Global Smart Grid Market is expected to reach a market size worth US$92.107 billion by 2026

smart grid market

The prime factors driving the growth of the smart grid market are the increase in the deployment of smart grid technologies and recognition by governments as the strategic infrastructural investment.

As per the report, the market about smart grid market is expected to grow at a steady pace.

A smart grid is a power supply network that utilizes digital communication technology to detect and react to changes in power usage, and automatically realize the self-repair of the grid after a power outage.

The smart grid market growth is mainly fueled by regulatory pressures to reduce carbon emissions, rising power demand, and use renewable energy to generate electricity to facilitate energy conservation and consumption efficiency. In addition, population growth, rapid industrialization, increasing environmental concerns of fossil power plants, and urbanization have all put pressure on the government to formulate guidelines for carbon emissions. There is an increasing awareness of the advantages of smart grid technology, such as reducing energy consumption and saving money for end-users such as residential, commercial, and industrial. Preferential policies and tax incentives are predicted to facilitate the smart grid market.

But, because of the low availability of power particularly in underdeveloped countries as well as inadequate government regulations and measures to modernize and augment the grid infrastructure, the growth of the smart grid market is restricted.

By components, the smart grid market is broadly divided into further sub-categories. By software into advanced metering infrastructure, smart grid distribution management, smart grid network management, grid asset management, substation automation, smart grid security, and others. By hardware into sensors, programmable logic controller, smart meter, and networking hardware. And, by service into consulting, deployment and integration, and support and maintenance. By end-users are segmented as residential, commercial, and industrial. The software segment is expected to account for a significant market share.

By geography, the smart grid market is studied across into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. North America is predicted to dominate the market owing to the increasing investment and technological advancement in the region.

As a part of the report, the major players operating in the smart grid market, that have been covered are IBM Corporation, Schneider Electric SE, Duke Energy Corporation, General Electric Company, ABB Limited, S&C Electric Company, Siemens AG, Hitachi, Ltd., Landis+Gyr, and Networked Energy Services.

View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/smart-grid-market

This analytics report segments the smart grid market on the following basis: 

  • By Component
    • Software
      • Advanced Metering Infrastructure
      • Smart Grid Distribution Management
      • Smart Grid Network Management
      • Grid Asset Management
      • Substation Automation
      • Smart Grid Security
      • Others
    • By Hardware
      • Sensors
      • Programmable Logic Controller
      • Smart Meter
      • Networking Hardware
    • By Service
      • Consulting
      • Deployment and Integration
      • Support and Maintenance
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • Spain
      • United Kingdom
      • France
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • South Africa
      • Others
    • Asia Pacific
      • China
      • Japan
      • Australia
      • India
      • Others