Smart Electric Grid Market: Current Analysis and Forecast (2021-2027)

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Emphasis on Component (Software, Hardware, Service); 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); Hardware (Sensors, Programmable Logic Controllers, Smart Meters, Networking Hardware); Service (Consulting, Deployment and Integration, Support and Maintenance); Region and Country

Published:

Aug-2021

Pages:

320

Table:

95

Figure:

136

Report ID:

UMEP21356

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Report Description
Table of content
Research Methodology

Report Description

Global Smart Electric Grid solution market is expected to reach market valuation of US$ 98.9 billion by 2027, witnessing a CAGR growth of 15.2% during the forecast period 2021-2027. As per Northeast Group, smart electric grid is a power grid that is fully integrated with ICT (information and communications technology). These tools and other applications power’s both utility company and end customer with improved analytics and control over power flows and usage, to better optimize supply and demand. Globally investment in smart electricity grids system declined for the 3rd consecutive year in FY2019, witnessing a decline of 7%, compared to the value in 2018. In 2019, total investment stood at US$ 271 billion, compared to US$ 294 billion in 2018. In addition, investment for full suite of digital technologies, including advanced metering infrastructure, utility automation and EV charging infrastructure, accounted for more than 15% of the total global smart electric grid spending in 2019. Furthermore, in 2019, investment in smart electric grid solutions by US, overtook China for the first time in 10 years. US investment in smart electric grid witnessed an increase of 12% in 2019, compared to 2018.

Sample system design and interconnection of Smart Electric Grid

Covid-19 pandemic have impacted all section of the society and industry and Smart Electric Grid market is no exception. Temporarily postponed meter installations due to Covid-19 had a slightly negative impact on shipment levels in 2020, also the total number of Smart Electric Grids installed in 2020, declined by 10% compared to the previous year 2019. Annual smart electricity meter shipments amounted to 20.9 million units in 2019 and the corresponding figure for Smart Gas Meters was 8.5 million units.

Insights Presented in the Report

“Amongst component, Hardware segment dominated the market in 2020.”

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.

“Amongst Software, Smart grid distribution management segment to witness highest growth”

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. As pe EIA, US electric utilities had more than 94.8 million advanced (smart) metering infrastructure (AMI) installed as of 2019.

“Amongst Hardware, Smart Meter to witness immense growth”

Based on hardware, the market is divided into Sensors, Programmable Logic Controllers, Smart Meters, Networking Hardware. Europe has emerged as a major hub for smart meter, providing ample growth opportunities for the manufacturers, as smart metering is mandatory in the UK and across Europe. In 2018, globally, the installed base of smart electricity, gas and water meters stood at 1,190 million and the number is expected to reach 1,645 million by the end of 2020.

“Amongst Service, Deployment and Integration segment to witness high growth”

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. For instance, in 2019, Schneider Electric announced the expansion of its business in Brazil, with the opening of smart distribution center in the country.

“North America represents as the largest markets in the Global Smart Electric Grid Market.”

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). In 2020, North America dominated the market, however, post 2022 Asia-Pacific is expected to overtake North America to become the largest market for Smart Electric Grid solutions. Furthermore, over the forecast period, emerging markets in the MEA region are estimated to be at the forefront of Smart Electric Grids deployment as a reliable source of energy supply & management. 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.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive country level analysis of the industry

Customization Options:

The Global Smart Electric Grid Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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 1.1.Market Definitions  
 1.2.Limitation  
 1.3.Stake Holders  
 1.4.Currency Used in Report
 2.1.Research Methodology for the Global SMART ELECTRIC GRID Market
  2.1.1.Main Objective of the Global SMART ELECTRIC GRID Market
 7.1.Software   
 7.2.Hardware  
 7.3.Service
 8.1.Advanced Metering Infrastructure
 8.2.Smart Grid Distribution Management
 8.3.Smart Grid Network Management
 8.4.Grid Asset Management 
 8.5.Substation Automation 
 8.6.Smart Grid Security  
 8.7.Billing and Customer Information System
 9.1.Sensors   
 9.2.Programmable Logic Controllers
 9.3.Smart Meters  
 9.4.Networking Hardware
 10.1.Consulting  
 10.2.Deployment and Integration 
 10.3.Support and Maintenance
 11.1.North America Smart Electric Grid Market 
  11.1.1.United States 
  11.1.2.Canada  
  11.1.3.Rest of North America
 11.2.Europe Smart Electric Grid Market 
  11.2.1.Germany  
  11.2.2.United Kingdom  
  11.2.3.France  
  11.2.4.Spain  
  11.2.5.Rest of Europe 
 11.3.Asia Pacific Smart Electric Grid Market
  11.3.1.China  
  11.3.2.Japan  
  11.3.3.India  
  11.3.4.Australia  
  11.3.5.Rest of Asia Pacific 
 11.4.Middle East and Africa Smart Electric Grid Market
  11.4.1.Saudi Arabia 
  11.4.2.United Arab Emirate
  11.4.3.South Africa 
  11.4.4.Rest of MEA 
 11.5.Latin America Smart Electric Grid Market
  11.5.1.Brazil  
  11.5.2.Argentina  
  11.5.3.Rest of Latin America
 12.1.Market Drivers  
 12.2.Market Challenges  
 12.3.Impact An
16.1.Demand Side Analysis 
 16.2.Supply Side Analysis  
  16.2.1.Top Product Launches
  16.2.2.Top Business Partnerships
  16.2.3.Top Business Expansions, Investments and Divestitures
  16.2.4.Top Merger and Acquisitions
 18.1.Porter’s Five Forces Analysis 
  18.1.1.Bargaining power of Supplier
  18.1.2.Bargaining power of Buyer
  18.1.3.Industry Rivalry 
  18.1.4.Availability of Substitute
  18.1.5.Threat of new Entrants
 18.2.Competitive Landscape 
  18.2.1.Company Shares, By Revenue
 19.1.Honeywell International 
 19.2.Schneider Electric SE 
 19.3.Duke Energy Corporation 
 19.4.General Electric Company 
 19.5.ABB Limited  
 19.6.Siemens AG  
 19.7.IBM Corporation  
 19.8.Hitachi, Ltd.  
 19.9.Landis+Gyr  
 19.10.Itron

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future of the Global Smart Electric Grid Market were the three major steps undertaken to create and analyze the adoption of Smart Electric Griding solutions across globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Smart Electric Grid industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Smart Electric Grid through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Smart Electric Grid market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as component, software, hardware, service. Further regional and country-level analyses were conducted to evaluate the overall adoption of the Smart Electric Grid globally.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Smart Electric Grid. Further, we conducted factor analysis using dependent and independent variables such as growth of penetration of Smart Electric Griding solutions across major countries, digitalizing of power sector etc. A thorough analysis was conducted for demand and supply-side scenario considering top partnerships, merger and acquisition, business expansion, and product launches in the Smart Electric Grid industry.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Global Smart Electric Grid market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$) and the adoption rate of Smart Electric Grid across the major markets
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the Smart Electric Grid market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Global Smart Electric Grid market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of component, software, hardware, service.

The main objective of the Smart Electric Grid Market Study

The current & future market trends of Global Smart Electric Grid were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of Smart Electric Grid in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of component, software, hardware, service
  • Defined analysis of the regulatory framework for the Smart Electric Grid industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
  • Analyze the current and forecast market size of the Smart Electric Grid for the major countries
  • Major regions/countries analyzed in the report includes North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), Middle East and Africa (Saudi Arabia, UAE, South Africa, Rest of MEA), Latin America (Brazil, Argentina, Rest of Latin America)
  • Company profiles of the Smart Electric Grid market players and the growth strategies adopted by them to sustain in the fast-growing market
  • Deep dive country level analysis of the industry