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Global Smart Grid Market Size, Share, Analysis, Forecast: By Component: Solution, Services; By Technology: Wired, Wireless; By Solution: Advance Metering Infrastructure, Smart Grid Distribution Management, Grid Asset Management, Others; By Application; By End-User; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032
Global Smart Grid Market Outlook
The global smart grid market size reached approximately USD 56.71 billion in 2023. The market is projected to grow at a CAGR of 17.5% between 2024 and 2032, reaching a value of around USD 246.21 billion by 2032.
Key Takeaways
| Features of Smart Grid | Requirement of the Digital Age | Opportunities |
| Reliable, efficient, facilitates advanced services, offers flexibility in topology, and facilitates two way communication between meters and distribution companies |
Smart grid has become necessary to improve safety and quality of supply, and support higher penetration of renewable resources or distributed generation | Decentralised storage and cyber security improvements (to protect networks from damage or unauthorised access) |
A smart grid is a digitally enabled grid infrastructure that utilises smart devices for electricity generation, transmission, and distribution. It uses a two-way communication network and enhances the energy efficiency of electricity generation to meet the growing requirements of consumers. It also employs sophisticated automated control systems and data analytics to optimise the production, distribution, and use of electricity.
The smart grid market growth can be attributed to advances in energy storage technologies that enable more effective integration of renewable energy sources, enhancing grid stability and energy efficiency. Governments worldwide are implementing policies and providing financial incentives to encourage the upgrade of existing grid infrastructures to smart grids, thus promoting smart grid market development. These include grants, subsidies, and regulations aimed at improving energy efficiency and integrating renewable energy sources. Commitments to reduce carbon emissions under international agreements like the Paris Agreement encourage the adoption of smart grids as part of broader strategies to increase the use of renewable energy and improve energy efficiency.
Key Trends and Developments
Utilisation of smart grid for renewable hydrogen energy; applications of smart microgrids in remote areas; growing emphasis on grid security and resilience; and deployment of advanced technologies; are the major trends in the smart grid market
| Date | Organisation/Company | Action |
| Dec 29th, 2023 | International Smart Grid Action Network (ISGAN) | Initiated new programmes aimed at promoting the development and implementation of smart grid technologies worldwide |
| Feb 2nd, 2024 | ENOWA (NEOM) | Created a pioneering plan for the establishment of the first-ever smart grid powered entirely by renewable energy, designed to operate at high voltage |
| Feb 6th, 2024 | Siemens and Areti | Partnered to work on the RomeFlex project, which aims to introduce local grid flexibility in Rome and enhance the adaptability and efficiency of Rome's power grid |
| Feb 7th, 2024 | BluWave-ai | Entered into an agreement with the City of Summerside in Canada, to implement and launch its artificial intelligence-powered Smart Grid Optimiser at Summerside's Solar Farm |
| Trends | Description/ Impact |
| Increased utilisation of smart grid for renewable energy | Smart grids are used for effective management and distribution of renewable energy as they perform self-assessments regularly to address and resolve any service-related issues immediately. |
| Growing applications of smart microgrids in remote areas | They are implemented in areas that require affordable electricity as well as in hospitals, data centres, and military facilities as a backup during main power outages. |
| Growing emphasis on grid security and resilience | Improvement in grid security is crucial to offer protection against cyber-attacks and ensure the resilience of energy infrastructure against natural disasters and other disruptions. |
| Deployment of advanced technologies such as AI and IoT | Smart grid leverages AI, IoT, and other technologies for the identification of patterns that can cause potential issues in the system to improve grid reliability. |
Smart Grid Market Trends
Smart grids play a crucial role in the effective management and distribution of renewable energy, due to their advanced capabilities for self-assessment and real-time responsiveness. They perform self-assessments by continuously collecting data from various points across the grid. This data includes information on power flow, voltage levels, and the status of grid infrastructure. By analysing this data in real-time, the smart grid can identify anomalies, potential faults, or inefficiencies in the system. When smart grids detect an issue, such as a potential overload or a fault in the system, they can take immediate action to mitigate the problem. This might involve rerouting power, adjusting the load, or isolating sections of the grid to prevent widespread outages.
Sustainability is an area that has received increased attention from researchers and energy companies. In February 2024, ENOWA created a pioneering plan for the establishment of the first-ever smart grid powered entirely by renewable energy, in a bid to support smart grid market. This groundbreaking blueprint outlines the framework for an advanced electrical grid that leverages clean energy sources to supply power efficiently and reliably across vast distances. By integrating renewable energy into a high-voltage grid, ENOWA aims to set a new standard for sustainable energy infrastructure.
Market Segmentation
“Smart Grid Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
| Market Breakup | Categories |
| Component | Solution, Services |
| Technology | Wired, Wireless |
| Solution | Advance Metering Infrastructure, Smart Grid Distribution Management, Grid Asset Management, Smart Grid Network Management, Substation Automation, Smart Grid Security, Others |
| Application | Generation, Transmission, Distribution, Consumption |
| End-User | Residential, Commercial, Industrial |
| Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
The solution segment accounts for a major market share as it encompasses the hardware and software involved in the proper functioning of smart grids
The solution segment holds the highest share in the smart grid market. This segment includes hardware and software solutions essential for the construction and functioning of smart grids, such as advanced metering infrastructure (AMI), smart grid distribution management, smart grid communications, smart grid network management systems, grid asset management, and substation automation.
The smart grid market encompasses energy services which include professional assistance such as consulting, deployment and integration, support and maintenance, and managed services. Services are critical for ensuring the successful deployment, operation, and optimisation of smart grid solutions. They help utilities and other stakeholders to effectively implement smart grid technologies, align them with specific operational needs, and ensure their ongoing efficiency and reliability.
The residential sector maintains its dominance in the market due to the growing usage of smart grids for enhancing energy efficiency
The residential sector occupies a significant portion of the smart grid market share, owing to the increased integration of smart metres in residential areas to provide real-time metrics on electricity consumption. Smart grids also reduce the probability of blackouts in residential buildings as they can detect and isolate the power outage, preventing it from spreading on a large scale. Smart grid technologies, such as smart meters and home energy management systems, provide homeowners with detailed information on their energy usage patterns. This enables residents to make informed decisions about their energy consumption, leading to increased energy efficiency and potential cost savings.
Meanwhile, the commercial sector is expected to witness robust growth in the smart grid market during the forecast period, due to the growing demand for uninterrupted power supply in commercial spaces. Smart grids enable commercial users to participate in demand response programmes, where they can benefit financially by reducing or shifting their energy usage during peak demand periods. This not only helps in stabilising the grid but also offers a direct economic benefit to commercial participants through reduced energy costs and incentives provided by utilities.
Competitive Landscape
The players in the smart grid market are adopting novel technologies and increasing their collaboration efforts to meet the evolving regulatory landscape
| Company | Headquarters | Description | Presence |
| Siemens AG | Munich, Germany | Leader in electrical engineering | Over 200 countries |
| ABB Ltd. | Zurich, Switzerland | Global technology company | More than 100 countries |
| Schneider Electric SE | Rueil-Malmaison, France | Specialist in energy management | Over 100 countries |
| Honeywell International Inc. | North Carolina, United States | Diversified technology leader | Over 70 countries |
Other notable players in the smart grid market include General Electric Company, Cisco Systems, Inc., Eaton Corporation plc, ORACLE Corporation, Globema sp. z o.o., and Trilliant Holdings Inc., among others.
Smart Grid Market Analysis by Region
North America accounts for a substantial share of the market, supported by increased investment in smart grid infrastructure. The growing popularity of electric vehicles in the region also offers lucrative market opportunities as EVs can be used for the absorption of excess power from the grids. Both the U.S. and Canada have implemented supportive government policies, regulations, and initiatives that encourage the adoption of smart grids. For instance, the U.S. Department of Energy (DOE) has been actively supporting smart grid advancements through investments and research programmes.
Meanwhile, the Asia Pacific smart grid market is expected to witness a robust growth in the coming years, owing to the growing demand for electricity, coupled with the rising smart city projects in the region. The adoption of smart meters and home energy management systems is also growing in the Asia Pacific, empowering consumers with real-time information about their energy usage and allowing them to participate in demand response programs. This consumer-centric approach to energy management is expected to drive further interest and investment in smart grid technologies.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Component |
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| Breakup by Technology |
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| Breakup by Solution |
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| Breakup by Application |
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| Breakup by End-User |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Smart Grid Market Analysis
8.1 Key Industry Highlights
8.2 Global Smart Grid Historical Market (2018-2023)
8.3 Global Smart Grid Market Forecast (2024-2032)
8.4 Global Smart Grid Market by Component
8.4.1 Solution
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Services
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Smart Grid Market by Technology
8.5.1 Wired
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Wireless
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Smart Grid Market by Solution
8.6.1 Advance Metering Infrastructure
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Smart Grid Distribution Management
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Grid Asset Management
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Smart Grid Network Management
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Substation Automation
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
8.6.6 Smart Grid Security
8.6.6.1 Historical Trend (2018-2023)
8.6.6.2 Forecast Trend (2024-2032)
8.6.7 Others
8.7 Global Smart Grid Market by Application
8.7.1 Generation
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Transmission
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Distribution
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Consumption
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.8 Global Smart Grid Market by End-User
8.8.1 Residential
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Commercial
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Industrial
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.9 Global Smart Grid Market by Region
8.9.1 North America
8.9.1.1 Historical Trend (2018-2023)
8.9.1.2 Forecast Trend (2024-2032)
8.9.2 Europe
8.9.2.1 Historical Trend (2018-2023)
8.9.2.2 Forecast Trend (2024-2032)
8.9.3 Asia Pacific
8.9.3.1 Historical Trend (2018-2023)
8.9.3.2 Forecast Trend (2024-2032)
8.9.4 Latin America
8.9.4.1 Historical Trend (2018-2023)
8.9.4.2 Forecast Trend (2024-2032)
8.9.5 Middle East and Africa
8.9.5.1 Historical Trend (2018-2023)
8.9.5.2 Forecast Trend (2024-2032)
9 North America Smart Grid Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Smart Grid Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Smart Grid Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Smart Grid Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Smart Grid Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Siemens AG
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 ABB Ltd.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Schneider Electric SE
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Honeywell International Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 General Electric Company
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Cisco Systems, Inc.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Eaton Corporation plc
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 ORACLE Corporation
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Globema sp. z o.o.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Trilliant Holdings Inc.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Smart Grid Market: Key Industry Highlights, 2018 and 2032
2. Global Smart Grid Historical Market: Breakup by Component (USD Billion), 2018-2023
3. Global Smart Grid Market Forecast: Breakup by Component (USD Billion), 2024-2032
4. Global Smart Grid Historical Market: Breakup by Technology (USD Billion), 2018-2023
5. Global Smart Grid Market Forecast: Breakup by Technology (USD Billion), 2024-2032
6. Global Smart Grid Historical Market: Breakup by Solution (USD Billion), 2018-2023
7. Global Smart Grid Market Forecast: Breakup by Solution (USD Billion), 2024-2032
8. Global Smart Grid Historical Market: Breakup by Application (USD Billion), 2018-2023
9. Global Smart Grid Market Forecast: Breakup by Application (USD Billion), 2024-2032
10. Global Smart Grid Historical Market: Breakup by End-User (USD Billion), 2018-2023
11. Global Smart Grid Market Forecast: Breakup by End-User (USD Billion), 2024-2032
12. Global Smart Grid Historical Market: Breakup by Region (USD Billion), 2018-2023
13. Global Smart Grid Market Forecast: Breakup by Region (USD Billion), 2024-2032
14. North America Smart Grid Historical Market: Breakup by Country (USD Billion), 2018-2023
15. North America Smart Grid Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Europe Smart Grid Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Europe Smart Grid Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Asia Pacific Smart Grid Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Asia Pacific Smart Grid Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Latin America Smart Grid Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Latin America Smart Grid Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Middle East and Africa Smart Grid Historical Market: Breakup by Country (USD Billion), 2018-2023
23. Middle East and Africa Smart Grid Market Forecast: Breakup by Country (USD Billion), 2024-2032
24. Global Smart Grid Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 56.71 billion.
The market is projected to grow at a CAGR of 17.5% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 246.21 billion by 2032.
The major market drivers are the modernisation of the ageing grid, rising investment in electrical infrastructure, and growing demand for improving energy efficiency in different end-use sectors.
The key trends of the market include increased utilisation of smart grids for the effective management and distribution of renewable energy, growing applications of microgrids in remote areas and mission-critical infrastructure, and deployment of advanced technologies such as AI and IoT in the utility sector.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Various solutions of smart grid are advance metring infrastructure, smart grid distribution management, grid asset management, smart grid network management, substation automation, and smart grid security, among others.
The major players in the market are Siemens AG, ABB Ltd., Schneider Electric SE, Honeywell International Inc., General Electric Company, Cisco Systems, Inc., Eaton Corporation plc, ORACLE Corporation, Globema sp. z o.o., and Trilliant Holdings Inc., among others.
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