The global Smart Grid Marketin terms of revenue was estimated to be worth $71.8 billion in 2024 and is poised to reach $185.0 billion by 2029, growing at a CAGR of 20.8% from 2024 to 2029 according to a new report by MarketsandMarkets™.
The demand for smart grid is on the rise due to various factors. Expansion in industries like manufacturing, automotive, and construction contributes to increased adoption of smart grid because of their variable energy needs. Additionally, population growth leads to higher levels of energy requirement from increased energy consumption, thereby driving the need for smart grid. Financial uncertainties are also a driving factor, as companies seek protection against potential losses arising from unforeseen events
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=208777577
Wireless Communication technology is expected to be the second largest segment during the forecast period.
The wireless segment is growing in the Smart Grid Market owing to increasing variable energy requirement due to expansion in industries such as manufacturing, automotive, construction, power generation, and chemical production. The variable energy requirement and demand response can be fulfilled only by adapting smart grid solutions. Wireless technology offers integral support to the utilities by offering high bandwidth, covering a large area, and optimizing complex logistics and production processes. These technologies are used in several applications, such as distribution automation, substation automation, transmission lines, and power plants. Wireless communication technology enables to automate substations. Consequently, driving the demand for wireless communication.
Advance Metering Infrastructure, by software, is expected to be the largest segment during the forecast period.
Advance Metering Infrastructure (AMI) segment is expected to grow driven by the integration of advanced software solutions that facilitate two-way communication between customers and utilities. These software solutions empower both parties with real-time data on energy consumption and electricity pricing, enabling more efficient energy management. The software not only supports personalized tariff plans but also offers enhanced services such as remote meter reading, which ensures error-free data collection, and network congestion identification. Furthermore, it aids in load profiling, conducting energy audits, and implementing partial load curbing during load shedding scenarios.
The software’s ability to provide cost-effective solutions for reducing carbon footprints further underscores its growing importance. Consequently, AMI software is positioned to lead the market, reflecting its critical role in modernizing energy management and distribution systems.
Consulting Services, is expected to be the largest segment during the forecast period.
Consulting Services are projected to be the largest segment during the forecast period as these services are offered by experts from companies like Oracle, ABB, and Schneider Electric and are essential for managing solution for grid infrastructure, reducing risks, and ensuring regulatory compliance. They deliver customized, effective strategies to maximize ROI and streamline complex infrastructure projects. Consequently, fuelling the demand for these services.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=208777577
Asia Pacific is expected to be the fastest-growing region during the forecast period.
The Asia-Pacific region is poised to lead the Smart Grid Market due to rapid industrialization and construction activities, particularly in countries like India and China. This growth is driven by stringent environmental regulations, increasing awareness about energy optimization, and rising energy requirements. As these nations strive for sustainable development, the demand for smart grid escalates, making Asia Pacific the fastest-growing market for such solutions.
Key Players
Some of the major players in the Smart Grid Market are General Electric Company (US), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Wipro (India),Globema (Poland), Trilliant Holdings (US), Kamstrup (Denmark), Tech Mahindra (India), Oracle (US), Cisco (US), Eaton (Ireland), ENEL X (Italy), Grid4C (US), Mitsubishi Electric (Japan), and Itron (US) among others. The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, partnerships, joint ventures, collaborations, investments, and expansions.
Get access to the latest updates on Smart Grid Companies and Smart Grid Industry Growth
About MarketsandMarkets™:
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: newsletter@marketsandmarkets.com
Media Contact
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/smart-grid-market-208777577.html