Smart Grid Technology Market: By Component, By Application, By End User and Geography  

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Smart Grid Technology Market Size, Share, Growth, Trends, and Global Industry Analysis: By Component (Software, Hardware, Services), By Application (Generation, Transmission, Distribution, Consumption), By End User (Residential, Commercial, Industrial) and Region  

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Smart Grid Technology Market size is valued at US$ 38,643.6 million in 2023 and is poised to grow at a 18.9% from 2024 to 2030. The global market provides a detailed overview of the market and that can be segmented by component, application, and end user. By component, the market has been segmented into Software, Hardware, and Services. The software segment is likely to be the largest and fastest-growing segment in terms of components. Based on application, the market is segmented into Generation, Transmission, Distribution, and Consumption. Among these, the generation segment is expected to have the fastest-growing market during the forecast period 2022-2028. Based on end user, the market is segmented into Residential, Commercial Greenhouse Irrigation System, and Industrial. The residential segment accounts for the largest share in 2021. The commercial is the second-largest share during the forecast period 2021-2028 according to Precision Business Insights.

Key Developments

  • In January 2021, Schneider Electric acquired DC Systems BV, which is a major supplier of smart systems. This has helped the company in advancing innovations in electrical distribution.

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Smart Grid Technology Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

18.9%

Largest Market

Asia-Pacific

Fastest Growing Market

North America

Smart Grid Technology Market Dynamics

Governments across the world have imposed several supportive policies and mandates, focusing on implementing smart grids and spreading awareness about energy conservation. These regulations drive the adoption of smart grid technology for industrial, commercial, and residential applications across the globe.

Smart Grid Technology Market Segmentation Analysis

Report Benchmarks

Details

Report Study Period

2024-2030

Market Size in 2023

US$ 38,643.6 million

Market CAGR

18.9%

By Component

  • Software
  • Hardware
  • Services

By Application

  • Generation
  • Transmission
  • Distribution
  • Consumption

By End User

  • Residential
  • Commercial
  • Industrial

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA

Key Features of the Report

  • The smart grid technology market report provides granular level information about the market size, regional market share, historic market (2019-2023) and forecast (2024-2030)
  • The report covers in-detail insights into the competitor’s overview, company share analysis, key market developments, and key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
  • The report analyses the impact of the socio-political environment through PESTLE Analysis and competition through Porters Five Force Analysis in addition to recent technology advancements and innovations in the market

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Frequently Asked Questions

The global smart grid technology market size is valued at US$ 38,643.6 million in 2023 and is set to surpass at a robust CAGR of 18.9% from 2024-2030.

The major players in the global Smart Grid Technology market are General Electric, Honeywell International Inc., Siemens Ag, IBM Corporation, Cisco Systems Inc, Itron, Schneider Electric, Oracle Corporation, Wipro Limited, ABB Ltd.

Asia Pacific is the fastest-growing region for smart grid technology market

1. Executive Summary
2. Global Smart Grid Technology Market Introduction
2.1. Global Smart Grid Technology Market Taxonomy
2.2. Global Smart Grid Technology Market Definitions
2.2.1. By Component
2.2.2. By Application
2.2.3. By End User
2.2.4. By Region
3. Global Smart Grid Technology Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Global Smart Grid Technology Market Dynamic Factors - Impact Analysis
3.6. Global Smart Grid Technology Market Competition Landscape
4. Global Smart Grid Technology Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030
4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
4.2. Year-over-Year (Y-o-Y) Growth Analysis (%)
4.3. Market Opportunity Analysis
5. Global Smart Grid Technology Market, By Component, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) 
5.1. Software
5.1.1. Advanced Metering Infrastructure
5.1.1.1. Market Analysis, 2019 - 2023 and Forecast, 2022-2028 (Revenue, USD Mn)
5.1.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.1.1.3. Market Opportunity Analysis
5.1.2. Smart Grid Distribution Management
5.1.2.1. Market Analysis, 2019 - 2023 and Forecast, 2022-2028 (Revenue, USD Mn)
5.1.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.1.2.3. Market Opportunity Analysis
5.1.3. Smart Grid Network Management
5.1.3.1. Market Analysis, 2019 - 2023 and Forecast, 2022-2028 (Revenue, USD Mn)
5.1.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.1.3.3. Market Opportunity Analysis
5.1.4. Grid Asset Management
5.1.4.1. Market Analysis, 2019 - 2023 and Forecast, 2022-2028 (Revenue, USD Mn)
5.1.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.1.4.3. Market Opportunity Analysis
5.1.5. Substation Automation
5.1.5.1. Market Analysis, 2019 - 2023 and Forecast, 2022-2028 (Revenue, USD Mn)
5.1.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.1.5.3. Market Opportunity Analysis
5.1.6. Smart Grid Security
5.1.6.1. Market Analysis, 2019 - 2023 and Forecast, 2022-2028 (Revenue, USD Mn)
5.1.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.1.6.3. Market Opportunity Analysis
5.1.7. Billing and Customer Information System
5.1.7.1. Market Analysis, 2019 - 2023 and Forecast, 2022-2028 (Revenue, USD Mn)
5.1.7.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.1.7.3. Market Opportunity Analysis
5.2. Hardware
5.2.1. Smart Meters
5.2.1.1. Market Analysis, 2019 - 2023 and Forecast, 2022-2028 (Revenue, USD Mn)
5.2.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.2.1.3. Market Opportunity Analysis
5.2.2. Sensors
5.2.2.1. Market Analysis, 2019 - 2023 and Forecast, 2022-2028 (Revenue, USD Mn)
5.2.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.2.2.3. Market Opportunity Analysis
5.2.3. Programmable Logic Controller (PLC)
5.2.3.1. Market Analysis, 2019 - 2023 and Forecast, 2022-2028 (Revenue, USD Mn)
5.2.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.2.3.3. Market Opportunity Analysis
5.2.4. Others
5.2.4.1. Market Analysis, 2019 - 2023 and Forecast, 2022-2028 (Revenue, USD Mn)
5.2.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.2.4.3. Market Opportunity Analysis
5.3. Services
5.3.1. Consulting
5.3.1.1. Market Analysis, 2019 - 2023 and Forecast, 2022-2028 (Revenue, USD Mn)
5.3.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.3.1.3. Market Opportunity Analysis
5.3.2. Deployment and Integration
5.3.2.1. Market Analysis, 2019 - 2023 and Forecast, 2022-2028 (Revenue, USD Mn)
5.3.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.3.2.3. Market Opportunity Analysis
5.3.3. Support and Maintenance
5.3.3.1. Market Analysis, 2019 - 2023 and Forecast, 2022-2028 (Revenue, USD Mn)
5.3.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.3.4. Market Opportunity Analysis
6. Global Smart Grid Technology Market, By Application, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) 
6.1. Generation
6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2022-2028 (Revenue, USD Mn)
6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.1.3. Market Opportunity Analysis
6.2. Transmission
6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2022-2028 (Revenue, USD Mn)
6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.2.3. Market Opportunity Analysis
6.3. Distribution
6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2022-2028 (Revenue, USD Mn)
6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.3.3. Market Opportunity Analysis
6.4. Consumption
6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2022-2028 (Revenue, USD Mn)
6.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.4.3. Market Opportunity Analysis
7. Global Smart Grid Technology Market Forecast, By End User, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) 
7.1. Residential
7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2022-2028 (Revenue, USD Mn)
7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.1.3. Market Opportunity Analysis
7.2. Commercial
7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2022-2028 (Revenue, USD Mn)
7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.2.3. Market Opportunity Analysis
7.3. Industrial
7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2022-2028 (Revenue, USD Mn)
7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.3.3. Market Opportunity Analysis
8. Global Smart Grid Technology Market Forecast, By Region, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) 
8.1. North America
8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.1.3. Market Opportunity Analysis
8.2. Europe
8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.2.3. Market Opportunity Analysis
8.3. Asia-Pacific
8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.3.3. Market Opportunity Analysis
8.4. Latin America
8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.4.3. Market Opportunity Analysis
8.5. Middle East and Africa
8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.5.3. Market Opportunity Analysis
8.6. Global Smart Grid Technology Market - Opportunity Analysis Index, By Component, By Application, By End User and Region, 2024 - 2030
9. North America Smart Grid Technology Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) 
9.1. Component Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
9.1.1. Software
9.1.1.1. Advanced Metering Infrastructure
9.1.1.2. Smart Grid Distribution Management
9.1.1.3. Smart Grid Network Management
9.1.1.4. Grid Asset Management
9.1.1.5. Substation Automation
9.1.1.6. Smart Grid Security
9.1.1.7. Billing and Customer Information System
9.1.2. Hardware
9.1.2.1. Smart Meters
9.1.2.2. Sensors
9.1.2.3. Programmable Logic Controller (PLC)
9.1.2.4. Others
9.1.3. Services
9.1.3.1. Consulting
9.1.3.2. Deployment and Integration
9.1.3.3. Support and Maintenance
9.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
9.2.1. Generation
9.2.2. Transmission
9.2.3. Distribution
9.2.4. Consumption
9.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
9.3.1. Residential
9.3.2. Commercial
9.3.3. Industrial
9.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
9.4.1. USA
9.4.2. Canada
9.5. North America Smart Grid Technology Market - Opportunity Analysis Index, By Component, By Application, By End User and Country, 2024 - 2030
9.6. North America Smart Grid Technology Market Dynamics Trends
10. Europe Smart Grid Technology Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) 
10.1. Component Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.1.1. Software
10.1.1.1. Advanced Metering Infrastructure
10.1.1.2. Smart Grid Distribution Management
10.1.1.3. Smart Grid Network Management
10.1.1.4. Grid Asset Management
10.1.1.5. Substation Automation
10.1.1.6. Smart Grid Security
10.1.1.7. Billing and Customer Information System
10.1.2. Hardware
10.1.2.1. Smart Meters
10.1.2.2. Sensors
10.1.2.3. Programmable Logic Controller (PLC)
10.1.2.4. Others
10.1.3. Services
10.1.3.1. Consulting
10.1.3.2. Deployment and Integration
10.1.3.3. Support and Maintenance
10.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.2.1. Generation
10.2.2. Transmission
10.2.3. Distribution
10.2.4. Consumption
10.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.3.1. Residential
10.3.2. Commercial
10.3.3. Industrial
10.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
10.4.1. Germany
10.4.2. UK
10.4.3. France
10.4.4. Spain
10.4.5. Italy
10.4.6. Russia
10.4.7. Rest of Europe
10.5. Europe Smart Grid Technology Market - Opportunity Analysis Index, By Component, By Application, By End User and Country, 2024 - 2030
10.6. Europe Smart Grid Technology Market Dynamics Trends
11. Asia-Pacific Smart Grid Technology Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) 
11.1. Component Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.1.1. Software
11.1.1.1. Advanced Metering Infrastructure
11.1.1.2. Smart Grid Distribution Management
11.1.1.3. Smart Grid Network Management
11.1.1.4. Grid Asset Management
11.1.1.5. Substation Automation
11.1.1.6. Smart Grid Security
11.1.1.7. Billing and Customer Information System
11.1.2. Hardware
11.1.2.1. Smart Meters
11.1.2.2. Sensors
11.1.2.3. Programmable Logic Controller (PLC)
11.1.2.4. Others
11.1.3. Services
11.1.3.1. Consulting
11.1.3.2. Deployment and Integration
11.1.3.3. Support and Maintenance
11.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.2.1. Generation
11.2.2. Transmission
11.2.3. Distribution
11.2.4. Consumption
11.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.3.1. Residential
11.3.2. Commercial
11.3.3. Industrial
11.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
11.4.1. China
11.4.2. India
11.4.3. Japan
11.4.4. ASEAN
11.4.5. Australia & New Zealand
11.4.6. Rest of Asia-Pacific
11.5. Asia-Pacific Smart Grid Technology Market - Opportunity Analysis Index, By Component, By Application, By End User and Country, 2024 - 2030
11.6. Asia-Pacific Smart Grid Technology Market Dynamics Trends
12. Latin America Smart Grid Technology Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) 
12.1. Component Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.1.1. Software
12.1.1.1. Advanced Metering Infrastructure
12.1.1.2. Smart Grid Distribution Management
12.1.1.3. Smart Grid Network Management
12.1.1.4. Grid Asset Management
12.1.1.5. Substation Automation
12.1.1.6. Smart Grid Security
12.1.1.7. Billing and Customer Information System
12.1.2. Hardware
12.1.2.1. Smart Meters
12.1.2.2. Sensors
12.1.2.3. Programmable Logic Controller (PLC)
12.1.2.4. Others
12.1.3. Services
12.1.3.1. Consulting
12.1.3.2. Deployment and Integration
12.1.3.3. Support and Maintenance
12.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.2.1. Generation
12.2.2. Transmission
12.2.3. Distribution
12.2.4. Consumption
12.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.3.1. Residential
12.3.2. Commercial
12.3.3. Industrial
12.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
12.4.1. Brazil
12.4.2. Mexico
12.4.3. Argentina
12.4.4. Rest of Latin America
12.5. Latin America Smart Grid Technology Market - Opportunity Analysis Index, By Component, By Application, By End User and Country, 2024 - 2030
12.6. Latin America Smart Grid Technology Market Dynamics Trends
13. Middle East and Africa Smart Grid Technology Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn) 
13.1. Component Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.1.1. Software
13.1.1.1. Advanced Metering Infrastructure
13.1.1.2. Smart Grid Distribution Management
13.1.1.3. Smart Grid Network Management
13.1.1.4. Grid Asset Management
13.1.1.5. Substation Automation
13.1.1.6. Smart Grid Security
13.1.1.7. Billing and Customer Information System
13.1.2. Hardware
13.1.2.1. Smart Meters
13.1.2.2. Sensors
13.1.2.3. Programmable Logic Controller (PLC)
13.1.2.4. Others
13.1.3. Services
13.1.3.1. Consulting
13.1.3.2. Deployment and Integration
13.1.3.3. Support and Maintenance
13.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.2.1. Generation
13.2.2. Transmission
13.2.3. Distribution
13.2.4. Consumption
13.3. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.3.1. Residential
13.3.2. Commercial
13.3.3. Industrial
13.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
13.4.1. Gulf Cooperation Council (GCC) Countries
13.4.2. Israel
13.4.3. South Africa
13.4.4. Rest of MEA
13.5. MEA Smart Grid Technology Market - Opportunity Analysis Index, By Component, By Application, By End User and Country, 2024 - 2030
13.6. MEA Smart Grid Technology Market Dynamics Trends
14. Competition Landscape 
14.1. Strategic Dashboard of Top Market Players
14.2. Company Profiles (Introduction, Financial Analysis, Offerings, Key Developments, Strategies, and SWOT Analysis)
14.2.1. General Electric
14.2.2. Honeywell International Inc.
14.2.3. Siemens Ag
14.2.4. Ibm Corporation
14.2.5. Cisco Systems Inc.
14.2.6. Itron
14.2.7. Schneider Electric
14.2.8. Oracle Corporation
14.2.9. Wipro Limited
14.2.10. ABB Ltd.
15. Research Methodology
16. Key Assumptions and Acronyms

Key Market Players

  • General Electric
  • Honeywell International Inc.
  • Siemens Ag
  • Ibm Corporation
  • Cisco Systems Inc.
  • Itron
  • Schneider Electric
  • Oracle Corporation
  • Wipro Limited
  • ABB Ltd.

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