Report Scope & Overview:
The Smart Grid Technology Market Size was valued at USD 117.70 billion in 2022, and expected to reach USD 293.52 billion by 2030, and grow at a CAGR of 12.1% over the forecast period 2023-2030.
The smart grid delivers technologies that enhance problem detection and allow the network to self-heal after power outages. By offering dependable and efficient power supply via different smart grid applications and technologies, the smart grid gives an incredible potential for both the economy and the environment.
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MARKET DYNAMICS:
KEY DRIVERS:
Governments around the world are putting in place supportive regulatory frameworks to encourage the deployment of smart grids.
Improved grid reliability and outage response efficiency.
RESTRAINTS:
Protocols and interoperability standards are poorly understood.
Smart grids have a high installation cost.
OPPORTUNITIES:
Automobile manufacturers are increasingly inclined to produce electric vehicles based on V2G technology.
Creating opportunities for both existing utility vendors and new entrants.
CHALLENGES:
Smart grid networks face cybersecurity and vulnerability issues.
Complex data generated by smart grid infrastructure must be properly stored and managed.
IMPACT OF COVID-19:
COVID-19 has had a severe impact on the global economy as well as all industries. To prevent the spread of the plague, governments in several countries have established borders. The initial phase of the epidemic's global shutdown in many countries has had a significant influence on people's lives and quality of life. As a result, the global supply chain has been shattered. The global economy has shrunk as commodity demand has decreased considerably. Due to the outbreak, which has caused a lack of immature materials, production in all industries has been slowed. Productivity declines are caused by variables such as depreciation and supply chain disruption.
Several smart grid manufacturers throughout the world have paused production because to a disruption in the supply of equipment and components from vendors in Southeast Asian nations and China due to the Covid-19 epidemic. As a result of the COVID-19 lockout, the need for smart solutions to control grid operations is projected to increase in order to eliminate the need for human involvement.
Based on Components, the smart grid technology market is segmented into Software, Service and Hardware. Smart grid software solutions aid in the effective management of smart grid operations, improve process efficiency, and lower energy production costs, which will likely drive-up demand for smart grid software solutions. Smart grid software aids in the effective management of smart grid operations, increases process efficiency, and lowers energy production costs.
Based on Technology, the smart grid technology market is segmented into Wireless and Wireline. Wireless communication is currently the most advanced technology. It is the transmission of data over a long distance without the use of electrical conductors or wires. A reliable, secure, and low-latency bi-directional communication infrastructure between intelligent electronic devices and the control center is required to implement wireless communication in a substation. Wireless technology, as opposed to wireline technology, ensures cost savings and secure data transmission. This technology provides vital assistance to utilities by providing high bandwidth, covering a large area, and optimizing complex logistics and manufacturing processes.
Based on Application, the smart grid technology market is segmented into Generation, Distribution, Transmission and Consumption. Power is generated at high voltages in any power plant; however, to reduce electricity loss, it is stepped down and connected to lower voltage distribution lines so that distribution companies can supply power to consumers. A distribution network of substations, distribution feeders, and transformers distributes power. Smart grid implementation adds intelligence to the distribution process.
KEY MARKET SEGMENTATION:
BY COMPONENTS
Software
Service
Hardware
BY TECHNOLOGY
Wireless
Wireline
BY APPLICATION
Generation
Distribution
Transmission
Consumption
BY END USE
Residential
Industrial
Commercial
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REGIONAL ANALYSIS:
The increased need for smart infrastructure, as well as the growing number of smart city initiatives, are driving North America's smart grid market expansion. As a result, there will be a greater need for automation goods, such as smart grid solutions. The APAC smart grid industry is predicted to expand significantly in the next years. Over the last five years, the market has gradually emerged. Increased power consumption in nations such as China, India, and Japan have highlighted the need to implement innovative strategies to effectively create, distribute, and consume electricity. China, India, Japan, Australia, South Korea, and other countries are involved. Although the smart grid market in APAC has exploded in comparison to North America and Europe, it lags far behind in terms of energy industry improvements. The increasing deployment of sophisticated energy storage systems will help drive the APAC smart grid market forward. Smart grids serve both end users and energy suppliers; benefits include efficient power distribution management, power outages, demand response (DR), and lower operating costs. The development of smart grid technologies and infrastructure is becoming increasingly important for APAC's energy industry.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
KEY PLAYERS:
The key players in the smart grid technology market are Cisco Systems, Siemens, General Electric, Honeywell international, ABB, IBM corporation, Schneider Electric, Wipro limited, Oracle corporation, ITRON & Other Players
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 117.70 Billion |
| Market Size by 2030 | US$ 293.52 Billion |
| CAGR | CAGR of 12.1% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Programmable (FPGA & PLD) DSP IC, Application-Specific DSP IC, General-Purpose DSP IC) • By Components (Software, Service, Hardware) • By Technology (Wireless, Wireline) • By Application (Generation, Distribution, Transmission, Consumption) • By End Use (Residential, Industrial, Commercial) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Cisco Systems, Siemens, General Electric, Honeywell international, ABB, IBM corporation, Schneider Electric, Wipro limited, Oracle corporation and ITRON. |
| Key Drivers | • Governments around the world are putting in place supportive regulatory frameworks to encourage the deployment of smart grids. • Improved grid reliability and outage response efficiency. |
| Restraints | • Protocols and interoperability standards are poorly understood. • Smart grids have a high installation cost |
Ans: The Smart Grid Technology Market size was valued at US$ 117.70 billion in 2022.
The market value is expected to reach USD 293.52 billion by 2030.
The market has been segmented with respect to type, environment, component and application.
Top-down research, bottom-up research, qualitative research, quantitative research, and Fundamental research.
Ans: The Smart Grid Technology Market is growing at a CAGR of 12.1% over the forecast period 2023-2030.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Smart Grid Technology Market Segmentation, by components
8.1Introduction
8.2 Software
8.3 Service
8.4 Hardware
9. Smart Grid Technology Market Segmentation, by technology
9.1Introduction
9.2 Wireless
9.3 Wireline
10. Smart Grid Technology Market Segmentation, by application
10.1 Introduction
10.2 Generation
10.3 Distribution
10.3 Transmission
10.4 Consumption
11. Smart Grid Technology Market Segmentation, by end use
11.1 Introduction
11.2 Residential
11.3 Industrial
11.4 Commercial
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 General Electric
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Cisco Systems
13.3 Siemens
13.4 Honeywell international
13.5 ABB
13.6 IBM corporation
13.7 Schneider Electric
13.8 Wipro limited
13.9 Oracle corporation
13.10 ITRON
14. Competitive Landscape
14.1 Competitive Benchmark
14.2 Market Share Analysis
14.3 Recent Developments
15. Conclusion
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