The Worldwide Smart Grid Industry is Expected to Reach $103.4 Billion by 2026

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DUBLIN, Oct. 21, 2021 /PRNewswire/ -- The "Smart Grid Market by Component (Software, Hardware, Services), Application (Generation, Transmission, Distribution, Consumption/End Use), Communication Technology (Wireline, Wireless), and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

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The smart grid market is projected to reach USD 103.4 billion by 2026 from an estimated USD 43.1 billion in 2021, at a CAGR of 19.1% during the forecast period.

Governments worldwide are undertaking many initiatives to meet the future electricity demands and focusing on reducing carbon footprint by promoting the use of renewable energy sources to produce energy. The increasing need for efficiency and stability of the electric grid is expected to offer lucrative opportunities for the smart grid market during the forecast period. However, the high installation costs of the smart grid act as a restraint for installing the smart grid systems.

The software segment by component is expected to grow at the highest CAGR from 2021 to 2026.

Based on the component of smart grid systems, the software component is estimated to be the fastest-growing market from 2019 to 2026. The smart grid software helps ensure effective management of smart grid operations, improves process efficiency, and reduces energy production costs; hence, the segment captures the major market share.

Distribution segment by application is expected to emerge as the largest segment for smart grid implementation

The distribution segment, by application, is projected to hold the highest market share during the forecast period. Distribution substations isolate the faults in transmission systems. Distribution feeders transport power from the distribution substations to end users, serving many premises. Efficient distribution application helps in quicker restoration of electricity after power disturbances, reduces operations and management costs for utilities, and ultimately lowers the power costs for consumers.

North America: The largest smart grid market

North America is currently the largest smart grid market, followed by Europe and the APAC. The US accounted for the maximum share of the North American market in 2020. It is also projected to grow at the highest CAGR from 2021 to 2026. One of the key reasons for the large market size is the early adoption of smart grid projects. The strong financial position of the US and Canada enables them to invest heavily in smart infrastructure platforms of the smart grid market.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in Smart Grid Market
4.2 Smart Grid Market in North America, by Component and Country
4.3 Smart Grid Market, by Component
4.4 Smart Grid Market for Software, by Type
4.5 Smart Grid Market for Hardware, by Type
4.6 Smart Grid Market for Services, by Type
4.7 Smart Grid Market, by Application
4.8 Smart Grid Market, by Communication Technology
4.9 Smart Grid Market, by Region

5 Market Overview
5.1 Introduction
5.2 COVID-19 Health Assessment
5.3 Road to Recovery
5.4 COVID-19 Economic Assessment
5.5 Market Dynamics
5.5.1 Drivers
5.5.1.1 Supportive Regulatory Framework of Governments Worldwide to Promote Deployment of Smart Grids
5.5.1.2 Improved Grid Reliability and Efficient Outage Response
5.5.1.3 Increased Awareness About Carbon Footprint Management
5.5.1.4 Strong Focus on Modernization of Aging Grid Infrastructure
5.5.2 Restraints
5.5.2.1 High Installation Cost of Smart Grids
5.5.2.2 Low Awareness of Protocols and Interoperability Standards
5.5.3 Opportunities
5.5.3.1 Creating Opportunities for Existing Utility Vendors and Emerging Players
5.5.3.2 Ongoing Smart City Projects in Developing Countries
5.5.3.3 Increasing Inclination of Automobile Companies to Manufacture Electric Vehicles Based on V2G Technology
5.5.3.4 Anticipated Shift from On-Premises to Cloud-Based Systems
5.5.4 Challenges
5.5.4.1 Proper Storage and Management of Complex Data Generated by Smart Grid Infrastructure
5.5.4.2 Cybersecurity and Vulnerability Issues Faced by Smart Grid Networks
5.5.4.3 Longer Duration of Return on Investment for Utility Service Providers
5.6 Trends
5.6.1 Revenue Shift and New Revenue Pockets for Smart Grid Manufacturers
5.7 Market Map
5.8 Value Chain Analysis
5.10 Smart Grid: Codes and Regulations
5.11 Innovation and Patent Registration
5.12 Porter's Five Forces Analysis
5.13 Case Study Analysis

6 Smart Grid Market, by Component
6.1 Introduction
6.2 Software
6.2.1 Advanced Metering Infrastructure
6.2.1.1 Stringent Regulations and Mandates by Legislative Bodies to Reduce Energy Consumption and Increase Energy Efficiency Boost Demand for Ami
6.2.2 Smart Grid Distribution Management
6.2.2.1 High Adoption of Renewable Energy Sources and Increased Number of Distributed Renewable Power Generation Plants Augment Need for Smart Grid Distribution Management Software
6.2.3 Smart Grid Network Management
6.2.3.1 Increased Use of Renewable Energy and Limited Capacity of Traditional Electricity Grids to Generate Renewable Energy Stimulate Demand for Smart Grid Network Management Software
6.2.4 Grid Asset Management
6.2.4.1 Strong Need to Reduce Failure and Repair Costs of Grids Spurs Deployment of Grid Asset Management Software
6.2.5 Substation Automation
6.2.5.1 Superior Ability of Substation Automation Software to Recover Power at Faster Rate and Prevent Blackouts in Power Systems Triggers Its Adoption by Smart Grid System Manufacturers
6.2.6 Smart Grid Security
6.2.6.1 Heightened Threat of Cyberattacks on Smart Grids Creates Need for Smart Grid Security Software
6.2.7 Billing and Customer Information System
6.2.7.1 Elevated Demand for Efficient Billing and Information Collection Capabilities Encourages Use of Billing and Customer Information System
6.3 Hardware
6.3.1 Smart Meters
6.3.1.1 High Emphasis on Energy Savings by Using Energy-Efficient Appliances Accelerates Demand for Smart Meters
6.3.2 Sensors
6.3.2.1 Distinguished Ability of Sensors to Identify Risks Well in Advance Promotes Their Use in Smart Grids
6.3.3 Programmable Logic Controllers
6.3.3.1 Rugged Design of plcs Makes Them Suitable for Repetitive Tasks and Improved Communication Bandwidth, Enabling Their Use to Make Logic-Based Decisions
6.3.4 Others
6.4 Services
6.4.1 Consulting
6.4.1.1 Need to Deliver Maximum Product Assurance Drives Demand for Consulting Services
6.4.2 Deployment and Integration
6.4.2.1 Requirement to Streamline Operations of Smart Grid Components Boosts Adoption of Deployment and Integration Services
6.4.3 Support and Maintenance
6.4.3.1 Necessity of Support and Maintenance Services to Ensure Reduced Downtime of Operations and Higher Productivity of Smart Grids

7 Smart Grid Market, by Application
7.1 Introduction
7.2 Generation
7.2.1 Smart Grids Help Power Generation Resources to Optimize Energy Production
7.3 Transmission
7.3.1 Efficient Automated Transmission Network Carries Power from Bulk Generation Facilities to Power Distribution Systems
7.4 Distribution
7.4.1 Distribution Substations are Likely to Witness High Demand from North America
7.5 Consumption
7.5.1 Universal Acceptance of Electrical Appliances Has Led to Increasing Power Consumption

8 Smart Grid Market, by Communication Technology
8.1 Introduction
8.2 Wireline Communication Technology
8.2.1 Increased Need for Effective Communication to Drive Requirement for Wireline Communication Technology-Based Smart Grids
8.3 Wireless Communication Technology
8.3.1 Reduced Maintenance Cost and Easy Accessibility of Data from Remote Locations to Boost Demand for Wireless Communication Technology-Based Smart Grids

9 Geographic Analysis

10 Competitive Landscape
10.1 Key Player Strategies
10.2 Market Share Analysis of Top Five Players
10.3 Revenue Analysis of Top Five Market Players
10.4 Company Evaluation Quadrant
10.4.1 Star
10.4.2 Pervasive
10.4.3 Emerging Leader
10.4.4 Participant
10.5 Competitive Scenario

11 Company Profiles
11.1 Key Players
11.1.1 GE
11.1.2 ABB
11.1.3 Siemens
11.1.4 Schneider Electric
11.1.5 Itron
11.1.6 Cisco
11.1.7 IBM
11.1.8 Oracle
11.1.9 Honeywell
11.1.10 Eaton
11.1.11 Tech Mahindra
11.1.12 Tantalus
11.1.13 Mitsubishi Electric
11.1.14 Sap
11.1.15 Wipro
11.1.16 Trilliant Holdings
11.1.17 Globema
11.1.18 Kamstrup
11.1.19 Xylem
11.2 Other Players
11.2.1 Enel X
11.2.2 Esmart Systems
11.2.3 Esyasoft Technologies
11.2.4 Grid4C
11.2.5 C3 Energy
11.2.6 NES (Networked Energy Services)

12 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/82dfyh

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