The global smart grid technology market is set to witness remarkable growth, with a robust compound annual growth rate (CAGR) of 19.6% projected between 2023 and 2033, according to a recent market analysis conducted by Future Market Insights (FMI). The study indicates that the market is positioned to capture a substantial market share, estimated to reach a staggering US$ 2.5 trillion by 2033. In 2023, the market is anticipated to attain a valuation of US$ 429 billion.
The adoption of smart grid technology is driven by several key factors contributing to its exponential growth. Chief among them is the enhanced electrical transmission efficiency, which not only regulates and optimizes electrical transmission but also results in faster restoration post outages and efficient damage analysis. Additionally, the technology’s smart mitigation of electrical losses and wastage is gaining prominence among grid authorities. Remote monitoring of meters further aids authorities in curbing electrical theft.
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The intersection of higher energy consumption, rapid urbanization, efficient power supply, and power tracking systems is fundamentally reshaping the smart grid technology market landscape. Substantial investments in research and development aimed at materials utilization and energy conservation tools are fostering market growth. Collaborative efforts from governments, grid authorities, and power generation units are propelling the technological advancement of grid systems.
Key Players
- ABB (Switzerland)
- Siemens (Germany)
- Schneider Electric (France)
- S&C Electric Company (United States)
- Eaton (Ireland)
- GE (United States)
- IBM (United States)
- Wipro Limited (India)
- Honeywell
- Cisco (United States)
- Aclara (United States)
- Landis+Gyr (Switzerland)
- Oracle
- Itron
Key Highlights:
- Projected CAGR of 19.6% for the smart grid technology market between 2023 and 2033.
- Estimated market share of US$ 2.5 trillion by 2033, showcasing the rapid market expansion.
- Anticipated market value of US$ 429 billion by the close of 2023.
Drivers and Opportunities:
The driving force behind the growth of the smart grid technology market lies in its enhanced electrical transmission efficiency, swift restoration post outages, and efficient damage analysis. The technology’s capability to mitigate electrical losses and wastage, coupled with remote monitoring, contributes significantly to its appeal.
Competition Analysis and Regional Trends:
As the smart grid technology market flourishes, numerous companies are vying to capture a share of this burgeoning sector. Competition among key players is expected to intensify as the market gains momentum.
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Key Segments Covered
By Software and Hardware Type:
- Distribution Management System – DMS
- Demand Response Management – DRM
- Meter Data Management System – MDMS
- Supervisory Control and Data Acquisition – SCADA
- Smart Meter
- Outrage Management System – OMS
By Sensors:
- Voltage Sensors
- Transformer Monitoring Sensors
- Dynamic Line Rating Sensors
- Home Area Network Sensors
By Communication Network:
- Wide Area Network – WAN
- Home Area Network – HAN
Key Regions Covered:
- North America
- United States
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- United Kingdom
- France
- Spain
- Russia
- Rest of Europe
- Japan
- Asia Pacific Excluding Japan
- China
- India
- Malaysia
- Singapore
- Australia
- Rest of Asia Pacific Excluding Japan (APEJ)
- The Middle East and Africa
- GCC Countries
- Israel
- South Africa
- The Middle East and Africa (MEA)
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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