Market Size of North America Smart Grid Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.00 % |
| 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?
North America Smart Grid Market Analysis
The North American smart grid is expected to register a CAGR of more than 6% during the forecast period.
In 2020, COVID-19 had a detrimental effect on the market. Presently, the market has reached pre-pandemic levels.
- Over the medium period, with increasing power demand, growing steps for reducing transmission and distribution losses, and up-gradation of existing grid networks with developing renewable power sources, the smart grid market is expected to grow significantly during the forecast period. Also, to improve the collection of revenue for electricity and mitigate electricity theft in low-income areas, demand for a smart grid network is expected to grow in the region.
- On the other hand, considerable investment is required for setting up and modernizing power generation, transmission, and distribution networks, which can be a restraining factor in the smart grid market's growth.
- Nevertheless, countries like Mexico are expected to invest USD 6.3 billion in smart grid infrastructure and a further USD 2.1 billion in LED and smart street lighting by 2027, which may create vast opportunities for the concerned market players.
- The United States will likely dominate the North American smart grid market during the forecast period. Government initiatives and policies are expected to drive the smart grid market in the country.
North America Smart Grid Industry Segmentation
A smart grid is an electricity network built on digital technology that uses two-way digital communication to supply electricity to consumers. This system enables supply chain monitoring, analysis, control, and communication to increase efficiency, minimize energy consumption and costs, and maximize the transparency and reliability of the energy supply chain.
The North America smart grid market is segmented by technology application area and geography (the United States, Canada, and the rest of North America). By technology application area, the market is segmented into transmission, demand response, advanced metering infrastructure (AMI), and other technology application areas. The report also covers the market size and forecasts for the North America smart grid market across major countries. For each segment, the market sizing and forecasts have been done based on revenue (USD billion).
| Technology Application Area | |
| Transmission | |
| Demand Response | |
| Advanced Metering Infrastructure (AMI) | |
| Other Technology Application Areas |
| Geography | |
| United States | |
| Canada | |
| Rest of North America |
North America Smart Grid Market Size Summary
The North American smart grid market is poised for significant growth, driven by increasing power demand and the need to reduce transmission and distribution losses. The market is recovering from the setbacks caused by the COVID-19 pandemic and is expected to expand as countries in the region, particularly the United States, invest in modernizing their grid networks. The integration of renewable energy sources and advanced metering infrastructure (AMI) is a key focus, with governments supporting these initiatives through policies and funding. Despite the substantial investment required for infrastructure upgrades, the potential for improved revenue collection and reduced electricity theft in low-income areas presents a compelling case for the adoption of smart grid technologies.
The United States is anticipated to lead the North American smart grid market, supported by government initiatives and significant investments in grid modernization. The country's commitment to expanding its electric infrastructure, as evidenced by funding from the Department of Energy and the Bipartisan Infrastructure Act, underscores the strategic importance of smart grids in meeting growing electricity demand. The market is moderately fragmented, with major players like General Electric, ABB, Itron, Honeywell, and Siemens actively participating. Collaborative efforts, such as Trilliant's strategic agreement with Grupo Saesa, highlight the ongoing advancements in AMI and smart grid solutions, further propelling market growth during the forecast period.
North America Smart Grid 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 2028
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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 Substitute 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 United States
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2.2.2 Canada
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2.2.3 Rest of North America
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North America Smart Grid Market Size FAQs
What is the current North America Smart Grid Market size?
The North America Smart Grid Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in North America Smart Grid Market?
General Electric Company , ABB Ltd , Siemens AG, Itron Inc. and Honeywell International Inc. are the major companies operating in the North America Smart Grid Market.
