Smart Grid Market Size, Share & Demand 2028

Summary

Report Description

Forecast Period	2024-2028
Market Size (2022)	USD 47.16 Billion
CAGR (2023-2028)	18.19%
Fastest Growing Segment	Security
Largest Market	North America

Market Overview

The Global Smart Grid market is experiencing rapid evolution, driven by the imperative to modernize traditional power infrastructures and meet the challenges of a dynamic energy landscape. Characterized by the integration of digital technologies into the traditional electricity grid, Smart Grid solutions are reshaping the generation, transmission, distribution, and consumption of energy. Key components of the Smart Grid ecosystem include Advanced Metering Infrastructure (AMI), Distribution Management Systems (DMS), Substation Automation, and robust communication networks. The market is witnessing increased emphasis on grid optimization, resilience, and sustainability, with utilities deploying smart technologies to enhance real-time monitoring, fault detection, and demand response capabilities. The Distribution segment takes center stage, focusing on the last mile of electricity delivery and incorporating features like fault detection, self-healing, and integration of Distributed Energy Resources (DERs). As global energy demands escalate and the need for sustainable practices intensifies, the Smart Grid market is poised for continuous growth. North America, Europe, Asia Pacific, and other regions are witnessing significant investments, reflecting a collective industry commitment to building intelligent, adaptive, and resilient energy infrastructures for the future.

Key Market Drivers

Increasing Demand for Energy Efficiency and Sustainability

One of the primary drivers propelling the global Smart Grid market is the escalating demand for energy efficiency and sustainability. As the world grapples with the challenges of climate change and the need to reduce greenhouse gas emissions, smart grids emerge as a crucial solution for optimizing energy consumption. The integration of smart technologies enables utilities and consumers to monitor, manage, and reduce energy usage more effectively. This emphasis on sustainability aligns with global initiatives and regulatory frameworks, driving the adoption of smart grids as a key enabler of a more environmentally conscious and energy-efficient future.

Rising Integration of Renewable Energy Sources

The increasing integration of renewable energy sources, such as solar and wind, into the power generation mix serves as a significant driver for the global Smart Grid market. Unlike traditional power sources, renewable energy generation is characterized by variability and intermittency. Smart grids play a pivotal role in efficiently managing and balancing the fluctuations in renewable energy production. Advanced technologies within smart grids enable real-time monitoring and control, facilitating seamless integration, grid stability, and the effective utilization of clean energy resources. This driver reflects the broader global commitment to transitioning towards a more sustainable and diversified energy landscape.

Growing Grid Complexity and Aging Infrastructure

The growing complexity of energy grids, coupled with aging infrastructure, is a key driver compelling the adoption of smart grid solutions globally. Traditional power grids are often characterized by outdated technologies and limited visibility into grid operations. Smart grids introduce advanced communication and control systems, providing utilities with real-time insights into grid performance, faults, and load variations. This enhanced visibility enables proactive maintenance, reduces downtime, and improves overall grid reliability. The imperative to modernize aging infrastructure aligns with the need for resilient and adaptable energy systems, driving the demand for smart grid technologies.

Government Initiatives and Regulatory Support

Government initiatives and regulatory support play a crucial role in driving the global Smart Grid market. Many governments worldwide are actively promoting the deployment of smart grids as part of their energy and environmental policies. Incentives, subsidies, and regulatory frameworks are designed to encourage utilities and industries to invest in smart grid technologies. The alignment of government objectives with smart grid adoption creates a conducive environment for deployment, fostering collaboration between public and private sectors. This driver underscores the importance of policy initiatives in shaping the trajectory of the smart grid market and accelerating its growth.

Technological Advancements and Innovation

The continuous advancement of technology and ongoing innovation within the smart grid ecosystem is a significant driver influencing the global market. Rapid developments in communication technologies, sensors, analytics, and control systems contribute to the evolution of smart grids. Innovations such as advanced metering infrastructure (AMI), grid automation, and demand response solutions enhance the capabilities of smart grids, making them more intelligent, adaptive, and efficient. The pursuit of technological excellence and the integration of cutting-edge solutions drive the attractiveness of smart grid investments, ensuring that utilities and industries stay at the forefront of the energy transition.

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Key Market Challenges

Interoperability and Standardization Issues

A substantial challenge facing the global Smart Grid market revolves around interoperability and standardization issues. As smart grid systems comprise a myriad of devices and technologies from different manufacturers, ensuring seamless communication and integration becomes complex. Lack of standardized protocols can lead to compatibility issues, hindering the interoperability of diverse components within the smart grid ecosystem. Addressing this challenge requires industry-wide collaboration to establish and adhere to common standards, fostering a more cohesive and interconnected smart grid infrastructure.

Data Security and Privacy Concerns

The proliferation of digital technologies in smart grids introduces a significant challenge related to data security and privacy. Smart grids generate vast amounts of sensitive data, including consumer energy usage patterns and grid operation information. Safeguarding this data from cyber threats and ensuring consumer privacy become paramount concerns. The interconnected nature of smart grid components increases the attack surface for potential cyber threats, necessitating robust cybersecurity measures. Striking a balance between utilizing data for grid optimization and protecting individual privacy poses a complex challenge that requires stringent regulations, encryption mechanisms, and continuous advancements in cybersecurity technologies.

High Initial Costs and Return on Investment (ROI) Uncertainty

One of the substantial challenges impeding the widespread adoption of smart grids is the high initial costs associated with infrastructure deployment and system upgrades. The extensive investment required for the installation of smart meters, sensors, communication networks, and other advanced technologies can be a barrier for utilities and governments. Additionally, the uncertainty surrounding the return on investment (ROI) and the long payback periods for smart grid projects pose financial challenges. Overcoming this hurdle necessitates incentivizing investments through regulatory frameworks, subsidies, and fostering a clearer understanding of the long-term economic and environmental benefits.

Resistance to Change and Stakeholder Engagement

Implementing smart grid technologies often encounters resistance to change from both consumers and traditional utility stakeholders. Consumers may be apprehensive about new technologies, concerns about data privacy, and potential disruptions during the transition. Utility providers may face internal resistance due to the need for organizational changes and the integration of new skill sets. Effective stakeholder engagement and communication strategies are crucial to address these challenges, emphasizing the benefits of smart grid adoption, fostering a positive perception, and garnering support from both consumers and industry participants.

Regulatory Barriers and Policy Alignment

The global Smart Grid market faces challenges associated with regulatory barriers and the alignment of policies across different regions and jurisdictions. Inconsistencies in regulatory frameworks, varying standards, and divergent policies can impede the seamless implementation of smart grid technologies. Achieving regulatory alignment requires collaboration between government bodies, utility regulators, and industry stakeholders to create a conducive environment for smart grid development. The establishment of consistent regulations and policies promotes a level playing field, encourages investments, and facilitates the harmonious integration of smart grid solutions on a global scale.

Key Market Trends

Integration of Advanced Technologies in Smart Grids

The global Smart Grid market is experiencing a significant trend marked by the integration of advanced technologies to enhance the efficiency and reliability of power distribution systems. Key technologies include Artificial Intelligence (AI), Internet of Things (IoT), and Big Data analytics. AI is employed for predictive maintenance, fault detection, and grid optimization, while IoT enables real-time monitoring and communication between devices. Big Data analytics processes vast amounts of data generated by smart grids to extract actionable insights, improving decision-making and overall grid performance. This trend reflects a shift towards more intelligent and responsive energy infrastructure.

Rise of Distributed Energy Resources (DERs) and Decentralization

A prominent trend in the global Smart Grid market is the increasing adoption of Distributed Energy Resources (DERs) and the decentralization of power generation. This shift is driven by the growing integration of renewable energy sources such as solar and wind into the grid. Smart grids facilitate the seamless incorporation of DERs, allowing for bidirectional power flow, efficient energy management, and grid balancing. Decentralization reduces dependency on centralized power plants, promotes energy resilience, and supports the transition to a more sustainable and distributed energy landscape.

Cybersecurity Measures and Grid Resilience

With the expanding connectivity and digitalization of smart grid components, there is a parallel emphasis on bolstering cybersecurity measures to protect critical infrastructure. The global Smart Grid market is witnessing a trend of increased investments in cybersecurity solutions and protocols to safeguard against cyber threats and ensure grid resilience. As smart grids rely heavily on digital communication and data exchange, robust cybersecurity measures are essential to prevent potential vulnerabilities and cyber-attacks that could disrupt the power supply and compromise the integrity of the grid.

Emphasis on Electrification of Transportation

A notable trend in the Smart Grid market is the emphasis on the electrification of transportation. With the growing adoption of electric vehicles (EVs), smart grids play a pivotal role in supporting the increased demand for electricity from the transportation sector. Smart charging infrastructure, demand response capabilities, and grid integration of EVs are becoming integral components of smart grid systems. This trend aligns with global efforts to reduce carbon emissions and transition towards sustainable and eco-friendly modes of transportation.

Utility Modernization and Grid Flexibility

Utilities worldwide are undergoing a trend of modernization to enhance grid flexibility and adaptability. The integration of smart grid technologies allows utilities to efficiently manage energy distribution, respond to dynamic demand patterns, and accommodate fluctuations in renewable energy generation. Smart grids enable real-time monitoring, control, and automation, facilitating a more resilient and agile grid infrastructure. This trend reflects a strategic shift towards modernizing legacy utility systems to meet the evolving demands of a dynamic energy landscape.

Segmental Insights

Component Insights

Software segment dominates in the global Smart Grid market in 2022. The Software segment takes center stage in the Smart Grid market due to its pivotal role in orchestrating the intelligence and functionality of modern grid systems. Smart Grid Software serves as the brain behind the brawn, enabling utilities to manage, control, and optimize the diverse elements of an intelligent energy infrastructure. One of the key subcomponents within the Software segment is Advanced Metering Infrastructure (AMI) software, which plays a crucial role in facilitating real-time communication, data analytics, and integration of smart meters, a foundational element of Smart Grid implementation.

Grid Intelligence and Analytics: Smart Grids thrive on data-driven decision-making, and Smart Grid Software provides the analytical tools needed to derive actionable insights from the massive volumes of data generated by sensors, smart meters, and grid devices. This analytical capability enhances grid visibility, predicts potential faults, and optimizes energy distribution.

Demand Response and Energy Management: The Software component enables utilities to implement demand response programs and sophisticated energy management systems. These tools empower consumers to actively participate in load management, contributing to grid stability during peak demand periods.

Grid Automation and Control: Smart Grid Software facilitates automation and control mechanisms that enhance the efficiency of grid operations. This includes the integration of Supervisory Control and Data Acquisition (SCADA) systems, distribution management systems, and outage management systems.

Technology Insights

Advanced metering infrastructure segment dominates in the global smart grid market in 2022. AMI takes the lead in dominating the Smart Grid market, serving as the bedrock technology that revolutionizes the way utilities and consumers interact with the grid. AMI represents a transformative leap from traditional metering systems by integrating advanced communication technologies, sensors, and data analytics to enable real-time monitoring, control, and two-way communication between utilities and end-users.

Granular Data Collection: AMI facilitates granular data collection by deploying smart meters that gather detailed information on energy consumption patterns, voltage levels, and other relevant metrics at frequent intervals. This level of granularity enhances grid visibility and empowers utilities with actionable insights for efficient grid management.

Real-time Communication: AMI enables seamless real-time communication between smart meters and utility back-end systems. This bidirectional communication allows utilities to remotely control and monitor meters, respond to outages promptly, and implement demand-response programs to optimize energy usage.

Consumer Empowerment: By providing consumers with access to real-time energy usage data, AMI empowers them to make informed decisions about their energy consumption. This transparency fosters a more engaged and conscious consumer base, contributing to overall energy efficiency goals.

Enhanced Grid Management: The implementation of AMI supports utilities in enhancing grid management through load forecasting, outage detection, and predictive maintenance. These capabilities contribute to the overall reliability and resilience of the grid.

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Regional Insights

North America dominates the global smart grid market in 2022. North America, particularly the United States, took an early and proactive stance in recognizing the potential benefits of smart grid technologies. The region witnessed significant investments in research, development, and implementation of smart grid solutions. Early adopters among utilities embraced the idea of modernizing the aging power infrastructure to improve reliability, efficiency, and sustainability.

Regulatory frameworks in North America played a crucial role in fostering smart grid deployment. Regulatory bodies recognized the need for grid modernization to address challenges such as aging infrastructure, increasing energy demand, and the integration of renewable energy sources. Policies and incentives were designed to encourage utilities to invest in smart grid technologies, creating a conducive environment for innovation and development.

The technological prowess of North American companies and research institutions has been instrumental in driving smart grid advancements. The region is home to a robust ecosystem of technology providers, startups, and research facilities that continuously contribute to the development of cutting-edge solutions. Innovations in areas like advanced metering, communication networks, and grid automation have positioned North America as a leader in smart grid technologies.

The region's emphasis on grid resilience and security has driven the adoption of smart grid technologies. The vulnerability of traditional grids to cyber threats and the need for a more resilient infrastructure in the face of natural disasters have accelerated the deployment of smart grid solutions. The integration of advanced cybersecurity measures has been a priority, ensuring the reliability and security of the smart grid infrastructure.

Recent Developments

July 2021, AES Ohio selected Landis+Gyr as its technology partner for a grid modernization program for enhancing the efficiency of the electricity distribution network and customer services. AES Ohio will utilize Landis+Gyr cloud services for network management services, system operating software, and installation support.
June 2021, Schneider Electric announced its partnership to help people and communities impacted by weather and climate disasters by mobilizing microgrids. The company has deployed over 45 kW of mobile solar and above 170 kWh of mobile battery storage to support more than disaster response and recovery missions which have provided emergency power access to U.S. citizens.

Key Market Players

ABB Ltd.
Siemens AG
Schneider Electric SE
Eaton Corporation plc
Honeywell International Inc.
General Electric Company
Itron, Inc.
Cisco Systems, Inc.
IBM Corporation
SAP SE

By Component	By Technology	By Application	By Region
Hardware Software Service	Advanced Metering Infrastructure Distribution Management Substation Automation Communications Security Network Management	Generation Transmission Distribution Consumption	North America Europe South America Middle East & Africa Asia Pacific

Report Scope:

In this report, the Global Smart Grid Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Smart Grid Market, By Component:

o Hardware

o Software

o Service

Smart Grid Market, By Technology:

o Advanced Metering Infrastructure

o Distribution Management

o Substation Automation

o Communications

o Security

o Network Management

Smart Grid Market, By Application:

o Generation

o Transmission

o Distribution

o Consumption

Smart Grid Market, By Region:

o North America

§ United States

§ Canada

§ Mexico

o Europe

§ Germany

§ France

§ United Kingdom

§ Italy

§ Spain

o South America

§ Brazil

§ Argentina

§ Colombia

o Asia-Pacific

§ China

§ India

§ Japan

§ South Korea

§ Australia

o Middle East & Africa

§ Saudi Arabia

§ UAE

§ South Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Smart Grid Market.

Available Customizations:

Global Smart Grid Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Global Smart Grid Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Baseline Methodology

2.2. Key Industry Partners

2.3. Major Association and Secondary Sources

2.4. Forecasting Methodology

2.5. Data Triangulation & Validation

2.6. Assumptions and Limitations

3. Executive Summary

4. Impact of COVID-19 on Global Smart Grid Market

5. Voice of Customer

6. Global Smart Grid Market Overview

7. Global Smart Grid Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Component (Hardware, Software, Service)

7.2.2. By Technology (Advanced Metering Infrastructure, Distribution Management, Substation Automation, Communications, Security, Network Management)

7.2.3. By Application (Generation, Transmission, Distribution, Consumption)

7.2.4. By Region (North America, Europe, South America, Middle East & Africa, Asia Pacific)

7.3. By Company (2022)

7.4. Market Map

8. North America Smart Grid Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Component

8.2.2. By Technology

8.2.3. By Application

8.2.4. By Country

8.2.4.1. United States Smart Grid Market Outlook

8.2.4.1.1. Market Size & Forecast

8.2.4.1.1.1. By Value

8.2.4.1.2. Market Share & Forecast

8.2.4.1.2.1. By Component

8.2.4.1.2.2. By Technology

8.2.4.1.2.3. By Application

8.2.4.2. Canada Smart Grid Market Outlook

8.2.4.2.1. Market Size & Forecast

8.2.4.2.1.1. By Value

8.2.4.2.2. Market Share & Forecast

8.2.4.2.2.1. By Component

8.2.4.2.2.2. By Technology

8.2.4.2.2.3. By Application

8.2.4.3. Mexico Smart Grid Market Outlook

8.2.4.3.1. Market Size & Forecast

8.2.4.3.1.1. By Value

8.2.4.3.2. Market Share & Forecast

8.2.4.3.2.1. By Component

8.2.4.3.2.2. By Technology

8.2.4.3.2.3. By Application

9. Europe Smart Grid Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Component

9.2.2. By Technology

9.2.3. By Application

9.2.4. By Country

9.2.4.1. Germany Smart Grid Market Outlook

9.2.4.1.1. Market Size & Forecast

9.2.4.1.1.1. By Value

9.2.4.1.2. Market Share & Forecast

9.2.4.1.2.1. By Component

9.2.4.1.2.2. By Technology

9.2.4.1.2.3. By Application

9.2.4.2. France Smart Grid Market Outlook

9.2.4.2.1. Market Size & Forecast

9.2.4.2.1.1. By Value

9.2.4.2.2. Market Share & Forecast

9.2.4.2.2.1. By Component

9.2.4.2.2.2. By Technology

9.2.4.2.2.3. By Application

9.2.4.3. United Kingdom Smart Grid Market Outlook

9.2.4.3.1. Market Size & Forecast

9.2.4.3.1.1. By Value

9.2.4.3.2. Market Share & Forecast

9.2.4.3.2.1. By Component

9.2.4.3.2.2. By Technology

9.2.4.3.2.3. By Application

9.2.4.4. Italy Smart Grid Market Outlook

9.2.4.4.1. Market Size & Forecast

9.2.4.4.1.1. By Value

9.2.4.4.2. Market Share & Forecast

9.2.4.4.2.1. By Component

9.2.4.4.2.2. By Technology

9.2.4.4.2.3. By Application

9.2.4.5. Spain Smart Grid Market Outlook

9.2.4.5.1. Market Size & Forecast

9.2.4.5.1.1. By Value

9.2.4.5.2. Market Share & Forecast

9.2.4.5.2.1. By Component

9.2.4.5.2.2. By Technology

9.2.4.5.2.3. By Application

10. South America Smart Grid Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Component

10.2.2. By Technology

10.2.3. By Application

10.2.4. By Country

10.2.4.1. Brazil Smart Grid Market Outlook

10.2.4.1.1. Market Size & Forecast

10.2.4.1.1.1. By Value

10.2.4.1.2. Market Share & Forecast

10.2.4.1.2.1. By Component

10.2.4.1.2.2. By Technology

10.2.4.1.2.3. By Application

10.2.4.2. Colombia Smart Grid Market Outlook

10.2.4.2.1. Market Size & Forecast

10.2.4.2.1.1. By Value

10.2.4.2.2. Market Share & Forecast

10.2.4.2.2.1. By Component

10.2.4.2.2.2. By Technology

10.2.4.2.2.3. By Application

10.2.4.3. Argentina Smart Grid Market Outlook

10.2.4.3.1. Market Size & Forecast

10.2.4.3.1.1. By Value

10.2.4.3.2. Market Share & Forecast

10.2.4.3.2.1. By Component

10.2.4.3.2.2. By Technology

10.2.4.3.2.3. By Application

11. Middle East & Africa Smart Grid Market Outlook

11.1. Market Size & Forecast

11.1.1. By Value

11.2. Market Share & Forecast

11.2.1. By Component

11.2.2. By Technology

11.2.3. By Application

11.2.4. By Country

11.2.4.1. Saudi Arabia Smart Grid Market Outlook

11.2.4.1.1. Market Size & Forecast

11.2.4.1.1.1. By Value

11.2.4.1.2. Market Share & Forecast

11.2.4.1.2.1. By Component

11.2.4.1.2.2. By Technology

11.2.4.1.2.3. By Application

11.2.4.2. UAE Smart Grid Market Outlook

11.2.4.2.1. Market Size & Forecast

11.2.4.2.1.1. By Value

11.2.4.2.2. Market Share & Forecast

11.2.4.2.2.1. By Component

11.2.4.2.2.2. By Technology

11.2.4.2.2.3. By Application

11.2.4.3. South Africa Smart Grid Market Outlook

11.2.4.3.1. Market Size & Forecast

11.2.4.3.1.1. By Value

11.2.4.3.2. Market Share & Forecast

11.2.4.3.2.1. By Component

11.2.4.3.2.2. By Technology

11.2.4.3.2.3. By Application

12. Asia Pacific Smart Grid Market Outlook

12.1. Market Size & Forecast

12.1.1. By Value

12.2. Market Size & Forecast

12.2.1. By Component

12.2.2. By Technology

12.2.3. By Application

12.2.4. By Country

12.2.4.1. China Smart Grid Market Outlook

12.2.4.1.1. Market Size & Forecast

12.2.4.1.1.1. By Value

12.2.4.1.2. Market Share & Forecast

12.2.4.1.2.1. By Component

12.2.4.1.2.2. By Technology

12.2.4.1.2.3. By Application

12.2.4.2. India Smart Grid Market Outlook

12.2.4.2.1. Market Size & Forecast

12.2.4.2.1.1. By Value

12.2.4.2.2. Market Share & Forecast

12.2.4.2.2.1. By Component

12.2.4.2.2.2. By Technology

12.2.4.2.2.3. By Application

12.2.4.3. Japan Smart Grid Market Outlook

12.2.4.3.1. Market Size & Forecast

12.2.4.3.1.1. By Value

12.2.4.3.2. Market Share & Forecast

12.2.4.3.2.1. By Component

12.2.4.3.2.2. By Technology

12.2.4.3.2.3. By Application

12.2.4.4. South Korea Smart Grid Market Outlook

12.2.4.4.1. Market Size & Forecast

12.2.4.4.1.1. By Value

12.2.4.4.2. Market Share & Forecast

12.2.4.4.2.1. By Component

12.2.4.4.2.2. By Technology

12.2.4.4.2.3. By Application

12.2.4.5. Australia Smart Grid Market Outlook

12.2.4.5.1. Market Size & Forecast

12.2.4.5.1.1. By Value

12.2.4.5.2. Market Share & Forecast

12.2.4.5.2.1. By Component

12.2.4.5.2.2. By Technology

12.2.4.5.2.3. By Application

13. Market Dynamics

13.1. Drivers

13.2. Challenges

14. Market Trends and Developments

15. Company Profiles

15.1. ABB Ltd.

15.1.1. Business Overview

15.1.2. Key Revenue and Financials

15.1.3. Recent Developments

15.1.4. Key Personnel

15.1.5. Key Product/Services Offered

15.2. Siemens AG

15.2.1. Business Overview

15.2.2. Key Revenue and Financials

15.2.3. Recent Developments

15.2.4. Key Personnel

15.2.5. Key Product/Services Offered

15.3. Schneider Electric SE

15.3.1. Business Overview

15.3.2. Key Revenue and Financials

15.3.3. Recent Developments

15.3.4. Key Personnel

15.3.5. Key Product/Services Offered

15.4. Eaton Corporation plc

15.4.1. Business Overview

15.4.2. Key Revenue and Financials

15.4.3. Recent Developments

15.4.4. Key Personnel

15.4.5. Key Product/Services Offered

15.5. Honeywell International Inc.

15.5.1. Business Overview

15.5.2. Key Revenue and Financials

15.5.3. Recent Developments

15.5.4. Key Personnel

15.5.5. Key Product/Services Offered

15.6. General Electric Company

15.6.1. Business Overview

15.6.2. Key Revenue and Financials

15.6.3. Recent Developments

15.6.4. Key Personnel

15.6.5. Key Product/Services Offered

15.7. Itron, Inc.

15.7.1. Business Overview

15.7.2. Key Revenue and Financials

15.7.3. Recent Developments

15.7.4. Key Personnel

15.7.5. Key Product/Services Offered

15.8. Cisco Systems, Inc.

15.8.1. Business Overview

15.8.2. Key Revenue and Financials

15.8.3. Recent Developments

15.8.4. Key Personnel

15.8.5. Key Product/Services Offered

15.9. IBM Corporation

15.9.1. Business Overview

15.9.2. Key Revenue and Financials

15.9.3. Recent Developments

15.9.4. Key Personnel

15.9.5. Key Product/Services Offered

15.10.SAP SE

15.10.1. Business Overview

15.10.2. Key Revenue and Financials

15.10.3. Recent Developments

15.10.4. Key Personnel

15.10.5. Key Product/Services Offered

16. Strategic Recommendations

17. About Us & Disclaimer

Figures and Tables

Frequently asked questions

What was the market size of the global smart grid market in 2022?

The market size of the global smart grid market was USD 47.16 Billion in 2022.

Which was the dominant segment in the global smart grid market in 2022, by component?

Software was the dominant segment in the global smart grid market in 2022 by component.

What are the challenges in the global smart grid market?

The challenges in the global smart grid market include interoperability and standardization issues, data security and privacy concerns, high initial costs and return on investment (ROI) uncertainty, resistance to change and stakeholder engagement, etc.

What are the major drivers for the global smart grid market?

The major drivers for the global smart grid market include increasing demand for energy efficiency and sustainability, rising integration of renewable energy sources, growing grid complexity and aging infrastructure, government initiatives and regulatory support, etc.

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Press Release

Smart Grid Market Expands with Software Segment at a robust CAGR of 18.19%

Nov, 2023

The increasing global smart grid market is driven by increasing demand for energy efficiency and sustainability, rising integration of renewable energy sources during the forecast period 2024-2028

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