What is the current market size and future outlook for the smart grid technology market?
The smart grid technology market size has grown rapidly in recent years. It will grow from $54.28 billion in 2024 to $64.11 billion in 2025 at a compound annual growth rate (CAGR) of 18.1%. The growth in the historic period can be attributed to increasing energy demand and consumption, aging grid infrastructure and rise in urbanization.
The smart grid technology market size is expected to see rapid growth in the next few years. It will grow to $131.49 billion in 2029 at a compound annual growth rate (CAGR) of 19.7%. The growth in the forecast period can be attributed to increasing renewable energy penetration, favorable government initiatives and regulations, growing electric vehicles (EVs) adoption, and energy sector digitalization. Major trends in the forecast period include increasing renewable energy penetration, favorable government initiatives and regulations, growing electric vehicles (EVs) adoption, and energy sector digitalization.
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What are the top drivers to the rising demand in the smart grid technology market?
The increasing demand for electricity generation is expected to propel the growth of the smart grid technology market going forward. Electricity refers to a type of energy that can be produced in various ways and powers machinery responsible for producing heat, light, and other effects. The smart grid provides households and businesses around the country with electricity from power plants. It can operate in the modern world thanks to its extensive network of electricity generation, transmission, and delivery. For instance, in October 2023, according to the International Energy Outlook 2023 report by the US Energy Information Administration (EIA), a US-based government agency, electricity generation worldwide is forecast to surge by 30% to 76% by 2050 compared to 2022 levels.Therefore, the increasing demand for electricity generation is driving the growth of the smart grid technology market.
How is the smart grid technology market segmented?
The smart grid technology market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Network Operation: Outage Management Systems, Demand Management Systems, Geographical Management Systems, Energy Management Systems
3) By Technology: Wired, Wireless
4) By Application: Generation, Transmission, Distribution, Consumption
5) By End-User: Residential, Commercial, Industrial, Government
Subsegments:
1) By Hardware: Smart Meters, Sensors and Measurement Devices, Distribution Management Systems, Energy Management Systems, Communication Equipment, Switchgear
2) By Software: Grid Management Software, Data Analytics Software, Customer Information Systems, SCADA (Supervisory Control and Data Acquisition) Systems, Demand Response Software
3) By Services: Consulting Services, Installation And Maintenance Services, Managed Services, Integration Services, Training And Support Services
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Who are the top competitors in the smart grid technology market?
Major companies operating in the smart grid technology market include Siemens AG, Hitachi, Ltd., Schneider Electric SE, Oracle Corporation, General Electric Company, Cisco Systems Inc., Eaton Corporation plc, Itron Inc., International Business Machines Corporation, Landis+Gyr AG, ABB, Mitsubishi Electric, Huawei Technologies, Toshiba, Panasonic, Smarter Grid Solutions, Kries, Enel, Elster Group, E.ON SE, EDF France, Engie, Elgama-Elektronika Ltd, NURI Telecom, AEM S.A, Iskraemeco Corp, Energotest, Elektromed Ltd, SWTCH Energy Inc, VRB Energy, BeaconTron, Solarwyse Ltd., Trilliant Incorporated, Smart Grid Observer, Windlogics, UBESS, Moura, Voltalia, Reuniwatt, Neoenergia, Iberdrola, HIMOINSA, Nidec Industrial Solutions, Edelar S.A., ALEC Energy, Mohamed Abdulrahman Al Bahar LLC, Honeywell International Inc, S&C Electric Co, Husk Power Systems, Engie Energy Access, PowerGen Renewable Energy, Abengoa, S.A., New Southern Energy, SOLA Group, SolarX
What significant trends should we anticipate in the smart grid technology market over the forecast period?
Technological advancements are a key trend gaining popularity in the smart grid technology market. Companies operating in the smart grid technology market are adopting new technologies to sustain their position in the market. For instance, in March 2023, the International Energy Agency, a France-based autonomous intergovernmental organization launched grid Integration tool technology. This technology was created as an add-on to the guidebook for policymakers on grid integration of EVs to evaluate the effect of EV charging on the electricity system. Users of the program can enter characteristics such as an EV fleet, driving habits, charging chances, and the type of electricity used.
Which regional trends are influencing the smart grid technology market, and which area dominates the industry?
The countries covered in the smart grid technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
What Does The Smart Grid Technology Market Report 2025 Offer?
The smart grid technology market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Smart grid technology refers to an electrical network that manages and monitors the conveyance of power from all generation sources to satisfy the various electricity needs of end customers. This network uses digital and other sophisticated technology.
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