Rapid Technological Advancements to Expedite Global Smart Grid Market Through 2030

Modernization of aging grid infrastructure is expected to drive the global smart grid market during the forecasted period, 2023-2030.   

According to the Markets and Data Research report, “Global Smart Grid Market Assessment, By Region, Opportunities and Forecast, 2016-2030F”, the Global Smart Grid Market was valued at USD 52.19 billion in 2022 and is expected to register a CAGR of 19.61% during the forecast period.

Smart grids are crucial for modernizing the electrical grid, improving reliability, and reducing carbon emissions. They enable efficient management and routing of power, thereby providing a more reliable and sustainable energy system. Smart grids also empower consumers to manage their energy usage more effectively, leading to significant cost savings and reduced risk of power blackouts. By optimizing the integration of renewable energy sources, they promote a more reliable and sustainable energy system, minimizing waste and maximizing system reliability, resilience, flexibility, and stability. Additionally, smart grids offer benefits such as increased national security for energy systems, improved regulatory frameworks, and reduced operational and commercial losses. They also provide consumers with increased awareness about their electricity usage and give them more control over their energy consumption.

Overall, smart grids play an indispensable role in managing high power demands and low energy availability, thereby making them a crucial component of the journey towards a sustainable future.

Spread through 360 pages, the "Global Smart Grid Market" report includes an in-depth TOC, over 87 market data figures, the latest market developments, key drivers and opportunities, and a thorough study of major company profiles. Moreover, the report offers strategic recommendations, pricing analysis, market share analysis, and value chain analysis in detail.

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Key Takeaways:

• Improved grid reliability and reduced carbon emissions are anticipated to propel market expansion.
• MNCs are currently focusing on the integration of renewable energy sources to provide them with a competitive advantage.
• The market is expanding due to the continuously rising demand for a secure and reliable electricity supply.

Global Smart Grid Market is Segmented in the Following Categories:

By Network Area– Home Area Network, Neighborhood Area Network, Wide Area Network, Long Range Wide Area Network, Others

By Components – Hardware (Smart Sensors, Smart Power Meters, Super Conducting Cables, Integrated Communications, Phasor Measurement Units, Others), Software (Smart Energy Management System, Demand Response Management System, Distribution Management Systems, Outage Management Systems)

By Application – Distribution Automation, Conservation Voltage Reduction, Substation Automation, Advanced Metering Infrastructure, Others

By Region: North America, Europe, Asia-Pacific, South America, Middle East and Africa

Based on network area, the home area network (HAN) segment led the market comprehensively. The smart grid HAN represents a groundbreaking advancement in modern energy management. This intelligent network seamlessly integrates smart devices and household appliances, facilitating smooth communication and control between consumers and utility providers. Through real-time data exchange, HAN empowers homeowners to vigilantly monitor and optimize their energy consumption, resulting in more efficient resource utilization and cost savings. By championing demand-response initiatives, HAN actively involves consumers in energy conservation endeavors, fostering a greener and more sustainable future. With its potential to revolutionize energy consumption patterns and bolster grid reliability, the smart grid HAN stands at the forefront of a more intelligent and interconnected energy ecosystem. The growth of the HAN within the smart grid market can be attributed to increased connectivity, improved energy efficiency, demand response capabilities, and more.

In terms of region, the Asia-Pacific region leads the smart grid market due to rapid progress in development, government initiatives, increased demand for energy efficiency, improved grid reliability, and integration of renewable energy sources. The high investments in research and development (R&D) drive innovation and market growth, thereby making the Asia-Pacific region a frontrunner in the smart grid sector. Governments in countries like China, India, and Japan are heavily investing in modernizing their energy infrastructure, fostering smart grid adoption.

Major Companies Operating in the Global Smart Grid Market Include:

1.    Schneider Electric SE

2.    General Electric Company (GE Grid Solutions)

3.    Cisco Systems, Inc.

4.    IBM Corporation

5.    Siemens AG

6.    Wipro Limited

7.    Honeywell International, Inc.

8.    Oracle Corporation

9.    Itron, Inc

10.  Hitachi Energy Ltd

The smart grid market has attracted substantial investment, driving significant sector expansion and heightened market competitiveness. Major companies are vying for dominance through joint ventures, R&D projects, and partnerships to enhance their product lines and gain a competitive edge. This has led to the market's robust growth and the expansion of smart grid technologies across various regions, with Asia-Pacific emerging as a key leader in the smart grid sector.

In June 2023, Siemens launched LV Insights X software, a revolutionary solution for proactively handling low-voltage grids. This software signified a notable progress in low-voltage grid management, enabling operators to enhance capacity and actively supervise the grid amidst the energy transition. Through data-driven insights and operational optimization, utilities could aid in building a sustainable and robust energy system. LV Insights X was an essential tool for utilities aiming to improve their grid management abilities and promote the shift towards a more environment-friendly future.

In May 2023, Honeywell introduced its Next Generation Cellular Module (NXCM), a revolutionary solution for upgrading legacy gas and water meters into smart meters without the need for extra infrastructure expenses. This innovative module enabled wireless connectivity for meters through existing public cellular networks, enhancing monitoring, safety, and analytical capabilities for both utility providers and consumers. By using the NXCM, utility companies could efficiently collect data from gas and water meters, enhancing operational efficiency, reducing expenses, and providing customers with precise usage information.

“Global Smart Grid Market Assessment, 2016-2030F”, evaluates the future growth potential of global smart grid market and provides statistics & information on market size, structure, and future market growth. The comprehensive report provided vital market insights for corporate executives to make well-informed investment decisions. It delved into emerging trends, key drivers, challenges, and promising opportunities in the market, providing a thorough analysis to equip industry professionals with the knowledge needed to navigate the dynamic market landscape and capitalize on its growth potential. The report also covers various aspects, including market segmentation, applications, regional dynamics, a detailed examination of the competitive landscape, recent developments, and emerging trends.

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