Smart grid market has significant growth scope and is estimated to be valued at USD 70 billion by 2025. The reports forecast the smart grid market by component, technology, end-use industry, and region. It highlights COVID-19 impact on the smart grid industry.

Description

Smart Grid Market: By Component (Hardware (AMI Meter, Sensors, Networking Hardware, Programmable Logic Controller (PLC)), Software (Advanced Metering Infrastructure, Smart Grid Distribution Management, Smart Grid Network Management, and Others), by Technology (Wired and Wireless), by End-User Industry, and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2020–2025)

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Smart grid market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating in the global market. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region wise and segment-wise market share/growth analysis. The report's study will outlook one of the most exhaustive analyses of the market, capturing all the aspects of the smart grid industry.

Smart Grid Market Overview

The smart grid market is projected to grow with a CAGR of 20.0%, over the forecast period (2020-2025) and valued at a USD 28.1 billion in 2019. Smart grid has generated extraordinary opportunities for the power and energy industry, leading it into a new era of availability, reliability, and efficiency. These factors are expected to accelerate the growth of smart grid market. The benefits associated with smart grid includes faster restoration of electricity after power disturbance, efficient transmission of electricity and improved integration of large-scale renewable energy systems, and among others.

Factors affecting the Smart Grid Market over the forecast period

• The key factors driving the global Smart Grid market are the increasing awareness about carbon footprint and its management and rising share of renewable energy
• The governments around the globe are introducing and emphasizing on supportive initiatives and legislative mandates are fuelling the market growth
• Increasing energy demands and growing concerns about unplanned power outages would accelerate the Smart Grid market growth. By reduced usage, the Smart Grid saves electricity, energy, delivers improved customer services, and more accurate and reliable bills
• The upgrading of the aging grid network and infrastructure and the rising need to digitalize the power sector are increasing the overall market growth
• Upcoming ventures in smart cities projects in developing regions are creating a variety of growth opportunities for the global Smart Grid market
• Rising smart meter upgrades and the emergence of cyber-attacks are further anticipated to provide opportunities to cyber technology companies with the potential to tailor their services to power companies over the coming years
• The Smart Grid market is also providing opportunities for conventional energy infrastructure companies to upgrade their network assets with improved features, flexibility, and functionality to integrate with smart technologies
• High initial setup and management costs hamper the market growth
• The development of the Smart Grid market is limited by high setup and initial costs and capital incentives to build the transmission network between the consumers and the smart grid with high maintenance costs. 
• Moreover, the issue of low energy connectivity in developing regions across the globe and inadequate government policies and regulations, as well as grid capacity extensions and modernization measures, are projected to hinder the market of Smart Grid. The lack of standardization and interoperability also impedes market growth. 
• A major challenge for key companies in the market is to know and understand the social, economic, and environmental importance of the smart grid information, and create solutions that can aggregate the data and connect the information generated by the smart grid.

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Impact of COVID-19 on the Global Smart Grid Market

The COVID-19 pandemic has disrupted the global Smart Grid market, and companies have been forced to restructure their plans to cope with the pandemic. The world economy is influenced by COVID-19 in various ways: by impacting the supply chain and market, and by its financial effect on companies. Owing to global economic issues and lack of investment in new technologies, several companies have delayed their plans. 

Smart Grid Market: Scope of the Report

The report outlines the study of the global Smart Grid market on the basis of components, technology, and end-use industry.

Based on the component, the smart grid market has been segmented into –

• Hardware
  • AMI meter
  • Sensors
  • Networking hardware
  • Programmable logic controller (PLC)
• Software
  • Advanced Metering Infrastructure
  • Smart Grid Distribution Management
  • Smart Grid Network Management
  • Grid Asset Management
  • Substation Automation
  • Smart Grid Security
  • Billing
  • Customer Information System
• Services 
  • Consulting
  • Deployment and Integration
  • Support and Maintenance

Based on technology, the smart grid market is segmented into-

• Wired
• Wireless

Based on the end-user industry, the smart grid market is segmented into-

• Residential
• Commercial
• Industrial 

Smart Grid Market: Geographical Outlook

The global smart grid market has been segmented into five geographical regions, namely, North America, Asia Pacific, South America, Europe and the Middle East and Africa (MEA). During the forecast period, North America is projected to hold the highest market share and lead the global Smart Grid market, as the region has been highly responsive to the introduction of modern and latest technologies. Moreover, as the region has vast reserves of conventional and renewable energy sources, Asia Pacific is fastest-growing region and projected to have the highest CAGR in the global market over the forecast period.

Key Global Smart Grid Market Competitors

The global smart grid market is highly fragmented, with the presence of a large number of small players across the globe. The major companies in the global Smart Grid market include –

• General Electric Company
• ABB Limited
• Siemens AG
• Schneider Electric
• Itron Incorporated
• Landis+Gyr Limited

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