CHICAGO, June 20, 2024 /PRNewswire/ -- Smart Grid Market in terms of revenue was estimated to be worth $71.8 billion in 2024 and is poised to reach $185.0 billion by 2029, growing at a CAGR of 20.8% from 2024 to 2029 according to a new report by MarketsandMarkets™. 

The demand for smart grid is on the rise due to various factors. Expansion in industries like manufacturing, automotive, and construction contributes to increased adoption of smart grid because of their variable energy needs. Additionally, population growth leads to higher levels of energy requirement from increased energy consumption, thereby driving the need for smart grid. Financial uncertainties are also a driving factor, as companies seek protection against potential losses arising from unforeseen events

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Smart Grid Market Scope:

Wireless, by Communication technology, is expected to be the second largest segment during the forecast period. 

The wireless segment is growing in the Smart Grid Market owing to increasing variable energy requirement due to expansion in industries such as manufacturing, automotive, construction, power generation, and chemical production. The variable energy requirement and demand response can be fulfilled only by adapting smart grid solutions. Wireless technology offers integral support to the utilities by offering high bandwidth, covering a large area, and optimizing complex logistics and production processes. These technologies are used in several applications, such as distribution automation, substation automation, transmission lines, and power plants. Wireless communication technology enables to automate substations.  Consequently, driving the demand for wireless communication.

Advance Metering Infrastructure, by software, is expected to be the largest segment during the forecast period. 

Advance Metering Infrastructure (AMI) segment is expected to grow driven by the integration of advanced software solutions that facilitate two-way communication between customers and utilities. These software solutions empower both parties with real-time data on energy consumption and electricity pricing, enabling more efficient energy management. The software not only supports personalized tariff plans but also offers enhanced services such as remote meter reading, which ensures error-free data collection, and network congestion identification. Furthermore, it aids in load profiling, conducting energy audits, and implementing partial load curbing during load shedding scenarios.

The software's ability to provide cost-effective solutions for reducing carbon footprints further underscores its growing importance. Consequently, AMI software is positioned to lead the market, reflecting its critical role in modernizing energy management and distribution systems.

Consulting Services, is expected to be the largest segment during the forecast period. 

Consulting Services are projected to be the largest segment during the forecast period as these services are offered by experts from companies like Oracle, ABB, and Schneider Electric and are essential for managing solution for grid infrastructure, reducing risks, and ensuring regulatory compliance. They deliver customized, effective strategies to maximize ROI and streamline complex infrastructure projects. Consequently, fuelling the demand for these services.

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Asia Pacific is expected to be the fastest-growing region during the forecast period. 

The Asia-Pacific region is poised to lead the Smart Grid Market due to rapid industrialization and construction activities, particularly in countries like India and China. This growth is driven by stringent environmental regulations, increasing awareness about energy optimization, and rising energy requirements. As these nations strive for sustainable development, the demand for smart grid escalates, making Asia Pacific the fastest-growing market for such solutions.

Key Players

Some of the major players in the Smart Grid Market are General Electric Company (US), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Wipro (India),Globema (Poland), Trilliant Holdings (US), Kamstrup (Denmark), Tech Mahindra (India), Oracle (US), Cisco (US), Eaton (Ireland), ENEL X (Italy), Grid4C (US), Mitsubishi Electric (Japan), and Itron (US) among others. The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, partnerships, joint ventures, collaborations, investments, and expansions.

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