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Smart Grid Market Trends

Report ID: GMI1365
Published Date: Jun 2023
Report Format: PDF

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Smart Grid Market Trends

Ongoing grid modernization with deployment of advanced sensors, smart meters, automation technologies, and communication networks to enable real-time monitoring and control of the grid will proliferate the smart grid market outlook. The integration of Distributed Energy Resources (DERs), such as solar panels, wind turbines, and energy storage systems, into the grid is gaining momentum, which is aiding the technology demand in the recent years.

Additionally, smart grid solutions facilitate energy efficiency initiatives by providing consumers with real-time energy consumption data and insights, which in turn complement its adoption. Furthermore, advanced data analytics and artificial intelligence (AI) technologies are being applied to smart grid data to gain insights, optimize grid operations, and enable predictive maintenance. These technologies help utilities make informed decisions, improve grid performance, and enhance customer engagement, and thus drive the market expansion globally.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of smart grid crossed a valuation of USD 60.2 billion in 2023 and is likely to expand at 10.7% CAGR during 2024 to 2032, explains GMI report.

The adoption of smart grid technologies is rapidly increasing with the rapid deployment of advanced metering infrastructure, which held a substantial industry share of over 27% in 2022.

Asia Pacific smart grid industry size will observe 12% growth rate during 2023 to 2032 on account of increasing energy demand owing to the growing population, ongoing industrialization, and urbanization across the region.

Fujitsu, ABB, General Electric, Siemens AG, Honeywell International Inc., Belden Inc., Itron Inc., Schneider Electric, Landis+Gyr, Cisco Systems, Inc., Oracle, IBM, Wipro, and Hubbell.