Global Smart Electric Grid Market is expected to foresee significant growth. Asia-Pacific to lead the growth

Global Smart Electric Grid Market is expected to reach the market valuation of US$ 98.9 billion by 2027 expanding at a reasonable CAGR of 15.2% during the forecast period (2021-2027) from US$ 35.1 billion in 2020. Increased investment in smart meters, EV chargers, and other infrastructure technologies, Government policies and financial incentives for Smart Electric Griding Solutions paired with technological advancement in the energy sector is expected to drive the growth of Smart Electric Griding solutions during the forecast period.

Owing to the increased investment on the overall deployment of smart electric grid technologies globally, investment on advanced metering solutions is expected to witness significant growth during the forecast period. Governments in both developing and underdeveloped economics have spotted smart grid technology as a strategic energy infrastructural investment as a long-term economic success and help in achieving the carbon emission targets. Together, these factors are expected to enhance market growth and provide ample opportunities for the smart electric grid companies to sustain in the growing market. For instance, Ministry of Natural Resources Canada has launched, Renewables and Electrification Pathways (SREPs) program, a four-year CA$960 million (US$795 million) investment plan to support the rollout of smart grid technologies.

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Overall time spent at home have increased globally, due to nationwide lockdown. This has increased the overall energy consumption among residential end-users, leading to significant and complex shifts in energy demand. However, with decreased power demand from the industrial sector, it is estimated that there would be very low investments from the utility companies to replace the old age grid infrastructure and new installations of Smart Electric Griding solutions. Furthermore, the investments for grid modernization are also expected to witness slow growth during this period. As per the IEA Energy Efficiency Report 2020, countries around the world are preferring the use of more efficient energy source. Electricity use among the residential sector in the first half of 2020 witnessed an increase of 20%, compared to a decline of 10% among the commercial sectors.

Based on technology the global Smart Electric Grid market is bifurcated into Automated Meter Reading (AMR) and Advanced Metering Infrastructure (AMI). Currently, Automated Meter Reading (AMR) segment dominate the market and is expected to maintain its dominance during the forecast period. Based on type the global Smart Electric Grid market is segmented into Smart Electric Meter, Smart Gas Meter, Smart Water Mater. In 2020, Smart Electric Meter segment dominated the market.

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• Based on component the global Smart Electric Grid market is bifurcated into software, Hardware, Service. Currently, hardware segment dominated the market. Investment in smart electric grid remained focused on hardware, from digital substations to smart metering and other power engineering equipment. However, utility companies worldwide have indicated that they are increasingly adopting sophisticated software tools for better tracking and distribution of electricity
• Based on software, the market is divided into Advanced Metering Infrastructure, Smart Grid Distribution Management, Smart Grid Network Management, Grid Asset Management, Substation Automation, Smart Grid Security, Billing and Customer Information System. It is estimated that smart grid distribution management segment would witness high growth during the analyzed period
• Based on hardware, the market is divided into Sensors, Programmable Logic Controllers, Smart Meters, Networking Hardware
• Based on Service, the market is bifurcated into Consulting, Deployment and Integration, Support and Maintenance. Services help in overcoming numerous business challenges, creating high growth opportunities, and accelerating technological innovations in the energy sector

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For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), MEA (Saudi Arabia, UAE, South Africa, Rest of MEA), Latin America (Brazil, Argentina, Rest of Latin America). Currently, North America dominated the market. As per US Smart Grid Investment Grant (SGIG) program, more than 99 projects received federal financial assistance for 50% of eligible project costs. Furthermore, in 2018, Natural Resource Canada announced an investment of US$ 9.5 million for a next-generation smart electric grid solution. Some of the major players operating in the market include Honeywell International, Schneider Electric SE, Duke Energy Corporation, General Electric Company, ABB Limited, Siemens AG, IBM Corporation, Hitachi, Ltd., Landis+Gyr, Itron.

Global Smart Electric Grid MarketSegmentation

Market Insight, by Component

• Software
• Hardware
• Service

Market Insight, by Software

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

Market Insight, by Hardware

• Sensors
• Programmable Logic Controllers
• Smart Meters
• Networking Hardware

Market Insight, by Service

• Consulting
• Deployment and Integration
• Support and Maintenance

Market Insight, by regions

• North America Smart Electric Grid Market
  • United States
  • Canada
  • Rest of North America
• Europe Smart Electric Grid Market
  • Germany
  • United Kingdom
  • France
  • Spain
  • Rest of Europe
• Asia-Pacific Smart Electric Grid Market
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa Smart Electric Grid Market
  • Saudi Arabia
  • United Arab Emirate
  • South Africa
  • Rest of MEA
• Latin America Smart Electric Grid Market
  • Brazil
  • Argentina
  • Rest of Latin America

Top Company Profiles

• Honeywell International
• Schneider Electric SE
• Duke Energy Corporation
• General Electric Company
• ABB Limited
• Siemens AG
• IBM Corporation
• Hitachi, Ltd.
• Landis+Gyr
• Itron