Global Smart Grid Network Market Size, Share & Trends Analysis Report, By Components, By End User, By the Deployment Mode, By Method of Application, By Contingency of Regulation, By Dimensions of the Utility By Region Forecasts, 2024-2032

Global Smart Grid Network Market Size, Share & Trends Analysis Report, By Components, By End User, By the Deployment Mode, By Method of Application, By Contingency of Regulation, By Dimensions of the Utility By Region Forecasts, 2024-2032

Global Smart Grid Network Market was valued at US $ 36.1305 Billion in 2023 and is expected to reach US $ 108.238 billion by 2032 growing at a CAGR of 14.70% during the forecast period 2024 – 2032.

There has been a rise in the requirement for smart power networks due to the growth in electrical demand from various industries. Therefore, two-way communication between users and services linked to the internet and cloud computing is anticipated to be the primary factor driving the growth of the smart grid networks market. Electricity can be transmitted, restored to normal levels, administered effectively, and consumption data can be clearly obtained using smart grids. The significant anticipated investments in the smart grid infrastructure may also be responsible for the industry expansion. Data from the International Energy Agency shows that in 2019, smart grids cost USD 18 billion, while installing smart metres cost USD 21 billion. Furthermore, it is anticipated that intelligent grids will significantly reduce power theft in both residential and commercial settings. The market will rise as a result of increased awareness of protecting finite energy supplies and the growing usage of alternative energy sources globally.

In order to promote sustainability practices, many influential parties are also driven to adopt clean power initiatives and significant funding ventures on green energy for the reduction of greenhouse gases in the majority of countries worldwide due to the worsening environmental conditions and growing public awareness of the effects of global warming. It is anticipated that the aforementioned factors will lead to a growth in the market in the upcoming years.

End User:

Smart grid technologies are implemented by electric utilities. The industrial sector is ahead of other sectoral participants in adopting the smart grid because it prioritises improving operational efficiency. The residential user, a highly knowledgeable consumer, uses the smart metering or home automation system.

The Deployment Mode:

Operating systems that originate from a user's own servers or computer hardware are known as on-premises solutions. For example, because they don't require significant disruptions, cloud-based solutions are very easy to scale up.

Method of Application:

Real-time power grid performance, facilitated by the technology. The optimal utilisation of resources and maintaining the grid's regular operation are the goals of grid management. Automation of smart grid network security against cyberthreats that compromise protocols and systems. Utilising data analytics for load forecasting, predictive maintenance, and operational insights makes this feasible.

Contingency of Regulation:

Use of smart grid technologies in industries where rules from the government are predominant. The adoption of these advances is reliant on consumer and economic pressure.

Dimensions of the Utility

The businesses that provide large-scale utilities, usually at the national and multiregional levels. Local and regional organisations make up small and medium-sized utilities.

“North America to be largest and fastest growing region in smart grid market.”

The global smart grid network market has been classified into five distinct geographical regions: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. The largest portion of it is currently occupied by the North American market, which is expected to continue leading during the upcoming years. This is a result of both the region's rising smart grid presence and its residents' growing environmental concern. Finally, the increasing rate of industry expansion is driving up energy demand. The increasing demand for this industry in the region will be significantly boosted by another crucial component.

The industrial sector in developing nations can benefit from the development of an energy infrastructure by the Asian Pacific market. Additionally, the implementation of policies designed to encourage the use of renewable resources in addition to other strategies supports market expansion in this area.

Smart grid Competitive Landscape

The competitive landscape of the smart grid market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of smart grid technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The smart grid market is highly competitive, with numerous companies vying for market share. Prominent companies in the smart grid Market include:

Major Players:

Schneider Electric, DEXMA Sensors, SL, Siemens AG, Yokogawa Electric Corporation, Johnson Controls International plc, The General Electric Company, Honeywell International Inc., Grid Point, Inc., Energate, Inc. (Tantalus Systems Corp.), ABB Ltd.

Recent Developments:

Gridspertise and the Hera Group begin working together to create the future smart grid

Consequently, in order to create technical synergies in the field of network digitization, the two firms are merging the know-how they have gained in their respective areas of specialization. The agreement calls for the testing of an integrated data gathering system utilized by Gridspertise's smart meters for electric networks and the Hera Group's gas devices. The network operated by Inrete Distribuzione Energia, the Hera Group's natural gas and electricity distribution company, will be the site of the integration testing in the gas-electricity multiservice area in Italy. The Hera Group's expertise in smart gas metering will be especially useful, as it allowed it to patent the NexMeter advanced meter—the best of its kind globally due to its cutting-edge technology and safety features, which also minimize gas dispersion into the atmosphere. Gridspertise aims to expedite the digital transformation of energy infrastructure elements by using its cutting-edge solutions for integrated measurement data management to support the creation of new, smart, and sustainable grids. The two businesses will think about working together to participate in future tenders, including those that are held outside of the country, where the sale of hardware and software solutions for gas and electricity metering is anticipated, based on the trial's outcomes. The company has signed contracts with the Hera Group to supply 435,000 smart meters and concentrators, together with a cutting-edge remote management system for the test. As a result, a set of network management solutions with the energy transition at its core is produced.