Global Smart Grid Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Global Smart Grid Market Introduction:

"The Smart Grid Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."

Smart grids are used in many applications for providing energy. In addition, grids are useful for transmission of electricity efficiently and restoring the electricity when there are power disturbances. Smart grid is based upon electricity network on digital technology which is used for supplying electricity to consumers by two-way digital communication. This system is used for monitoring, analysing, controlling communication within the supply chain for maximizing the transparency and reliability of the energy supply chain.

Market Dynamics:

Growing need for digitalization in the power sector owing to ageing electrical grid infrastructure coupled with rising concerns of unplanned power outages and environment protection are major factors expected to drive growth of the global smart grid market. In addition, increasing requirement for upgrading traditional smart grid systems to support various smart cities and smart grids is one of the other factor expected to drive growth of the global smart grid market.

Furthermore, increasing government focus toward grid restructuring is expected to drive revenue growth of market. However, high cost of the smart grid is major factor expected to restraint growth of the global market. In addition, due to its security and privacy concerns, it is expected to hamper growth of the target market over the forecast period to a certain extent.

Regional Analysis:

North America market is estimated to account for highest revenue share in the global smart grid market over the forecast period, owing to increasing latest technological advancements, such as advanced metering infrastructure (AMI), smart grid distribution management, smart grid network, and substation automation in countries in the region.

Asia Pacific market is expected to account for the second-highest revenue share in the global smart grid market, due to large-scale investments in smart grid and smart city projects in the countries in the region. The market in Europe is projected to register fastest growth rate in terms of revenue due to high adoption of solutions to minimize outages and revenue losses, and provide better smart grids and controls in the countries in the region.

Moreover, the markets in Latin America and Middle East & Africa are expected to register moderate growth rate over the forecast period. Revenue from the Middle East & Africa market is projected to register a CAGR of X.X% in the global smart grid market over the forecast period.

Global smart grid market segmentation:

By technology:

• Smart T&D Equipment
• Distribution & Network Automation
• Advanced Metering Infrastructure
• Consumer Interface
• Communication & Wireless Infrastructure

By deployment:

• Generation
• Transmission
• Distribution
• End Use

By components:

• Software
  •  Advanced Metering Infrastructure
  •  Smart Grid Distribution Management
  •  Smart Grid Network Management
  •  Grid Asset Management
  •  Substation Automation
  •  Smart Grid Security
  •  Billing and Customer Information System
• Hardware
  •  Smart Meter
  • Services
  •  Consulting
  •  Deployment and Integration
  •  Support and Maintenance

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa