DUBLIN--(BUSINESS WIRE)--The "Smart Grid Market: Analysis by Component, Application, Technology, End User, and Region - Growth Trends and Forecast to 2030" has been added to ResearchAndMarkets.com's offering.
The global smart grid market, valued at USD 55.54 billion in 2024, is projected to soar to USD 145.42 billion by 2030.
This rapid growth is fueled by a converging array of trends, including the rising demand for efficient energy distribution systems driven by renewable energy adoption. Smart grids facilitate the integration of solar and wind technologies, balancing supply and demand effectively. The proliferation of electric vehicles necessitates intelligent infrastructure to streamline EV charging, further expanding market opportunities.
Technological advancements, notably IoT, big data analytics, and artificial intelligence, enhance the smart grid sector's capabilities, allowing utilities to optimize energy usage and bolster grid reliability. Regulatory policies aimed at reducing carbon emissions and promoting energy sustainability are driving wider adoption of smart grid solutions. The market is anticipated to grow at a CAGR of approximately 17% from 2025 to 2030.
Market Segmentation Insights
The market is segmented into components, applications, technologies, end-users, and regions. Among components, the smart grid software segment plays a pivotal role due to its necessity in analyzing real-time data for optimizing power flow and system reliability. Distribution applications dominate the application segment, crucial for optimizing electricity delivery across various sectors. Technologies like Advanced Metering Infrastructure (AMI) enhance the market, with this segment leading due to its real-time energy data provision for utilities.
Utilities remain the largest end-user segment, capitalizing on smart grid technologies to improve monitoring, grid management, and integration of renewable sources. Regionally, North America, driven by robust government support and technological adoption, led the market in 2024. The US is expected to maintain its leadership in North America through 2030, driven by investments in grid infrastructure and smart technologies.
Market Dynamics
Growth drivers include renewable energy source integration, smart infrastructure investment, and increased EV charging infrastructure demand. The need for grid modernization, driven by aging infrastructure and rising energy demands, propels this market forward. However, challenges such as high initial investments and cybersecurity risks pose potential hindrances.
Notable Trends
Emerging trends include heightened energy sector investments, the advent of virtual power plants, and blockchain's incorporation. Blockchain technology is particularly transformative, enhancing security, efficiency, and transparency in grid management and peer-to-peer energy trading.
Competitive Landscape
The smart grid market is highly competitive. Leading players include ABB Group, Schneider Electric SE, Siemens AG, Cisco Systems, Inc., GE Vernova Inc., IBM, Itron, Inc., Eaton Corporation PLC, Honeywell International Inc., Hitachi, Ltd., Landis+Gyr Group AG, and Oracle Corporation. These companies engage in strategic initiatives to retain market dominance. Schneider Electric's recent developments in smart grid applications and Siemens' launch of Gridscale X exemplify the innovative approaches deployed to enhance grid management and digital transformation.
Key Topics Covered:
1. Executive Summary
2. Introduction
2.1 Smart grid: An Overview
2.2 Smart Grid Segmentation: An Overview
3. Global Market Analysis
3.1 Global Smart Grid Market
3.2 Component Analysis
3.3 Application Analysis
3.4 Technology Analysis
3.5 End-User Analysis
4. Regional Market Analysis
4.1 North America
4.2 Europe
4.3 Asia Pacific
4.4 Rest of the World
5. Impact of COVID-19
5.1 Impact on Global Market
5.2 Post COVID-19 Impact
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Integration of Renewable Energy Sources
6.1.2 Increasing Investment in Smart Infrastructure
6.1.3 Rising Demand for Electric Vehicles (EVs) and Charging Infrastructure
6.1.4 Growing Energy Demand and Rapid Urbanization
6.1.5 Surging Need for Grid Modernization
6.1.6 Government Regulations and Policies
6.2 Challenges
6.2.1 High Initial Capital Investment
6.2.2 Cybersecurity Risks
6.2.3 Interoperability and Standardization Issues
6.3 Market Trends
6.3.1 Upsurge in Investments in Energy Sector
6.3.2 Emergence of Virtual Power Plants (VPPs)
6.3.3 Technological Advancements in Smart Grid Solutions
6.3.4 Incorporation of Blockchain Technology
6.3.5 Enhanced Consumer Engagement through Smart Technologies
7. Competitive Landscape
8. Company Profiles
- ABB Group
- Schneider Electric
- Siemens
- Cisco Systems
- GE Vernova Inc. (General Electric Co)
- International Business Machines Corporation
- Itron, Inc.
- Eaton Corporation
- Honeywell International
- Hitachi, Ltd.
- Landis+Gyr Group
- Oracle Corporation
For more information about this report visit https://www.researchandmarkets.com/r/af6tt0
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