According to a new market research done by Future Market Insights (FMI), the worldwide smart grid technology market is expected to develop at a robust compound annual growth rate (CAGR) of 19.6% from 2023 to 2033. According to the report, the market is well-positioned to take a significant market share, with a whopping US$ 2.5 trillion expected by 2033. In 2023, the market is expected to be valued at $429 billion.
Several main drivers are driving smart grid technology adoption, which is growing at an exponential rate. The most notable of them is increased electrical transmission efficiency, which not only regulates and optimizes electrical transmission but also allows for speedier restoration after outages and efficient damage assessments.
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The intersection of higher energy consumption, rapid urbanization, efficient power supply, and power tracking systems is fundamentally reshaping the smart grid technology market landscape. Substantial investments in research and development aimed at materials utilization and energy conservation tools are fostering market growth. Collaborative efforts from governments, grid authorities, and power generation units are propelling the technological advancement of grid systems.
Key Players
- ABB (Switzerland)
- Siemens (Germany)
- Schneider Electric (France)
- S&C Electric Company (United States)
- Eaton (Ireland)
- GE (United States)
- IBM (United States)
- Wipro Limited (India)
- Honeywell
- Cisco (United States)
- Aclara (United States)
- Landis+Gyr (Switzerland)
- Oracle
- Itron
Key Highlights:
- Projected CAGR of 19.6% for the smart grid technology market between 2023 and 2033.
- Estimated market share of US$ 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.
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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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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