Smart Grid market size is set to grow at a CAGR of 10.2% and to reach $86.9 billion during the period 2021-2026. The growing demand for power is the need of the hour. Smart grid is capable of addressing the aforementioned issues and essentially has the ability to modernize the power grid. One of the major factors driving the growth of the smart grid market is the resulting increase in efficiency and optimization that can be achieved with the use of this technology. Favorable government regulations and policies is another factor attributing to the growth of this market. Smart grid technologies play a major role in helping with greenhouse gas emission control and also increase the strength of critical infrastructure to be able to better withstand the effects of climatic change.
Competitive Landscape:
The top 5 players in the Smart Grid industry are –
1. ABB Ltd
2. Eaton Corporation PLC
3. General Electric Co
4. Siemens AG
5. Exelon Corporation
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Segment Analysis:
1. DC Smart Grids hold a major share in the Smart Grid market globally at 66% share in 2020.Smart Grid market is being driven by deployment of improved distributed energy resources (DER) technologies such as micro turbines, combustion turbines, hydrogen electrolyzers, synchronous generators, hybrid systems, wind systems and other distributed generation technologies
2. Industrial sector is witnessing a significant growth in a market and estimated to reach 5.2 Billion, growing at a CAGR of 6.9%. The growth is attributed due to the surge of various industrial verticals such as water and waste water, chemicals, Oil and Gas and others.
3. Smart Grid Market is dominated by North America with a market share 35.2% in 2020. Growing interest towards unconventional reserves accompanied with technological advancements leading to the higher well production rates are driving the growth of oil and gas in U.S. The growth of oil and gas industry has poised the growth of water and Heat meters.
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Report Coverage |
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Report Attributes |
Details |
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By Grid Type |
AC, DC
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By Technology |
Advanced Metering Infrastructure (AMI) (Meter Data Management System, Analytics, AMI Security), Distributed Automation, Software, hardware (Sensors, Smart Meters and Others), Communication Technologies, Cyber Security and Others
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By Vertical |
Industrial, Military, Utility, Aerospace and Defense, Automotive, Others
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By Geography |
North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Australia and Others), and RoW (Middle east and Africa)
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Market Drivers and Challenges:
1. Smart Grid is emerging as a viable option for rural electrification. Smart Grid not only ensures installation of power set up much faster but also ensures lower energy costs as compared to conventional grids.
2. Smart Grid manufacturers are increasingly producing energy-efficient products to reduce carbon footprint and enable energy savings for the consumers. The rise of energy-efficient appliances can be attributed to the stringent government regulations on electric home appliances and advances in technology.
3. Implementation of Smart Grid solutions in factories is a part of automation process. Adoption of automation machines can be one of the most cost intensive process and requires high capital input.
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