Smart Grid Market Report 2024 (Global Edition)

Global Smart Grid Market Report 2024 Market Size Split by Component (Software, Hardware, Services), by application (Generation, Transmission, Distribution, Consumption), by Communication Technology (W...

Smart Grid Market Report Description

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Smart Grid Market Insights Video

Competitive Landscape of the Smart grid Market

The competitive landscape of the smart grid market is characterized by intense rivalry among industry players striving to innovate and capture market share. Companies vie to develop cutting-edge technologies, such as advanced metering infrastructure and grid optimization solutions, to meet evolving customer demands. Market players also focus on strategic partnerships and mergers to expand their product portfolios and geographical reach. Regulatory compliance, technological expertise, and customer service are key factors shaping competitiveness within this dynamic market.

January 2021: Eaton introduced its Buildings as a Grid strategy, alongside the acquisition of Green Motion, an EV charging firm. The approach enhances energy transition by fortifying buildings' electrical infrastructure and accommodating the increasing demand for EV charging. This is facilitated through an energy management system employing specialized software. The software orchestrates energy flow among diverse assets, including EV chargers, energy storage units, solar inverters, and controls for heat pumps and boilers.

(Source: https://www.eaton.com/gb/en-gb/company/news-insights/news-releases/2021/eaton-launches-its-buildings-as-a-grid-approach-to-energy-transition-and-acquires-ev-charging-company-green-motion.html)

Top Companies Market Share in Smart Grid Industry: (In no particular order of Rank)

• GE (US)
• ABB (Switzerland)
• Siemens (Germany)
• Schneider Electric (France)
• Itron (US)
• Cisco (US)
• IBM (US)
• Oracle (US)
• Honeywell (US)
• Eaton (US)
• Tech Mahindra (India)
• Tantalus (US)
• Mitsubishi Electric (Japan)
• SAP (Germany)
• Wipro (India)
• Trilliant Holdings (US)
• Globema (Poland)
• Kamstrup (Denmark)
• Xylem (US)
• ENEL X (Italy)
• Esmart Systems (Norway)
• Esyasoft Technologies (India)
• Grid4C (US)
• C3 Energy (US)
• NES (US)
• Confidential Data
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Smart grid Market

Which Region Dominates the Smart grid Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 from several factors. Firstly, the region boasts mature economies with robust infrastructures, facilitating the adoption of advanced technologies. Additionally, stringent environmental regulations drive investments in cleaner energy solutions, accelerating the deployment of smart grid systems. Moreover, the presence of key market players and strong government support further propels market growth in North America. Lastly, increasing grid modernization initiatives and rising demand for energy efficiency solutions contribute to the region's continued leadership in smart grid revenue generation.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific stands out as the fastest-growing region in the smart grid market due to various factors. Rapid urbanization and industrialization in countries like China and India drive the demand for reliable and efficient energy distribution systems. Furthermore, government initiatives and investments in renewable energy projects and grid modernization initiatives fuel market growth. The region's large population and increasing electricity consumption create opportunities for smart grid adoption to meet rising energy demands. Moreover, advancements in technology and increasing awareness of energy efficiency further accelerate the growth of the smart grid market in Asia-Pacific.

 

The current report Scope analyzes Smart Grid Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Smart Grid

According to Cognitive Market Research, the global smart grid market size was estimated at USD 43581.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 17432.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.2% from 2024 to 2031. In North America, smart grid sales surge due to stringent environmental regulations driving investments in cleaner energy solutions. Moreover, the presence of established players and robust government support accelerates market growth. Additionally, increasing grid modernization initiatives and a focus on cybersecurity solutions further propel sales. Furthermore, the region's advanced technological expertise and emphasis on renewable energy integration drive smart grid adoption. The dominating category in North America is hardware, primarily due to the region's emphasis on infrastructure upgrades and renewable energy integration, bolstering the demand for smart grid hardware components.

• According to Cognitive Market Research, The United States smart grid market had a market share of USD 13,754.23 million in 2024 and is projected to grow at a CAGR of 16.0% during the forecast period. Sales in the U.S. will increase due to government initiatives promoting grid modernization and renewable energy integration. Additionally, the need for energy efficiency solutions drives demand for smart grid technologies.
• Canada's smart grid market had a market share of USD 2,091.90 million in 2024 and is projected to grow at a CAGR of 17.0% during the forecast period. Canada's smart grid sales rise with increasing investments in renewable energy projects and grid infrastructure upgrades. Moreover, stringent regulations on energy efficiency propel the adoption of smart grid solutions. Mexico's smart grid market had a market share of USD 1,586.36 million in 2024 and is projected to grow at a CAGR of 16.7% during the forecast period.

Europe Smart Grid

Europe Summary

According to Cognitive Market Research, the global Smart grid market size was estimated at USD 43581.2 Million out of which Europe held the market of more than 30% of the global revenue with a market size of USD 13074.36 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.5% from 2024 to 2031. Smart grid sales in Europe witness a surge fueled by ambitious renewable energy targets and initiatives promoting energy efficiency. Furthermore, the region's focus on grid modernization projects and investments in sustainable infrastructure drives market growth. Additionally, supportive regulatory frameworks and incentives encourage utilities to adopt smart grid technologies. Moreover, increasing urbanization and the rise of smart city initiatives create opportunities for smart grid expansion. In Europe, the fastest-growing category is software, driven by the region's emphasis on grid optimization and data analytics to enhance operational efficiency and grid reliability.

• United Kingdom's smart grid market had a market share of USD 2,196.49 million in 2024 and is projected to grow at a CAGR of 17.3% during the forecast period. Sales in the UK increase as the country focuses on reducing carbon emissions through renewable energy adoption and grid modernization initiatives. Additionally, government incentives and subsidies drive investment in smart grid technologies.
France's smart grid market had a market share of USD 1,202.84 million in 2024 and is projected to grow at a CAGR of 15.7% during the forecast period. Germany's smart grid market had a market share of USD 2,588.72 million in 2024 and is projected to grow at a CAGR of 16.7% during the forecast period. Germany sees increased smart grid sales driven by its ambitious renewable energy targets and the transition to clean energy. Additionally, investments in grid infrastructure and smart meters support market growth. Italy's smart grid market had a market share of USD 1,124.39 million in 2024 and is projected to grow at a CAGR of 15.9% during the forecast period. Russia's smart grid market had a market share of USD 2,026.53 million in 2024 and is projected to grow at a CAGR of 15.5% during the forecast period. Spain's smart grid market had a market share of USD 1,072.10 million in 2024 and is projected to grow at a CAGR of 15.6% during the forecast period. Luxembourg's smart grid market had a market share of USD 405.31 million in 2024 and is projected to grow at a CAGR of 16.6% during the forecast period. Portugal's smart grid market had a market share of USD 274.56 million in 2024 and is projected to grow at a CAGR of 16.3% during the forecast period. Greece's smart grid market had a market share of USD 156.89 million in 2024 and is projected to grow at a CAGR of 16.8% during the forecast period. Rest of Europe's smart grid market had a market share of USD 2,026.53 million in 2024 and is projected to grow at a CAGR of 15.2% during the forecast period.

Asia Pacific Smart Grid

According to Cognitive Market Research, the global Smart grid market size was estimated at USD 43581.2 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 35539.7 million in 2024 and will grow at a compound annual growth rate (CAGR) of 20.0% from 2024 to 2031. The Asia Pacific region experiences robust smart grid sales growth driven by rapid urbanization and industrialization, increasing energy demand. Moreover, government initiatives and investments in renewable energy projects and grid modernization propel market expansion. Additionally, advancements in technology and increasing awareness of energy efficiency further accelerate adoption. Furthermore, the region's large population and rising electricity consumption create significant opportunities for smart grid deployment. In Asia Pacific, the dominating category is distribution, owing to the region's focus on upgrading distribution infrastructure to meet the demands of urbanization and industrial growth.

• According to Cognitive Market Research, China's smart grid market had a market share of USD 4,510.65 million in 2024 and is projected to grow at a CAGR of 19.5% during the forecast period. China's smart grid sales surge due to rapid urbanization and government initiatives promoting energy efficiency and grid modernization. Moreover, the country's significant investments in renewable energy drive demand for smart grid solutions.
Japan's smart grid market had a market share of USD 1,383.27 million in 2024 and is projected to grow at a CAGR of 18.5% during the forecast period. India's smart grid market had a market share of USD 1,202.84 million in 2024 and is projected to grow at a CAGR of 21.8% during the forecast period. India experiences rising smart grid sales with increasing electricity demand and government initiatives promoting renewable energy adoption. Additionally, the focus on improving energy access and reliability fuels market growth. South Korea's smart grid market had a market share of USD 1,002.37 million in 2024 and is projected to grow at a CAGR of 19.1% during the forecast period. Australia's smart grid market had a market share of USD 521.23 million in 2024 and is projected to grow at a CAGR of 19.7% during the forecast period. South East Asia's smart grid market had a market share of USD 691.63 million in 2024 and is projected to grow at a CAGR of 21.0% during the forecast period. Rest of Asia Pacific's smart grid market had a market share of USD 711.68 million in 2024 and is projected to grow at a CAGR of 19.8% during the forecast period.

South America Smart Grid

According to Cognitive Market Research, the global Smart grid market size was estimated at USD 43581.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 2179.06 million in 2024 and will grow at a compound annual growth rate (CAGR) of 17.4% from 2024 to 2031. In Latin America, smart grid sales increase due to the region's efforts to improve energy access and reliability, particularly in remote areas. Moreover, initiatives promoting renewable energy integration and grid modernization drive market growth. Additionally, government incentives and partnerships with international organizations stimulate investment in smart grid projects. Furthermore, increasing awareness of climate change and the need for sustainable energy solutions further propel adoption. In Latin America, the consumption segment stands out as the fastest-growing, driven by the region's focus on energy management solutions and demand-side management programs.

• According to Cognitive Market Research, Brazil's smart grid market had a market share of USD 932.64 million in 2024 and is projected to grow at a CAGR of 18.0% during the forecast period. Brazil's smart grid sales increase as the country aims to improve energy efficiency and reliability. Moreover, investments in renewable energy and grid modernization projects drive demand for smart grid technologies.
Argentina's smart grid market had a market share of USD 366.08 million in 2024 and is projected to grow at a CAGR of 18.3% during the forecast period. Argentina's smart grid sales rise with increasing investments in renewable energy and grid modernization projects. Additionally, government incentives for energy efficiency drive market growth. Colombia's smart grid market had a market share of USD 193.94 million in 2024 and is projected to grow at a CAGR of 17.2% during the forecast period. Peru's smart grid market had a market share of USD 178.68 million in 2024 and is projected to grow at a CAGR of 17.6% during the forecast period. Chile's smart grid market had a market share of USD 156.89 million in 2024 and is projected to grow at a CAGR of 17.7% during the forecast period. Rest of Latin America's smart grid market had a market share of USD 350.83 million in 2024 and is projected to grow at a CAGR of 16.5% during the forecast period.

Middle East and Africa Smart Grid

According to Cognitive Market Research, the global Smart grid market size was estimated at USD 43581.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 871.62 million in 2024 and will grow at a compound annual growth rate (CAGR) of 17.7% from 2024 to 2031. Smart grid sales in the MEA region witness growth fueled by increasing energy demand and the need to diversify energy sources. Moreover, investments in grid infrastructure and renewable energy projects drive market expansion. Additionally, government initiatives promoting energy efficiency and sustainability further accelerate adoption. Furthermore, the region's vast renewable energy potential and increasing urbanization create opportunities for smart grid deployment. In MEA, the transmission segment dominates due to the region's focus on expanding and modernizing transmission networks to meet growing energy demand and integrate renewable energy sources.

• GCC Countries' smart grid market had a market share of USD 373.06 million in 2024 and is projected to grow at a CAGR of 18.5% during the forecast period. Smart grid sales in GCC countries increase due to the region's focus on diversifying energy sources and improving grid reliability. Additionally, investments in renewable energy and smart city projects support market growth.
Egypt's smart grid market had a market share of USD 91.52 million in 2024 and is projected to grow at a CAGR of 18.0% during the forecast period. South Africa's smart grid market had a market share of USD 137.72 million in 2024 and is projected to grow at a CAGR of 18.7% during the forecast period. South Africa experiences growing smart grid sales driven by the need to address energy challenges and improve grid reliability. Additionally, government initiatives promoting renewable energy adoption propel market growth. Turkey's smart grid market had a market share of USD 74.96 million in 2024 and is projected to grow at a CAGR of 17.2% during the forecast period. Nigeria's smart grid market had a market share of USD 91.52 million in 2024 and is projected to grow at a CAGR of 16.8% during the forecast period. Rest of MEA's smart grid market had a market share of USD 102.85 million in 2024 and is projected to grow at a CAGR of 16.7% during the forecast period.

Smart Grid Market Analysis

How are Segments Performing in the Global Smart grid Market?

Smart grid Market Component Segment Analysis

According to Cognitive Market Research, hardware stands out as the dominating category due to the growing demand for smart meters and sensors essential for grid modernization. Additionally, infrastructure upgrades and grid expansion projects further boost hardware sales. Moreover, increasing investments in cybersecurity solutions to protect critical grid infrastructure contribute to the segment's growth. Furthermore, the adoption of advanced grid automation technologies drives the demand for hardware components, reinforcing its dominance in the smart grid market.

Software emerges as the fastest-growing category in the smart grid market as utilities prioritize grid optimization and data analytics to enhance operational efficiency. The need for advanced grid management systems and predictive maintenance solutions fuels software adoption. Moreover, increasing regulatory requirements for grid reliability and cybersecurity drive investments in software solutions. Furthermore, the rise of cloud-based platforms and IoT integration accelerates software growth in the smart grid market. Overall, software emerges as the fastest-growing segment, catering to evolving industry needs and technological advancements.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Smart Grid Industry. Request a Free Sample PDF!

Smart grid market Application Segment Analysis

According to Cognitive Market Research, the dominating category is distribution due to the emphasis on grid modernization projects, especially in urban areas. Increased urbanization leads to higher demand for reliable electricity distribution networks. Moreover, aging infrastructure prompts utilities to invest in upgrading distribution systems. Additionally, government initiatives promoting smart city development drive investment in distribution infrastructure. Furthermore, integration of renewable energy sources into the distribution grid further boosts segment sales, reinforcing its dominance in the smart grid market.

The fastest-growing category in the smart grid market is consumption as consumers seek energy management solutions to reduce costs and environmental impact. The growing adoption of smart home technologies and electric vehicles drives demand for consumption monitoring and control systems. Moreover, regulatory incentives for energy efficiency and demand response programs encourage consumer participation. Additionally, the proliferation of IoT devices enables real-time monitoring and optimization of energy usage, accelerating consumption segment growth in the smart grid market.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Smart Grid Communication Technology Segment Analysis

Smart grid market Communication Technology Segment Analysis

According to Cognitive Market Research, the dominating category is wireline due to its established infrastructure and reliability. Moreover, the need for high-speed data transmission in smart grid operations drives wireline sales. Additionally, regulatory mandates favoring wired communication networks in critical infrastructure further bolster segment growth. Furthermore, the lower susceptibility to interference and cyber threats compared to wireless technologies enhances the appeal of wireline solutions. Overall, wireline remains the preferred choice for smart grid communication, ensuring its continued dominance in the market.

The fastest-growing category in the smart grid market is wireless as utilities embrace the flexibility and scalability of wireless communication technologies. The rapid deployment of IoT devices and sensors in smart grid applications drives demand for wireless connectivity solutions. Moreover, the lower installation costs and faster deployment times compared to wired alternatives spur wireless segment growth. Additionally, advancements in wireless standards and protocols enhance reliability and security, further fueling adoption. Overall, wireless emerges as the fastest-growing segment, catering to the evolving needs of the smart grid market.

• Wireline
• Wireless

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Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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