Analysts’ Viewpoint Global Market Scenario
The global smart grid business is expected to witness substantial growth over the forecast period. There is an increasing popularity of smart grids due to rising need for power and supportive regulations by governments of countries in various regions across the globe. The rapid adoption of centralized grid distribution management and control is driving the global market. The popularity of smart meters and regional government initiatives & funding for smart grid projects are factors expected to drive the market. In addition, rise in the number of market players across the globe is contributing to the expansion of the market, thereby creating lucrative revenue opportunities for market players. Governments of various countries are transforming cities into smart cites. Moreover, collaborative efforts taken by market stakeholders to overcome challenges in the smart grid market are contributing to the market growth.
The rising demand for quality, secure, and reliable power supply is expected to ensure significant growth in the market. Growing concerns regarding carbon footprint and the need to replace aging infrastructure are shaping the global smart grid market. In addition, there is a need for centralized grid distribution management and control. The high demand for smart grids from several economies and the surge in ICT spending will also aid in the market’s growth.
The market size of smart grids has been growing considerably in the past few years, owing to the rising adoption of smart meters and regional government initiatives & funding for smart grid projects. Governments across countries are striving to transform cities into smart cities, and this will also help drive the market toward growth. Smart grids are important in the digital transformation of the electricity sector.
The smart grid offers energy efficiency, reliability of existing electrical supply, integration of more renewable energy into an existing network, new solutions for customers to optimize their electricity consumption, and a decline in carbon emissions. Conventional electricity grids installed in developing nations in the world are now aging and causing large-scale electrical blackouts.
Thus, every nation has a growing need to reduce the cost of blackouts and power outages. Smart grid technology offers the liberty to consumers and suppliers to manage and protect the distribution network, save energy, and reduce such extravagant costs. Governments in most countries are incurring massive losses due to conventional electrical grids, and hence, they are now focusing on investing in smart grid technologies.
The increasing popularity of smart grid technologies such as advanced metering infrastructure, distribution automation, cyber security, software and hardware, communication technologies, and transmission upgrades is driving the global market. The global smart grid industry is fragmented in nature. Big players in the industry are acquiring software vendors that have the most promising potential.
An increasing number of mergers & acquisition activities are taking place in the global market. The inherent need to scale up the manufacturing capacity is resulting in high exit barriers, intensifying the degree of competition. Smart grids are in high demand, owing to the growing need for power and support regulations by governments across regions. Higher transmission and distribution losses are other factors that will drive the market for smart grids.
The Asia Pacific market for smart grids is expected to witness a major market share during the forecast period. China holds the highest share of the market in the Asia Pacific. Japan and India are other countries dominating the smart grid industry. The rising need to reduce transmission and distribution losses in developing nations across the Asia Pacific is expected to drive the market. The need to reduce carbon emissions from developed nations in the region and the growing consumption of electricity in China, South Korea, Australia, New Zealand, India, and Singapore are likely to drive this market. The prominence of the market in this part of the world is mainly due to the initiatives from various universities and governments.
Attribute | Details |
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Market Size Value in 2020 (Base Year) | US$ 139.5 Bn |
Market Forecast Value in 2031 | US$ 845.6 Bn |
Growth Rate (CAGR) | 17.8% |
Forecast Period | 2021-2031 |
Quantitative Units | US$ Bn for Value |
Competition Landscape | The company Profiles section includes an overview, product portfolio, key subsidiaries or distributors, strategy & recent developments, and key financials. |
Format | Electronic (PDF) + Excel |
Market Segmentation |
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Regions Covered |
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Countries Covered |
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Companies Profiled |
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Customization Scope | Available upon Request |
Pricing | Available upon Request |
Smart Grid Market - Segmentation
TMR’s research study assesses the global market in terms of technology and region. This report presents extensive market dynamics and trends associated with different segments of the market and how they are influencing the growth prospects of the global smart grid industry.
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Technology |
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Region |
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The smart grid industry is expected to Reach US$ 845.6 Bn By 2031
The market is estimated to rise at a CAGR of 17.8% during the forecast period
The popularity of smart meters and regional government initiatives & funding for smart grid projects is expected to drive the global market
Asia Pacific is more attractive for vendors in the global market
Key players in Smart Grid business are Aclara, Alstom, Comverge, eMeter, GridPoint Inc, Landis+Gyr, Schneider Electric, Schweitzer Engineering Laboratories, Sensus, Siemens, ABB Ltd, Itron, Opower, and General Electric
1. Executive Summary
1.1. Smart Grid Market Snapshot
1.2. Current Market and Future Potential
2. Market Overview
2.1. Market Segmentation
2.2. Market Indicators
2.3. Market Dynamics
2.3.1. Drivers
2.3.2. Restraints
2.3.3. Opportunities
2.4. Porter’s Five Forces Analysis
2.5. Regulatory Analysis
2.6. Value Chain Analysis
2.6.1. List of Potential Customers
2.6.2. List of Suppliers/Manufacturers
3. Global Production Output Analysis, by Region, 2020
3.1. North America
3.2. Europe
3.3. Asia Pacific
3.4. Latin America
3.5. Middle East
4. COVID-19 Impact Analysis
5. Global Smart Grid Market Analysis and Forecast, by Technology, 2020-2031
5.1. Introduction and Definitions
5.2. Global Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
5.2.1. Advanced Metering Infrastructure
5.2.2. Distribution Automation
5.2.3. Software and Hardware
5.2.4. Communication Technologies
5.2.5. Transmission Upgrades
5.2.6. Cyber Security
5.3. Global Smart Grid Market Attractiveness, by Technology
6. Global Smart Grid Market Analysis and Forecast, by Region, 2020-2031
6.1. Key Findings
6.2. Global Smart Grid Market Value (US$ Bn) Forecast, by Region, 2020-2031
6.2.1. North America
6.2.2. Europe
6.2.3. Asia Pacific
6.2.4. Latin America
6.2.5. Middle East & Africa
6.3. Global Smart Grid Market Attractiveness, by Region
7. North America Smart Grid Market Analysis and Forecast, 2020-2031
7.1. Key Findings
7.2. North America Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
7.3. North America Smart Grid Market Value (US$ Bn) Forecast, by Country, 2020-2031
7.3.1. U.S. Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
7.3.2. Canada Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
7.4. North America Smart Grid Market Attractiveness Analysis
8. Europe Smart Grid Market Analysis and Forecast, 2020-2031
8.1. Key Findings
8.2. Europe Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
8.3. Europe Smart Grid Market Value (US$ Bn) Forecast, by Country and Sub-region, 2020-2031
8.3.1. Germany Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
8.3.2. France Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
8.3.3. U.K. Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
8.3.4. Italy Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
8.3.5. Spain Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
8.3.6. Russia & CIS Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
8.3.7. Rest of Europe Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
9. Asia Pacific Smart Grid Market Analysis and Forecast, 2020-2031
9.1. Key Findings
9.2. Asia Pacific Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
9.3. Asia Pacific Smart Grid Market Value (US$ Bn) Forecast, by Country and Sub-region, 2020-2031
9.3.1. China Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
9.3.2. Japan Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
9.3.3. India Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
9.3.4. ASEAN Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
9.3.5. Rest of Asia Pacific Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
9.4. Asia Pacific Smart Grid Market Attractiveness Analysis
10. Latin America Smart Grid Market Analysis and Forecast, 2020-2031
10.1. Key Findings
10.2. Latin America Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
10.3. Latin America Smart Grid Market Value (US$ Bn) Forecast, by Country and Sub-region, 2020-2031
10.3.1. Brazil Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
10.3.2. Mexico Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
10.3.3. Rest of Latin America Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
10.4. Latin America Smart Grid Market Attractiveness Analysis
11. Middle East & Africa Smart Grid Market Analysis and Forecast, 2020-2031
11.1. Key Findings
11.2. Middle East & Africa Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
11.3. Middle East & Africa Smart Grid Market Value (US$ Bn) Forecast, by Country and Sub-region, 2020-2031
11.3.1. GCC Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
11.3.2. South Africa Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
11.3.3. Rest of Middle East & Africa Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
11.4. Middle East & Africa Smart Grid Market Attractiveness Analysis
12. Competition Landscape
12.1. Global Smart Grid Company Market Share Analysis, 2020
12.2. Company Profiles (Details - Overview, Financials, Recent Developments, and Strategy)
12.2.1. Aclara
12.2.1.1. Company Description
12.2.1.2. Business Overview
12.2.1.3. Financial Overview
12.2.1.4. Strategic Overview
12.2.2. Alstom
12.2.2.1. Company Description
12.2.2.2. Business Overview
12.2.2.3. Financial Overview
12.2.2.4. Strategic Overview
12.2.3. Comverge
12.2.3.1. Company Description
12.2.3.2. Business Overview
12.2.3.3. Financial Overview
12.2.3.4. Strategic Overview
12.2.4. eMeter
12.2.4.1. Company Description
12.2.4.2. Business Overview
12.2.4.3. Financial Overview
12.2.4.4. Strategic Overview
12.2.5. GridPoint Inc
12.2.5.1. Company Description
12.2.5.2. Business Overview
12.2.5.3. Financial Overview
12.2.5.4. Strategic Overview
12.2.6. Landis+Gyr
12.2.6.1. Company Description
12.2.6.2. Business Overview
12.2.6.3. Financial Overview
12.2.6.4. Strategic Overview
12.2.7. Schneider Electric
12.2.7.1. Company Description
12.2.7.2. Business Overview
12.2.7.3. Financial Overview
12.2.7.4. Strategic Overview
12.2.8. Schweitzer Engineering Laboratories
12.2.8.1. Company Description
12.2.8.2. Business Overview
12.2.8.3. Financial Overview
12.2.8.4. Strategic Overview
12.2.9. Sensus
12.2.9.1. Company Description
12.2.9.2. Business Overview
12.2.9.3. Financial Overview
12.2.9.4. Strategic Overview
12.2.10. Seimens
12.2.10.1. Company Description
12.2.10.2. Business Overview
12.2.10.3. Financial Overview
12.2.10.4. Strategic Overview
12.2.11. ABB Ltd
12.2.11.1. Company Description
12.2.11.2. Business Overview
12.2.11.3. Financial Overview
12.2.11.4. Strategic Overview
12.2.12. Itron
12.2.12.1. Company Description
12.2.12.2. Business Overview
12.2.12.3. Financial Overview
12.2.12.4. Strategic Overview
12.2.13. Opower
12.2.13.1. Company Description
12.2.13.2. Business Overview
12.2.13.3. Financial Overview
12.2.13.4. Strategic Overview
12.2.14. General Electric
12.2.14.1. Company Description
12.2.14.2. Business Overview
12.2.14.3. Financial Overview
12.2.14.4. Strategic Overview
13. Primary Research: Key Insights
14. Appendix
List of Tables
Table 1: Global Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
Table 2: Global Smart Grid Market Value (US$ Bn) Forecast, by Region, 2020-2031
Table 3: North America Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
Table 4: North America Smart Grid Market Value (US$ Bn) Forecast, by Country, 2020-2031
Table 5: U.S. Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
Table 6: Canada Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
Table 7: Europe Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
Table 8: Europe Smart Grid Market Value (US$ Bn) Forecast, by Country and Sub-region, 2020-2031
Table 9: Germany Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
Table 10: France Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
Table 11: U.K. Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
Table 12: Italy Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
Table 13: Spain Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
Table 14: Russia & CIS Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
Table 15: Rest of Europe Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
Table 16: Asia Pacific Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
Table 17: Asia Pacific Smart Grid Market Value (US$ Bn) Forecast, by Country and Sub-region, 2020-2031
Table 18: China Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
Table 19: Japan Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
Table 20: India Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
Table 21: ASEAN Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
Table 22: Rest of Asia Pacific Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
Table 23: Latin America Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
Table 24: Latin America Smart Grid Market Value (US$ Bn) Forecast, by Country and Sub-region, 2020-2031
Table 25: Brazil Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
Table 26: Mexico Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
Table 27: Rest of Latin America Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
Table 28: Middle East & Africa Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
Table 29: Middle East & Africa Smart Grid Market Value (US$ Bn) Forecast, by Country and Sub-region, 2020-2031
Table 30: GCC Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
Table 31: South Africa Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
Table 32: Rest of Middle East & Africa Smart Grid Market Value (US$ Bn) Forecast, by Technology, 2020-2031
List of Figures
Figure 1: Global Smart Grid Market Volume Share Analysis, by Technology, 2020, 2025, and 2031
Figure 2: Global Smart Grid Market Attractiveness, by Technology
Figure 3: Global Smart Grid Market Volume Share Analysis, by Region, 2020, 2025, and 2031
Figure 4: Global Smart Grid Market Attractiveness, by Region
Figure 5: North America Smart Grid Market Volume Share Analysis, by Technology, 2020, 2025, and 2031
Figure 6: North America Smart Grid Market Attractiveness, by Technology
Figure 7: North America Smart Grid Market Volume Share Analysis, by Region, 2020, 2025, and 2031
Figure 8: North America Smart Grid Market Attractiveness, by Country
Figure 9: Europe Smart Grid Market Volume Share Analysis, by Technology, 2020, 2025, and 2031
Figure 10: Europe Smart Grid Market Attractiveness, by Technology
Figure 11: Europe Smart Grid Market Volume Share Analysis, by Region, 2020, 2025, and 2031
Figure 12: Europe Smart Grid Market Attractiveness, by Country and Sub-region
Figure 13: Asia Pacific Smart Grid Market Volume Share Analysis, by Technology, 2020, 2025, and 2031
Figure 14: Asia Pacific Smart Grid Market Attractiveness, by Technology
Figure 15: Asia Pacific Smart Grid Market Volume Share Analysis, by Region, 2020, 2025, and 2031
Figure 16: Asia Pacific Smart Grid Market Attractiveness, by Country and Sub-region
Figure 17: Latin America Smart Grid Market Volume Share Analysis, by Technology, 2020, 2025, and 2031
Figure 18: Latin America Smart Grid Market Attractiveness, by Technology
Figure 19: Latin America Smart Grid Market Volume Share Analysis, by Region, 2020, 2025, and 2031
Figure 20: Latin America BMI Resins Market Attractiveness, by Country and Sub-region
Figure 21: Middle East & Africa Smart Grid Market Volume Share Analysis, by Technology, 2020, 2025, and 2031
Figure 22: Middle East & Africa Smart Grid Market Attractiveness, by Technology
Figure 23: Middle East & Africa Smart Grid Market Volume Share Analysis, by Region, 2020, 2025, and 2031
Figure 24: Middle East & Africa Smart Grid Market Attractiveness, by Country and Sub-region