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Smart Grid Market Trending Technologies with 18.2% of CAGR by 2030

The global smart grid market size is forecasted to reach from US$ 36 billion in 2021 to US$ 162.4 billion by 2030 and is anticipated to grow at compounded annual growth rate (CAGR) of 18.2% from 2021 to 2030, as per reports by market research and consulting organization Precedence Research.

The report contains 150+ pages with detailed analysis. The base year for the study has been considered 2021, the historic year 2017 to 2020, the forecast period considered is from 2021 to 2030.

The smart grid market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit). The report offers exclusive insights to help companies make informed decisions to sustain growth through the assessment period.

Download Free Sample Copy with TOC, Graphs & List of Figures @ https://www.precedenceresearch.com/sample/1401

The global smart grid market size was valued at USD 30.6 billion in 2020. The global market witnessed by the governments’ regulatory frameworks regarding the adoption of the smart grids for ensuring regular power supply. The rising demand for the reliable and regular power supply owing to the increasing shift towards sustainable energy sources is boosting the growth of the smart grid market. The rising adoption of the electric vehicle across the globe and rising investments in setting up charging stations at various locations is the most significant factor behind the burgeoning demand for the smart grids across the globe.

Moreover, the rising efforts to reduce carbon emission and develop emission free sources of energy are boosting the demand for the smart grids. Several nations have plans to develop a number smart cities which will essentially be operated through the power supplied through the smart grids is expected to be the most prominent drivers of the global smart grid market during the forecast period.

Scope of the Smart Grid Market Report

Report Highlights Details
Market Size in 2030 USD 162.4 Billion
Growth Rate CAGR of 18.2% From 2021 to 2030
Largest Market North America
Fastest Growing Market Asia Pacific
Base Year 2021
Forecast Period 2021 to 2030
Segments Covered Technology, Application, Region

Competitive Intelligence

The report provides an understanding of the market composition and explains the role of established players and regional contributors. It is essential for the market players to make calculative moves and focus on client acquisition and retention. The detailed company profiles will provide the necessary intelligence to the reader. In order to maintain their share, the market players are focusing on strategies such as cross-border expansion, product differentiation and so on.

Some of the prominent players in the global smart grid market are listed as below:

  • GE
  • Schneider Electric
  • ABB
  • Siemens
  • Itron
  • Cisco
  • Aclara
  • OSI
  • Oracle
  • Wipro
  • IBM
  • Honeywell
  • Eaton
  • S&C
  • Electric Company
  • Kamstrup
  • Trilliant Holdings
  • Globema
  • Tech Mahindra
  • Enel X North America

Market Dynamics

Driver

The regulatory frameworks of the government is supporting the deployment of smart grids

The government of various developed and developing nations are constituting supportive regulatory frameworks that boosts the deployment of the smart grid infrastructure. For instance, Thailand’s Electricity Generating Authority and Canada’s Renewables and Electrification Pathways Programme. These developmental strategies of the government in various countries is expected to drive the demand for the smart grids and help them to achieve zero emissions in the upcoming future.

Restraints

High costs associated with the smart grids

A huge capital investment is involved in the installation of the smart grids. For this reason, the capital intensive regions like Europe and North America are capable of deploying the smart grid infrastructure rapidly while the underdeveloped regions like Africa and Latin America lacks adequate amount funds to invest in the smart grids. This factor may restrict the growth of the global smart grid market.

Opportunities

The development of Smart Cities in various countries

Smart Cities are well connected through the regular and reliable power supply and extensively uses the latest technologies like artificial intelligence and inter of things. The development of smart cities in the Asia Pacific regions are expected to offer growth avenues to the market players as smart grids are an essential component in the smart cities.

Challenges

Lack of proper management and cybersecurity

The management of the smart grid technologies involves storage and maintenance of huge volume of data that needs to be efficiently managed. Moreover, the rising number of cyberattacks is a major threat to the smart grids systems. Tackling the cybersecurity risks is a major challenge for the market players.

Report Highlights

  • Based on the technology, the advanced metering infrastructure dominated the market in 2020. The deployment of smart grids involves adoption of smart meters and hence increased installation of the smart meters has boosted the growth of this segment. The data security, reduced operational costs, and automatic detection of the network errors are the major benefits of the smart meters that augmented the demand for the advanced metering infrastructure.
  • Based on the application, the consumption is estimated to be the most opportunistic segment during the forecast period. The rising adoption of the ICT technologies and the rising penetration of the electric vehicles across the globe are expected to be the major drivers of the consumption segment during the forecast period.

Regional Snapshots

North America dominated the global smart grid market during 2020. This is mainly due to the supportive regulatory frameworks regarding the smart grids in the nations like US and Canada. For instance, Canada launched Renewable and Electrical Pathways Program through its Ministry of Natural Resources, which is a four year scheme that will facilitate the smart grid roll out. This scheme was funded with US4 795 million. It aimed at improving reliability of its smart grids and increasing its capacity. According to the Canada Ministry of Natural Resources, this will help Canada to achieve net-zero emissions by the year 2050. The US is also investing heavily in the deployment of the smart grid infrastructure. In fact, US is the global leader in the smart grid market. North America is among the early adopters of the smart grid technologies and the potential benefits of the smart grids had increased the investments in the deployment of the smart grid infrastructure in the region. Therefore, the huge financial capacity of the North America is expected to sustain its position in the smart grid market during the forecast period.

Asia Pacific is estimated to be the most opportunistic market during the forecast period. The countries like China, Japan, Thailand, South Korea, and India are presenting lucrative growth opportunities to the market players. The formation of various regulatory norms regarding the smart grid infrastructure deployment is the primary growth driver. The nations like China and India are heavily investing in the development of smart cities, which is expected to augment the demand for the smart grid technologies in the forthcoming years. Furthermore, the rapid industrialization in the region has resulted in increased pollution and hence the demand for the clean and green energy is rising at a rapid rate in this region. These factors are expected to drive the growth of the smart grid market in the region during the forecast period.

Segments Covered in the Report

By Technology

  • Advanced Metering Infrastructure
  • Distribution Management
  • Substation Automation
  • Communications
  • Security
  • Network Management

By Application

  • Generation
  • Transmission
  • Distribution
  • Consumption

Regional Segmentation

– North America (U.S. and Canada)

 – Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)

 – Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)

 – Latin America (Brazil and Rest of Latin America)

– Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Why should you invest in this report?

If you are aiming to enter the global smart grid market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for smart grid are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

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TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Smart Grid Market 

5.1. COVID-19 Landscape: Smart Grid Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Smart Grid Market, By Technology

8.1. Smart Grid Market, by Technology Type, 2021-2030

8.1.1. Advanced Metering Infrastructure

8.1.1.1. Market Revenue and Forecast (2019-2030)

8.1.2. Distribution Management

8.1.2.1. Market Revenue and Forecast (2019-2030)

8.1.3. Substation Automation

8.1.3.1. Market Revenue and Forecast (2019-2030)

8.1.4. Communications

8.1.4.1. Market Revenue and Forecast (2019-2030)

8.1.5. Security

8.1.5.1. Market Revenue and Forecast (2019-2030)

8.1.6. Network Management

8.1.6.1. Market Revenue and Forecast (2019-2030)

Chapter 9. Global Smart Grid Market, By Application

9.1. Smart Grid Market, by Application, 2021-2030

9.1.1. Generation

9.1.1.1. Market Revenue and Forecast (2019-2030)

9.1.2. Transmission

9.1.2.1. Market Revenue and Forecast (2019-2030)

9.1.3. Distribution

9.1.3.1. Market Revenue and Forecast (2019-2030)

9.1.4. Consumption

9.1.4.1. Market Revenue and Forecast (2019-2030)

Chapter 10. Global Smart Grid Market, Regional Estimates and Trend Forecast

10.1. North America

10.1.1. Market Revenue and Forecast, by Technology (2019-2030)

10.1.2. Market Revenue and Forecast, by Application (2019-2030)

10.1.3. U.S.

10.1.3.1. Market Revenue and Forecast, by Technology (2019-2030)

10.1.3.2. Market Revenue and Forecast, by Application (2019-2030)

10.1.4. Rest of North America

10.1.4.1. Market Revenue and Forecast, by Technology (2019-2030)

10.1.4.2. Market Revenue and Forecast, by Application (2019-2030)

10.2. Europe

10.2.1. Market Revenue and Forecast, by Technology (2019-2030)

10.2.2. Market Revenue and Forecast, by Application (2019-2030)

10.2.3. UK

10.2.3.1. Market Revenue and Forecast, by Technology (2019-2030)

10.2.3.2. Market Revenue and Forecast, by Application (2019-2030)

10.2.4. Germany

10.2.4.1. Market Revenue and Forecast, by Technology (2019-2030)

10.2.4.2. Market Revenue and Forecast, by Application (2019-2030)

10.2.5. France

10.2.5.1. Market Revenue and Forecast, by Technology (2019-2030)

10.2.5.2. Market Revenue and Forecast, by Application (2019-2030)

10.2.6. Rest of Europe

10.2.6.1. Market Revenue and Forecast, by Technology (2019-2030)

10.2.6.2. Market Revenue and Forecast, by Application (2019-2030)

10.3. APAC

10.3.1. Market Revenue and Forecast, by Technology (2019-2030)

10.3.2. Market Revenue and Forecast, by Application (2019-2030)

10.3.3. India

10.3.3.1. Market Revenue and Forecast, by Technology (2019-2030)

10.3.3.2. Market Revenue and Forecast, by Application (2019-2030)

10.3.4. China

10.3.4.1. Market Revenue and Forecast, by Technology (2019-2030)

10.3.4.2. Market Revenue and Forecast, by Application (2019-2030)

10.3.5. Japan

10.3.5.1. Market Revenue and Forecast, by Technology (2019-2030)

10.3.5.2. Market Revenue and Forecast, by Application (2019-2030)

10.3.6. Rest of APAC

10.3.6.1. Market Revenue and Forecast, by Technology (2019-2030)

10.3.6.2. Market Revenue and Forecast, by Application (2019-2030)

10.4. MEA

10.4.1. Market Revenue and Forecast, by Technology (2019-2030)

10.4.2. Market Revenue and Forecast, by Application (2019-2030)

10.4.3. GCC

10.4.3.1. Market Revenue and Forecast, by Technology (2019-2030)

10.4.3.2. Market Revenue and Forecast, by Application (2019-2030)

10.4.4. North Africa

10.4.4.1. Market Revenue and Forecast, by Technology (2019-2030)

10.4.4.2. Market Revenue and Forecast, by Application (2019-2030)

10.4.5. South Africa

10.4.5.1. Market Revenue and Forecast, by Technology (2019-2030)

10.4.5.2. Market Revenue and Forecast, by Application (2019-2030)

10.4.6. Rest of MEA

10.4.6.1. Market Revenue and Forecast, by Technology (2019-2030)

10.4.6.2. Market Revenue and Forecast, by Application (2019-2030)

10.5. Latin America

10.5.1. Market Revenue and Forecast, by Technology (2019-2030)

10.5.2. Market Revenue and Forecast, by Application (2019-2030)

10.5.3. Brazil

10.5.3.1. Market Revenue and Forecast, by Technology (2019-2030)

10.5.3.2. Market Revenue and Forecast, by Application (2019-2030)

10.5.4. Rest of LATAM

10.5.4.1. Market Revenue and Forecast, by Technology (2019-2030)

10.5.4.2. Market Revenue and Forecast, by Application (2019-2030)

Chapter 11. Company Profiles

11.1. GE

11.1.1. Company Overview

11.1.2. Product Offerings

11.1.3. Financial Performance

11.1.4. Recent Initiatives

11.2. Schneider Electric

11.2.1. Company Overview

11.2.2. Product Offerings

11.2.3. Financial Performance

11.2.4. Recent Initiatives

11.3. ABB

11.3.1. Company Overview

11.3.2. Product Offerings

11.3.3. Financial Performance

11.3.4. Recent Initiatives

11.4. Siemens

11.4.1. Company Overview

11.4.2. Product Offerings

11.4.3. Financial Performance

11.4.4. Recent Initiatives

11.5. Itron

11.5.1. Company Overview

11.5.2. Product Offerings

11.5.3. Financial Performance

11.5.4. Recent Initiatives

11.6. Cisco

11.6.1. Company Overview

11.6.2. Product Offerings

11.6.3. Financial Performance

11.6.4. Recent Initiatives

11.7. Aclara

11.7.1. Company Overview

11.7.2. Product Offerings

11.7.3. Financial Performance

11.7.4. Recent Initiatives

11.8. OSI

11.8.1. Company Overview

11.8.2. Product Offerings

11.8.3. Financial Performance

11.8.4. Recent Initiatives

11.9. Oracle

11.9.1. Company Overview

11.9.2. Product Offerings

11.9.3. Financial Performance

11.9.4. Recent Initiatives

11.10. Wipro

11.10.1. Company Overview

11.10.2. Product Offerings

11.10.3. Financial Performance

11.10.4. Recent Initiatives

Chapter 12. Research Methodology

12.1. Primary Research

12.2. Secondary Research

12.3. Assumptions

Chapter 13. Appendix

13.1. About Us

13.2. Glossary of Terms

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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