The global smart grid market generated $66.96 billion in 2017, and is expected to reach $169.18 billion by 2025, growing at a CAGR of 12.4% from 2018 to 2025.
Factors such as rise in concerns regarding environmental protection and growth in adoption of smart grid technology to improve efficiency in energy conservation and consumption drive the market growth. Moreover, supportive government policies & regulations to use smart meters and rise in investments in digital electricity infrastructure supplement the market growth. However, lack of standardization and rise in privacy & security concerns are a few challenges faced by the industry. Conversely, growing number of electric vehicles on the road and upcoming smart cities projects in developing regions create new opportunities for the market growth.
Among components, the solution segment was the largest in 2017, capturing more than three-fourths of the market share and would maintain its dominance through 2025. This is because of the growing demand for solutions such as smart energy grid solutions for meter programming and substation automations solutions which provide user-friendly operator interfaces and enables the remote management of two-way communication between consumer and provider. However, the services segment would grow at the fastest CAGR of 13.9% through 2025. This is due to increased adoption of services among end users, as they ensure effective functioning of solutions and platforms throughout the process.
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Based on geography, North America grabbed the largest market share of 45% and is likely to dominate the market through 2025. This is due to the presence of the major market players in the region. Moreover, aging transmission & distribution systems and growing investment and spending on smart metering and smart grid systems fuel the market growth in this region. However, Asia Pacific would also achieve the fastest CAGR of 16.1% through the forecast period. The excessive demands and increased consumption for electricity in Asia Pacific countries such as India, China, Japan, and others are fueling the market growth in this region. Moreover, growing need to build energy efficient yet sustainable sources to save electricity is also expected to provide opportunities for the market growth in Asia Pacific.
Leading market players analyzed in the research include Cisco Systems, Inc., General Electric, Honeywell International Inc, International Business Machines Corporation (IBM), Itron Inc., Oracle, Schneider Electric, Siemens, Tech Mahindra Limited, Wipro Limited, and others.
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