Smart Grid Market - Forecast (2024 - 2030)
Smart Grid Market Overview
The Smart Grid market size is set to grow at a CAGR of 10.2% and to reach $128.16 billion during the period 2024-2030. The growing power demand is the need of the hour. There is an increasing demand for reliable and continuous power supply with the rise of electric and hybrid vehicles, and this is especially an area of concern in developing and emerging economies of the world. The need to reduce transmission and distribution losses is also a point that needs to be addressed urgently. A Smart Grid is capable of addressing the aforementioned issues and essentially can modernize the power grid. One of the major factors driving the growth of the Smart Grid market is the resulting increase in efficiency and optimization that can be achieved with the use of this technology. Favorable government regulations and policies is another factor attributing to the growth of this market. Smart Grid technologies play a major role in helping with greenhouse gas emission control and also increase the strength of critical infrastructure to be able to better withstand the effects of climatic change. Recent technological advancements such as substation automation and network architecture focusing on improved carbon footprint that are fueling the concept of Internet-of-Things and Smart Cities, to name a few, are also impacting the Smart Grid technology market as smart energy is one of the main components of a smart city.
Smart Grid Market Report Coverage
The report: “Smart Grid Industry – Forecast (2024-2030)”, by IndustryARC covers an in-depth analysis of the following segments of the Smart Grid Market Report.?
By Grid Type: AC, DC
By Service Type: Consulting, Implementation and Deployment, Maintenance and Others
By Technology: Advanced Metering Infrastructure (AMI) (Meter Data Management System, Analytics, AMI Security), Distributed Automation, Software, hardware (Sensors, Smart Meters and Others), Communication Technologies, Cyber Security and Others
By Vertical: Industrial, Military, Utility, Aerospace and Defense, Automotive, Others
By Geography: North America (U.S, Canada, Mexico), South America (Brazil, Argentina and others), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Australia and Others), and RoW (Middle east and Africa)
Key Takeaways
Smart Grid Market Segment Analysis- By Type
DC Smart Grids hold a major share in the Smart Grid market globally at 66% share in 2023. They find application in high-power electrical equipment and in machinery used in industries, buildings and transportation. Many distributed energy resources such as stationary batteries and fuel cells are dependent upon direct DC Smart Grid. Further, DC Smart Grids offer major advantages over AC Smart Grids such as lower costs, higher reliability, and better stability. DC Smart Grids also reduce energy dissipation and facility costs resulting from AC-to-DC conversion. Thus, many end users prefer DC Smart Grids over AC Smart Grids. The Smart Grid market is being driven by deployment of improved distributed energy resources (DER) technologies such as micro turbines, combustion turbines, hydrogen electrolyzers, synchronous generators, hybrid systems, wind systems and other distributed generation technologies. These technologies, when integrated with Smart Grid, can reduce the carbon footprint significantly as compared to conventional grid. Additionally, the evolution of IoT-based platforms are also increasing the capabilities of Smart Grid systems. IoT-enabled Smart Grids are convenient for utilities to track energy consumption in real-time. Demand response application is another factor accelerating the demand for Smart Grids especially isolated Smart Grids. The global AC Smart Grid market is expected to grow with a CAGR of more than 10.5% during 2024-2030, due to an increase in government initiatives aimed at achieving optimum energy utilization.??
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Smart Grid Market Segment Analysis- - By End Users?
By End Users the market is segmented into Residential, Commercial, Industrial (Water and Wastewater, Chemical, Oil and Gas, Food and Beverages, Semiconductor and Electronics, Medical and Pharmaceutical, Power and Energy, Metal and Mining, Paper and Pulp, and Others. The industrial sector is witnessing significant growth in the market and is estimated to reach 5.2 billion, growing at a CAGR of 6.9%. The growth is attributed to the surge of various industrial verticals such as water and wastewater, chemicals, Oil and Gas, and others. According to the Government of the United Kingdom, The Environment Agency is investigating over 2200 sewage treatment works across England, involving all water and sewerage companies. EA experts will scrutinize these facilities to ensure compliance and environmental protection. In August 2023, Britvic invested $28.51m in the Beckton, East London factory for facility expansion, enhancing production capacity, and implementing sustainable practices, bolstering its presence in the soft drink market. The manufacturing factories in the UK is highly using water and heat meters for the production of drinks, as they are used in many applications such as carbonation, leak detection, tank blanketing, dryer air, and others.
Smart Grid Market Segment Analysis- By Geography
Global Smart Grid Market is dominated by North America with a market share 36% in 2023. Growing interest in unconventional reserves accompanied with technological advancements leading to higher well production rates are driving the growth of oil and gas in the U.S. The growth of oil and gas industry has poised the growth of water and Heat meters. In February 2024, McDermott secures contracts from North Oil Company for EPCIC services for packages 11 and 13 in the Ruya Development Project, expanding the Al-Shaheen field, Qatar's largest oil field, encompassing engineering, procurement, construction, installation, and commissioning. Such developments leverage a positive impact on the market growth. The White House has accelerated permitting for interstate transmission lines across Federal lands. Three approved projects in 2022 include Energy Gateway South in WY, CO, UT (up to 2,000 MW), Ten West Link from AZ to CA (up to 3,200 MW), and Gateway West in WY to ID (up to 765 MW)., hence creating more opportunities for water and heat meters, them being essential for measuring the thermal energy of source and sink in this vertical.
Smart Grid Market Challenges?
High Initial Investment:
Implementation of Smart Grid solutions in factories is a part of the automation process. Adoption of automation machines can be one of the most cost-intensive processes and requires high capital input. In addition to the initial costs, there are several unpredictable costs which may exceed the real cost saved by accomplishing automation in the company. Some of these costs involve research and development costs of automating a process, anticipatory repairs, and maintenance costs. Additionally, there is also training cost associated with Smart Grid operation that further restraints the market growth. Most of the Smart Grid solutions also occupy larger space which is a major challenge in small-sized industries. The high cost of installation of Smart Grids further discourages their application in residential projects and small-scale commercial buildings.
Smart Grid Market Landscape
Partnerships and acquisitions along with product development and up gradation are key strategies adopted by players in the Smart Grid market. Major players in the Smart Grid market include ABB Ltd., Eaton Corporation PLC, General Electric (GE), Itron Inc, Schneider Electric Corporation, Siemens AG, Cisco Systems Inc, Osaki Electric Co. Ltd products, Honeywell International Inc., Hitachi Ltd, and others.
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