Smart grids are used in many applications for providing energy. In addition, grids are useful for transmission of electricity efficiently and restoring the electricity when there are power disturbances. Smart grid is based upon electricity network on digital technology which is used for supplying electricity to consumers by two-way digital communication. This system is used for monitoring, analysing, controlling communication within the supply chain for maximizing the transparency and reliability of the energy supply chain. The global Smart Grid Market development is mostly determined by growing demand for electricity and wants to expand productivity in energy conservation and consumption. Beside the increasing concerns over conservation damage from fossil-fired power stations has controlled to a craving to use large amounts of renewable energy. Dominant forms like wind power and solar power are highly variable, ensuing in increase in adoption or shift to more cultured smart grid systems from traditional power systems. The smart grid types use of technologies for instance state estimation, which expand culpability detection and allow self-healing of the network without the intervention of technicians. This will confirm more reliable supply of electricity and reduced vulnerability to natural disasters or attack.

The smart grid market is expected to be around US$ 239 billion by 2028, growing at a CAGR of 12.4% from 2023 to 2028.

The global Smart Grid market is segregated on the basis of Service as Deployment and Integration, Support and Maintenance, and Consulting. Based on Software the global Smart Grid market is segmented in Substation Automation, Smart Grid Security, Billing and Customer Information System, Advanced Metering Infrastructure, Smart Grid Distribution Management, Smart Grid Network Management, and Grid Asset Management. Based on Hardware the global Smart Grid market is segmented in Smart Meter

Based on Component, the global Smart Grid market is segmented in Hardware, Services, and Software.

The global Smart Grid market report provides geographic analysis covering regions, such as North America, Europe, Asia-Pacific, and Rest of the World. The Smart Grid market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.

Competitive Rivalry

IBM, Wipro, Oracle, Honeywell, S&C Electric Company, Eaton, Tantalus, EsyaSoft Technologies, Grid4C, C3 Energy, and others are among the major players in the global Smart Grid market. The companies are involved in several growth and expansion strategies to gain a competitive advantage. Industry participants also follow value chain integration with business operations in multiple stages of the value chain.

The Smart Grid Market has been segmented as below:

Smart Grid Market, By Service

• Deployment and Integration
• Support and Maintenance
• Consulting

Smart Grid Market, By Software

• Substation Automation
• Smart Grid Security
• Billing and Customer Information System
• Advanced Metering Infrastructure
• Smart Grid Distribution Management
• Smart Grid Network Management
• Grid Asset Management

Smart Grid Market, By Hardware

• Smart Meter

Smart Grid Market, By Component

• Hardware
• Services
• Software

Smart Grid Market, By Region

• North America
• Europe
• Asia-Pacific
• Rest of the World

Smart Grid Market, By Company

• IBM
• Wipro
• Oracle
• Honeywell
• S&C Electric Company
• Eaton
• Tantalus
• EsyaSoft Technologies
• Grid4C
• C3 Energy

The report covers:

• Global Smart Grid market sizes from 2021 to 2028, along with CAGR for 2023-2028
• Market size comparison for 2022 vs 2028, with actual data for 2022, estimates for 2023 and forecast from 2024 to 2028
• Global Smart Grid market trends, covering comprehensive range of consumer trends & manufacturer trends
• Value chain analysis covering participants from raw material suppliers to the downstream buyer in the global Smart Grid market
• Major market opportunities and challenges in forecast timeframe to be focused
• Competitive landscape with analysis on competition pattern, portfolio comparisons, development trends and strategic management
• Comprehensive company profiles of the key industry players

Report Scope:

The global Smart Grid market report scope includes detailed study covering underlying factors influencing the industry trends.

The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies.

The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global Smart Grid market share. Major industry players with significant revenue share include IBM, Wipro, Oracle, Honeywell, S&C Electric Company, Eaton, Tantalus, EsyaSoft Technologies, Grid4C, C3 Energy, and others.

Reasons to Buy this Report:

• Gain detailed insights on the Smart Grid industry trends
• Find complete analysis on the market status
• Identify the Smart Grid market opportunities and growth segments
• Analyse competitive dynamics by evaluating business segments & product portfolios
• Facilitate strategy planning and industry dynamics to enhance decision making

Some of the recent developments in Smart Grid Market are as follows:

IBM

• 03-2013: it has been designated by Tata Power Delhi Distribution, a joint venture between Tata Power and Delhi government, to project and deliver smart grid solutions to better manage energy output and cut down outages.
• 20-2013: IBM is declared a collaboration with The Bureau of Energy Efficiency in India to create the country’s first smart grid project.  Organized they will generate a cost benefit analysis for smart grid activities as part of the National Mission for Enhanced Energy Efficiency.

Wipro

• 04-2019: MOBI is a global nonprofit organization working to expand mobility using Blockchain, circulated ledgers, and related emerging technologies.
• 06-2019: Utility customers are developing at an inconceivable pace. Not only do they want the entire stack of smart and convenient digital services that their retail and financial services providers have been pampering them with, they now want to take mighty leaps ahead.

Customization

Customized report as per the requirement can be offered with appropriate recommendations.

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