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.

Smart Grid Technology Market Revenue Analysis

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  • 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.


  • Protocols and interoperability standards are poorly understood.

  • Smart grids have a high installation cost.


  • Automobile manufacturers are increasingly inclined to produce electric vehicles based on V2G technology.

  • Creating opportunities for both existing utility vendors and new entrants.


  • Smart grid networks face cybersecurity and vulnerability issues.

  • Complex data generated by smart grid infrastructure must be properly stored and managed.


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.



  • Software

  • Service

  • Hardware


  • Wireless

  • Wireline


  • Generation

  • Distribution

  • Transmission

  • Consumption


  • Residential

  • Industrial

  • Commercial

Smart Grid Technology Market Segmentation Analysis

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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. 


  • 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


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

Smart Grid Technology Market Report Scope:

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

Frequently Asked Questions

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 US Canada Germany France United Kingdom China Japan South Korea 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


8.2 Software

8.3 Service

8.4 Hardware


9. Smart Grid Technology Market Segmentation, by technology


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

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

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Data Bank Validation

Step 4: QA/QC Process

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