The smart grid market is growing at a rapid pace. The market growth attributes to increasing government initiatives to improve power generation. Besides, heavy investments by the smart grid’s key players, alongside the rising smart city projects and the need for controlled grid mechanisms, substantiate the market growth. Moreover, government initiatives for smart meter roll-outs escalate market demand.

According to a leading research firm Market Research Future (MRFR), the global smart grid market is expected to create a valuation of USD 52 BN by 2023, registering approximately 20% CAGR during the forecast period (2018 – 2023). Increasing demand for renewable energy sources and improved grid reliability positively impact the growth of the market. Moreover, the increasing integration of smart meters accelerates market demand, improving power distribution worldwide.

Additionally, technological advances in technologies smart grid sensors, devices, and connected utilities, alongside increasing numbers of advanced modular projects, boost the market growth. The increasing demand for efficient, economical, and clean power distribution influences the growth of the market. Substantial investments to shift utility infrastructure to the smart grid and increased sophistication of cyber-attacks substantiate market growth.

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Global Smart Grid Market – Segmentations

The report is segmented into four dynamics;

By Components: Hardware (AMI meter, networking hardware, sensors, programmable logic controller (PLC), Software (advanced metering infrastructure (AMI), smart grid distribution management, smart grid communication, grid asset management, substation automation & billing, customer information system, supervisory control & data acquisition (SCADA), and Services (consulting, deployment, integration & support, maintenance, others).

By Technology: Wired and Wireless.

By End-User : Residential, Corporate, Government, and others.

By Regions : Americas, Europe, Asia Pacific, and the Rest-of-the-World.

Smart Grid Market – Competitive Landscape

Highly competitive, the smart grid market appears to be fragmented due to the presence of several well-established industry players. These players initiate strategic approaches such as mergers & acquisitions, collaboration, expansion, and technology launch to gain a larger competitive advantage. Industry players make substantial investments in developing the technology and in upgrading their existing portfolio.

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