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Smart Grid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

June 2023 | 138 pages | ID: S6D99A9D6879EN
IMARC Group

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The global smart grid market size reached US$ 53.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 149.2 Billion by 2028, exhibiting a growth rate (CAGR) of 18.58% during 2023-2028.

A smart grid refers to an electronic network that is used to supply power through a two-way digital communication system. It enables the real-time collection of data regarding the electricity demand and supply during the transmission and distribution process. Smart grid majorly utilizes devices such as smart sensors and power meters to automate billing data collection and detect device failures, and superconducting cables to provide long-distance power transmission through wireless communication tools. These grids are equipped to repair themselves, ensure a consistent power supply without leakages and promote consumer engagement in grid operations, which aid in improving the overall efficiency and reducing the costs of energy production.

Growing energy demand across the globe, along with rapid urbanization and the emerging trend of digitalization, is one of the key factors driving the market growth. Smart grids are being utilized for renovating the existing grid infrastructure and introducing software-based architecture in emerging nations. Furthermore, the proliferation of distributed energy sources such as photovoltaic (PV), geothermal and hydroelectric power is favoring the market growth. These sources allow on-site generation and storage of electricity through microgrids and various connected devices. Additionally, the integration of smart grids with cloud technology has facilitated the analysis of current energy usage and pattern monitoring to address the concerns regarding environment protection and energy conservation. Other factors, including favorable government policies, the development of smart cities across the globe and an increasing number of research and development (R&D) activities, are projected to drive the market further.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global smart grid market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on component and end-user.

Breakup by Component:

Software
Advanced Metering Infrastructure
Smart Grid Distribution Management
Smart Grid Network Management
Substation Automation
Others
Hardware
Sensor
Programmable Logic Controller
AMI Metre
Networking Hardware
Others
Services
Consulting
Support and Maintenance
Deployment and Integration

Breakup by End-User:

Residential
Commercial
Industrial

Breakup by Region:

Asia Pacific
Europe
North America
Middle East and Africa
Latin America

Competitive Landscape:

The report has also analyzed the competitive landscape of the market with some of the key players being CISCO Systems, IBM Corporation, Siemens AG, Schneider Electric, Wipro, General Electric, Honeywell, Oracle Corporation, ABB, Itron, Fujitsu, Eaton, Tantalus, eSmart Systems, etc.

IMARC Group’s latest report provides a deep insight into the global smart grid market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the smart grid market in any manner.

Key Questions Answered in This Report:

How has the global smart grid market performed so far and how will it perform in the coming years?
What are the key regional markets in the global smart grid industry?
What has been the impact of COVID-19 on the global smart grid market?
What is the breakup of the market based on the component?
What is the breakup of the market based on the software?
What is the breakup of the market based on the hardware?
What is the breakup of the market based on the services?
What is the breakup of the market based on the end-user?
What are the various stages in the value chain of the global smart grid industry?
What are the key driving factors and challenges in the global smart grid industry?
What is the structure of the global smart grid industry and who are the key players?
What is the degree of competition in the global smart grid industry?
1 PREFACE

2 SCOPE AND METHODOLOGY

2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
  2.3.1 Primary Sources
  2.3.2 Secondary Sources
2.4 Market Estimation
  2.4.1 Bottom-Up Approach
  2.4.2 Top-Down Approach
2.5 Forecasting Methodology

3 EXECUTIVE SUMMARY

4 INTRODUCTION

4.1 Overview
4.2 Key Industry Trends

5 GLOBAL SMART GRID MARKET

5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Component
5.5 Market Breakup by End-User
5.6 Market Breakup by Region
5.7 Market Forecast

6 MARKET BREAKUP BY COMPONENT

6.1 Software
  6.1.1 Market Trends
  6.1.2 Market Breakup by Type
    6.1.2.1 Advanced Metering Infrastructure
      6.1.2.1.1 Market Trends
      6.1.2.1.2 Market Forecast
    6.1.2.2 Smart Grid Distribution Management
  6.1.2 2.1 Market Trends
      6.1.2.2.2 Market Forecast
    6.1.2.3 Smart Grid Network Management
      6.1.2.3.1 Market Trends
      6.1.2.3.2 Market Forecast
    6.1.2.4 Substation Automation
      6.1.2.4.1 Market Trends
      6.1.2.4.2 Market Forecast
    6.1.2.5 Others
      6.1.2.5.1 Market Trends
      6.1.2.5.2 Market Forecast
  6.1.3 Market Forecast
6.2 Hardware
  6.2.1 Market Trends
  6.2.2 Market Breakup by Type
    6.2.2.1 Sensor
      6.2.2.1.1 Market Trends
      6.2.2.1.2 Market Forecast
    6.2.2.2 Programmable Logic Controller
  6.2.2 2.1 Market Trends
      6.2.2.2.2 Market Forecast
    6.2.2.3 AMI Metre
      6.2.2.3.1 Market Trends
      6.2.2.3.2 Market Forecast
    6.2.2.4 Networking Hardware
      6.2.2.4.1 Market Trends
      6.2.2.4.2 Market Forecast
    6.2.2.5 Others
      6.2.2.5.1 Market Trends
      6.2.2.5.2 Market Forecast
  6.2.3 Market Forecast
6.3 Services
  6.3.1 Market Trends
  6.3.2 Market Breakup by Type
    6.3.2.1 Consulting
      6.3.2.1.1 Market Trends
      6.3.2.1.2 Market Forecast
    6.3.2.2 Support and Maintenance
  6.3.2 2.1 Market Trends
      6.3.2.2.2 Market Forecast
    6.3.2.3 Deployment and Integration
      6.3.2.3.1 Market Trends
      6.3.2.3.2 Market Forecast
  6.3.3 Market Forecast

7 MARKET BREAKUP BY END-USER

7.1 Residential
  7.1.1 Market Trends
  7.1.2 Market Forecast
7.2 Commercial
  7.2.1 Market Trends
  7.2.2 Market Forecast
7.3 Industrial
  7.3.1 Market Trends
  7.3.2 Market Forecast

8 MARKET BREAKUP BY REGION

8.1 Asia Pacific
  8.1.1 Market Trends
  8.1.2 Market Forecast
8.2 Europe
  8.2.1 Market Trends
  8.2.2 Market Forecast
8.3 North America
  8.3.1 Market Trends
  8.3.2 Market Forecast
8.4 Middle East and Africa
  8.4.1 Market Trends
  8.4.2 Market Forecast
8.5 Latin America
  8.5.1 Market Trends
  8.5.2 Market Forecast

9 SWOT ANALYSIS

9.1 Overview
9.2 Strengths
9.3 Weaknesses
9.4 Opportunities
9.5 Threats

10 VALUE CHAIN ANALYSIS

11 PORTER’S FIVE FORCES ANALYSIS

11.1 Overview
11.2 Bargaining Power of Buyers
11.3 Bargaining Power of Suppliers
11.4 Degree of Competition
11.5 Threat of New Entrants
11.6 Threat of Substitutes

12 COMPETITIVE LANDSCAPE

12.1 Market Structure
12.2 Key Players
12.3 Profiles of Key Players
  12.3.1 CISCO Systems
  12.3.2 IBM Corporation
  12.3.3 Siemens AG
  12.3.4 Schneider Electric
  12.3.5 Wipro
  12.3.6 General Electric
  12.3.7 Honeywell
  12.3.8 Oracle Corporation
  12.3.9 ABB
  12.3.10 Itron
  12.3.11 Fujitsu
  12.3.12 Eaton
  12.3.13 Tantalus
  12.3.14 eSmart Systems

LIST OF TABLES

Table 1: Global: Smart Grid Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Smart Grid Market Forecast: Breakup by Component (in Million US$), 2023-2028
Table 3: Global: Smart Grid Market Forecast: Breakup by Software (in Million US$), 2023-2028
Table 4: Global: Smart Grid Market Forecast: Breakup by Hardware (in Million US$), 2023-2028
Table 5: Global: Smart Grid Market Forecast: Breakup by Service (in Million US$), 2023-2028
Table 6: Global: Smart Grid Market Forecast: Breakup by End-User (in Million US$), 2023-2028
Table 7: Global: Smart Grid Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 8: Global: Smart Grid Market: Competitive Structure
Table 9: Global: Smart Grid Market: Key Players
 


LIST OF FIGURES

Figure 1: Global: Smart Grid Market: Major Drivers and Challenges
Figure 2: Global: Smart Grid Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Smart Grid Market: Breakup by Component (in %), 2022
Figure 4: Global: Smart Grid Market: Breakup by Software (in %), 2022
Figure 5: Global: Smart Grid Market: Breakup by Hardware (in %), 2022
Figure 6: Global: Smart Grid Market: Breakup by Service (in %), 2022
Figure 7: Global: Smart Grid Market: Breakup by End-User (in %), 2022
Figure 8: Global: Smart Grid Market: Breakup by Region (in %), 2022
Figure 9: Global: Smart Grid Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 10: Global: Smart Grid Industry: SWOT Analysis
Figure 11: Global: Smart Grid Industry: Value Chain Analysis
Figure 12: Global: Smart Grid Industry: Porter’s Five Forces Analysis
Figure 13: Global: Smart Grid (Software) Market: Sales Value (in Million US$), 2017 & 2022
Figure 14: Global: Smart Grid (Software) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 15: Global: Smart Grid (Hardware) Market: Sales Value (in Million US$), 2017 & 2022
Figure 16: Global: Smart Grid (Hardware) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 17: Global: Smart Grid (Services) Market: Sales Value (in Million US$), 2017 & 2022
Figure 18: Global: Smart Grid (Services) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 19: Global: Smart Grid (Advanced Metering Infrastructure) Market: Sales Value (in Million US$), 2017 & 2022
Figure 20: Global: Smart Grid (Advanced Metering Infrastructure) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 21: Global: Smart Grid (Smart Grid Distribution Management) Market: Sales Value (in Million US$), 2017 & 2022
Figure 22: Global: Smart Grid (Smart Grid Distribution Management) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 23: Global: Smart Grid (Smart Grid Network Management) Market: Sales Value (in Million US$), 2017 & 2022
Figure 24: Global: Smart Grid (Smart Grid Network Management) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 25: Global: Smart Grid (Substation Automation) Market: Sales Value (in Million US$), 2017 & 2022
Figure 26: Global: Smart Grid (Substation Automation) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 27: Global: Smart Grid (Other Softwares) Market: Sales Value (in Million US$), 2017 & 2022
Figure 28: Global: Smart Grid (Other Softwares) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 29: Global: Smart Grid (Sensor) Market: Sales Value (in Million US$), 2017 & 2022
Figure 30: Global: Smart Grid (Sensor) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 31: Global: Smart Grid (Programmable Logic Controller) Market: Sales Value (in Million US$), 2017 & 2022
Figure 32: Global: Smart Grid (Programmable Logic Controller) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 33: Global: Smart Grid (AMI Metre) Market: Sales Value (in Million US$), 2017 & 2022
Figure 34: Global: Smart Grid (AMI Metre) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 35: Global: Smart Grid (Networking Hardware) Market: Sales Value (in Million US$), 2017 & 2022
Figure 36: Global: Smart Grid (Networking Hardware) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 37: Global: Smart Grid (Others) Market: Sales Value (in Million US$), 2017 & 2022
Figure 38: Global: Smart Grid (Others) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 39: Global: Smart Grid (Consulting) Market: Sales Value (in Million US$), 2017 & 2022
Figure 40: Global: Smart Grid (Consulting) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 41: Global: Smart Grid (Support and Maintenance) Market: Sales Value (in Million US$), 2017 & 2022
Figure 42: Global: Smart Grid (Support and Maintenance) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 43: Global: Smart Grid (Deployment and Integration) Market: Sales Value (in Million US$), 2017 & 2022
Figure 44: Global: Smart Grid (Deployment and Integration) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 45: Global: Smart Grid (Residential) Market: Sales Value (in Million US$), 2017 & 2022
Figure 46: Global: Smart Grid (Residential) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 47: Global: Smart Grid (Commercial) Market: Sales Value (in Million US$), 2017 & 2022
Figure 48: Global: Smart Grid (Commercial) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 49: Global: Smart Grid (Industrial) Market: Sales Value (in Million US$), 2017 & 2022
Figure 50: Global: Smart Grid (Industrial) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 51: Asia Pacific: Smart Grid Market: Sales Value (in Million US$), 2017 & 2022
Figure 52: Asia Pacific: Smart Grid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 53: Europe: Smart Grid Market: Sales Value (in Million US$), 2017 & 2022
Figure 54: Europe: Smart Grid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 55: North America: Smart Grid Market: Sales Value (in Million US$), 2017 & 2022
Figure 56: North America: Smart Grid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 57: Middle East and Africa: Smart Grid Market: Sales Value (in Million US$), 2017 & 2022
Figure 58: Middle East and Africa: Smart Grid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 59: Latin America: Smart Grid Market: Sales Value (in Million US$), 2017 & 2022
Figure 60: Latin America: Smart Grid Market Forecast: Sales Value (in Million US$), 2023-2028


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