Systems BV and Siemens Energy's Unified Power Flow Controller, highlight the ongoing efforts to enhance smart grid capabilities.
Smart Grid Network Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Technology Application Area
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2.1.1 Transmission
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2.1.2 Demand Response
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2.1.3 Advanced Metering Infrastructure (AMI)
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2.1.4 Other Technology Application Areas
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2.2 Geography
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2.2.1 North America
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2.2.2 Europe
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2.2.3 Asia-Pacific
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2.2.4 South America
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2.2.5 Middle East & Africa
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Smart Grid Network Market Size FAQs
What is the current Smart Grid Network Market size?
The Smart Grid Network Market is projected to register a CAGR of greater than 11% during the forecast period (2024-2029)
Who are the key players in Smart Grid Network Market?
ABB Ltd, Cisco Systems Inc., Eaton Corporation PLC, General Electric Company and Itron Inc are the major companies operating in the Smart Grid Network Market.
