1. Market Research
  2. > Energy & Environment
  3. > Energy
  4. > Electric Power Market Trends
Smart Grid Market by Component, Application, Communication Technology And Region - Global Forecast to 2026

Smart Grid Market by Component, Application, Communication Technology And Region - Global Forecast to 2026

  • October 2021
  • 297 pages
  • ID: 5018004
  • Format: PDF
  • MarketsandMarkets

Summary

Table of Contents

Search Inside

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. Increasing need of efficiency and stability of electric grid are expected to offer lucrative opportunities for the smart grid market during the forecast period. However, high installation costs of smart grid acts as a restraint for the 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.US accounted for the maximum share of the North America 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.

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
• By Designation: C-Level- 30%, Director Level- 25%, and Others- 45%

By Region: Asia Pacific- 40%, North America- 25%, Europe- 20%, the Middle East & Africa- 10%, and South America- 5%
Note: Others includes sales managers, engineers, and regional managers.
Note: The tiers of the companies are defined on the basis of their total revenues as of 20120. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The leading players in the smart grid market include GE (US), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Itron (US).

Research Coverage:
The report defines, describes, and forecasts the global smart grid market, by component, by application, by communication technology, and region.It also offers a detailed qualitative and quantitative analysis of the market.

The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges.It also covers various important aspects of the market.

These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the smart grid market.

Key Benefits of Buying the Report
1. The report identifies and addresses the key markets for smart grid, which would help smart grid manufacturers review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

ref:plp2021

Reportlinker.com © Copyright 2021. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on