Global Smart Grid Strategic Business Report 2023: A $173 Billion Industry by 2030 - U.S. Market is Estimated at $17 Billion, While China is Forecast to Grow at 19.4% CAGR

Global Smart Grid Market to Reach $173 Billion by 2030

The global market for Smart Grid estimated at US$49.8 Billion in the year 2022, is projected to reach a revised size of US$173 Billion by 2030, growing at a CAGR of 16.8% over the analysis period 2022-2030. Software, one of the segments analyzed in the report, is projected to record 18.4% CAGR and reach US$80 Billion by the end of the analysis period. Growth in the Hardware segment is estimated at 14.8% CAGR for the next 8-year period.

The report assesses the competitive market presence, categorizing players worldwide as strong, active, niche, or trivial in 2023. It explores advancements in the energy sector leading to the development of smart grid solutions.

The global smart grid market’s prospects and outlook are discussed, noting the impact of the COVID-19 pandemic and its subsequent recovery. The report highlights favorable drivers and trends contributing to the smart grid market’s growth while also addressing the market’s challenges and constraints.

A regional analysis is presented, providing insights into the genesis of smart power grids and offering a comprehensive overview of smart grids, their components, functioning, and the advantages they offer. The report emphasizes the replacement of conventional grids with smart grids and discusses recent market activities. Finally, select global brands in the smart grid industry are showcased.

The U.S. Market is Estimated at $17 Billion, While China is Forecast to Grow at 19.4% CAGR

The Smart Grid market in the U.S. is estimated at US$17 Billion in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of US$22.5 Billion by the year 2030 trailing a CAGR of 19.4% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 13.8% and 15.3% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 16.8% CAGR.

What`s New?

Special discussions on the global economic climate and market sentiment
Coverage on global competitiveness and key competitor percentage market shares
Market presence analysis across multiple geographies – Strong/Active/Niche/Trivial
Online interactive peer-to-peer collaborative bespoke updates
Access to digital archives and trademarked research platform
Complimentary updates for one year
Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes

Key Attributes:

Report Attribute	Details
No. of Pages	848
Forecast Period	2022 – 2030
Estimated Market Value (USD) in 2022	$49.8 Billion
Forecasted Market Value (USD) by 2030	$173 Billion
Compound Annual Growth Rate	16.8%
Regions Covered	Global

MARKET TRENDS & DRIVERS

An Insight into Latest Smart Grid Trends
Government Policies & Initiatives Supercharge Growth of Smart Grid Market
Smart Grid Remote Monitoring is the Next Step Forward in Power Industry’s Innovation
Increasing Demand for Continuous Power Supply Worldwide Fuels Demand for Smart Grid Systems
Projected Global Demand for Electricity (MWh): 2015, 2025 & 2035
Global Primary Energy Consumption (Billion toe): Growth Trajectory for the Period 1990-2040
Change in Gross Electricity Demand in TWh for 2017-50
Increase in Weather-related Power Outages Drive Demand
Value Lost Due to Electrical Outages as a % of Sales of Affected Firms
Major Power Outages That Affected Power Supply (2015-2023)
Inadequate Power Infrastructure in Developing Regions Drives Focus onto Smart Grid Systems
Aging Infrastructure in Developed Economies Spur Demand
Revival in the Construction Industry Brings Back Focus on Smart Grid Solutions
Global Construction Spending (in US$ Trillion) for the Years 2020-2028
Rise of Smart Cities Drives the Focus on Smart Grid to Achieve Slated Energy Goals
Focus on Reshaping City Resilience to Future Pandemics & Crisis Will Spur Rejuvenated Spending on Smart City Projects in the Post COVID-19 Period, Providing a Goldmine of Opportunities for Smart Grid: Global Smart City Spending (In US$ Billion) for the Years 2021, 2024 & 2027
Benefits of Smart Grid Technology for Smart Cities
Security Enhancements in Smart Grid
Utilities to Increasingly Deploy Smart Electricity Meters
Here’s How Role of IEMS Becomes Bigger
Global Market for Smart Electricity Meters (In US$ Million) for the Years 2020, 2022, 2024, 2027 by Geographic Region/Country
Energy Management Revolution in Full Swing with Integration of Smart Grids & Meters
Factors Carving Smart Future for Smart Grid & Meters
Robust Outlook for EVs Creates a Parallel Rise in Smart Grid for Fleet Electrification
Growing Demand for EVs Brings Good News for Smart Grid: Global EV Sales (In 000 Units) by Region for the Years 2021, 2023, 2025, & 2027
Upward Trend in Renewable Energy Sector Augurs Well for the Market
Global Projected Net Capacity Additions of Renewable Energy (In GW) for the Period 2019 to 2024
Annual Installed Capacity of Solar PV in GWp for the Years 2016, 2018, 2020 and 2022
Annual Installed Capacity of Wind Power (in GW) for the Years 2018 through 2022
Benefits of Embracing Renewables & Smart Grid are Glaringly Obvious, but Need Efforts to Overcome Issues
IoT Revolutionizes Smart Grid Management
Global Value of IoT Investments in the Energy Industry (In US$ Billion) for the Years 2022, 2024, 2026, and 2028
Rising Expenditure on T&D Networks: A Challenge for Smart Grid Market
Current and Projected Global Investments into T&D Infrastructure (in $ Trillion) for 2010-2020, 2020-2030 and 2030-2040
Dealing with Challenges for Swift Progress