Smart Grid Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Smart Grid Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Smart Grid Market

The Smart Grid Market size was valued at USD 29.45 billion in 2020, and is projected to grow from USD 35.07 billion in 2021 to USD 140.53 billion in 2028, exhibiting a CAGR of 21.9% during the forecast period of 2024-2032.

The COVID-19 pandemic significantly impacted the smart grid market, to start with inflicting disruptions because of lockdowns and deliver chain interruptions. Project delays and decreased investments in infrastructure slowed market increase as utilities prioritized important offerings over new implementations. However, the pandemic also highlighted the need for resilient and bendy power structures, main to improved adoption of smart grid technologies within the put up-pandemic section. Remote monitoring and automation features of clever grids won prominence, enabling utilities to control the grid correctly whilst adhering to social distancing norms, as a consequence accelerating the long-time period transition towards smarter power networks.

One of the modern tendencies within the clever grid marketplace is the mixing of artificial intelligence (AI) and gadget studying (ML) technologies. These improvements are enhancing grid control by permitting predictive protection, optimizing power distribution, and enhancing demand forecasting. AI-pushed smart grids can examine tremendous quantities of data in real time, identifying styles and capability troubles earlier than they amplify. This proactive method not handiest reduces downtime but additionally enhances the efficiency and reliability of the grid, making it a vital trend for utilities seeking to modernize their infrastructure and meet the increasing call for for sustainable strength solutions.

A key driving issue for the smart grid market is the growing demand for electricity efficiency and sustainable strength management. As global electricity consumption maintains to develop, there is an growing want for solutions which can optimize power distribution, reduce transmission losses, and integrate renewable energy assets successfully. Smart grid technology facilitate real-time monitoring and manipulate, supporting utilities to manage deliver and demand dynamically. Additionally, authorities projects and rules promoting energy conservation and the deployment of smart meters are in addition propelling the marketplace's growth, making smart grids an vital element of destiny energy systems.

Comprehensive Analysis of smart grid market

The Smart Grid Market growth is rising at an exponential rate due to its marketplace segmentation. This market expansion correctly affords a detailed local assessments thinking about the dominant supply and call for forces that effect the enterprise. These segmentations are methodically segregated by end user, by component. By End-User include Utility, Industrial, Residential, Commercial .By Component include Software, Hardware, Services

The North America location lead the Smart Grid Market share percentage via benefitting a marketplace size of USD 9.75 billion The region is expected to see a high demand for smart grid technologies due to huge investments in new grid projects and smart city projects. .

The top players in the market play a crucial role in the industry assuring market growth and setting market standards. These players include, Google LLC (Alphabet, Inc.), Magic Leap, Inc., ReWalk Robotics, SAMSUNG, B-Temia, Panasonic Holdings Corporation, NVIDIA Corporation, Microsoft, Ekso Bionics, Vuzix,these market players provide a level-playing competitive landscape.

July 2021 – AES Ohio decided on Landis+Gyr as its era companion for a grid modernization application for boosting the performance of the power distribution network and consumer offerings. AES Ohio will utilize Landis+Gyr cloud services for community control services, gadget running software, and installation help.

Segmentation Table

ATTRIBUTE

DETAILS

Study Period

2017-2028

Base Year

2020

Estimated Year

2021

Forecast Period

2021-2028

Historical Period

2017-2019

Unit

Value (USD Billion)

Segmentation

By End-User; By Component, and By Region

By End-User

Utility

Industrial

Residential

Commercial

By Component

Software

Hardware

Services

By Geography

North America (By End-user, By Components, By Country)

• U.S. (By End-User)
• Canada (By End-User)

Europe (By End-user, By Components, By Country)

• U.K. (By End-user)
• Germany (By End-user)
• France (By End-user )
• Russia (By End-user )
• Italy (By End-user )
• Spain (By End-user )
• Rest of Europe (By End-user)

Asia Pacific (By End-user, By Components, By Country)

• China (By End-user)
• India (By End-user)
• Japan (By End-user)
• Australia (By End-user)
• Southeast Asia (By End-user)
• Rest of Asia Pacific (By End-user)
  \0
  Latin America (By End-user, By Components, By Country)
  • Brazil (By End-user)
  • Mexico (By End-user)
  • Rest of Latin America (By End-user)
  Middle East and Africa (By End-user, By Components, By Country)
  • GCC (By End-user)
  • South Africa (By End-user)
  • Rest of the Middle East and Africa (By End-user)