Market Overview
The smart grid is widely recognized as the next generation of power grid systems, utilizing a sophisticated two-way exchange of power and information to create a distributed network of automated energy delivery. This innovative technology represents a significant advancement over the traditional grid, which delivers electricity from central generators to substations for distribution to end users. In contrast, the smart grid supports a two-way flow of power and information, creating an intelligent, automated, and distributed network of energy delivery. The global smart grid market expected to expand at a CAGR of 7.8% from 2023 to 2028. By 2028, it is forecasted that the market will reach a value of USD 58.06 billion.
The valuation of the hardware segment in 2022 was USD 16.66 billion, and it is projected to reach USD 21.67 billion by 2028. The smart grid market comprises several key hardware components that play a crucial role in collecting and distributing power from diverse sources, including centralized power plants, wind farms, solar installations, and tidal generating sources. These components work together to create an advanced power grid system that offers enhanced efficiency and reliability. In addition to the hardware components, the smart grid market also encompasses various software systems that play a critical role in controlling and managing the operations and communications within the grid. These software systems are designed to interlink the subsystems of generation, transmission, distribution, and utilization (GTDU) within the smart grid architecture. The software segment is anticipated to exhibit the highest CAGR of 10.8% during the forecast period from 2023 to 2028.
The smart grid market can be divided into residential, industrial, and commercial. The revenue of industrial segment has grown from USD 9.55 billion in 2020 to USD 11.35 billion in 2023, with a CAGR of 5.9%, and it is expected to further grow at a CAGR of 9.4% to USD 17.80 billion in 2028. The implementation of smart grid technology in the commercial market holds significant potential for enhancing the functionality and intelligence of industrial power distribution networks. Industrial power distribution networks already possess a considerable level of intelligence and functionality, with equipment often equipped with local intelligence and processing capacity. This allows for the collection of local data and measurement results from the equipment and processes within the industrial facility.
Prominent vendors shaping competitive dynamics include ABB Ltd., Siemens AG, Schneider Electric SE, General Electric Company, Itron, Inc., Landis+Gyr Group AG, Cisco Systems, Inc., Eaton Corporation plc, Xylem Inc., Honeywell International Inc., Oracle Corporation, Mitsubishi Electric Corporation, Wipro Ltd., Emerson Electric Co., Osaki Electric Co., Ltd., Enel S.p.A., Hitachi, Ltd., IBM Corporation, Tantalus Systems Corp., Fujitsu Limited, SAP SE, E.ON SE, Sensata Technologies Holding plc, Hubbell Incorporated, S&C Electric Company, Sagemcom SAS, Kamstrup A/S, among other players.
This study aims to analyze the global market for various segments of smart grid, including:
Component: Software, Hardware, and Services.
End-User: Residential, Industrial, and Commercial.
Region: North America (USA, Canada, and Mexico), Europe (Germany, France, UK, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia Pacific), and Rest of World (Latin America, Middle East, and Africa).
Table of Contents
TABLE OF CONTENTS
TABLE OF CONTENTS 1
FIGURES AND TABLES 5
Part 1. Key Findings 9
Part 2. Scope and Methodology 10
Report Scope 11
Component 11
End-User 11
Region 11
Research Methodology 13
Part 3. Smart Grid Market Overview 15
Summary 15
Introduction 20
Part 4. Market Dynamics 21
Growth Drivers and Future Trends 21
Restraints and Challenges 27
Opportunities 32
Part 5. Global Smart Grid Market by Component 38
Hardware 41
Software 44
Services 46
Part 6. Global Smart Grid Market by End-User 50
Residential 53
Commercial 56
Industrial 59
Part 7. Global Smart Grid Market by Region 62
Part 8. North America Smart Grid Market 67
North America Smart Grid Market, by Component 69
North America Smart Grid Market, by End User 71
North America Smart Grid Market, by Country 73
Part 9. Europe Smart Grid Market 78
Europe Smart Grid Market, by Component 80
Europe Smart Grid Market, by End User 82
Europe Smart Grid Market, by Country 84
Part 10. Asia Pacific Smart Grid Market 91
Asia Pacific Smart Grid Market, by Component 93
Asia Pacific Smart Grid Market, by End User 95
Asia Pacific Smart Grid Market, by Country 97
Part 11. Rest of World Smart Grid Market 103
Rest of World Smart Grid Market, by Component 105
Rest of World Smart Grid Market, by End User 107
Rest of World Smart Grid Market, by Region 109
Part 12. Competitive Analysis 110
Competition Overview 110
Recent Developments 111
Siemens AG 113
Business Overview 113
Contact Information 115
ABB, Ltd. 116
Business Overview 116
Contact Information 119
Schneider Electric SE 120
Business Overview 120
Contact Information 122
General Electric Company 123
Business Overview 123
Power Segment 126
Contact Information 127
Itron, Inc. 128
Business Overview 128
Contact Information 131
Landis+Gyr Group AG 132
Business Overview 132
Contact Information 134
Cisco Systems, Inc. 135
Business Overview 135
Contact Information 137
Eaton Corporation plc 138
Business Overview 138
Contact Information 140
Xylem, Inc. 141
Business Overview 141
Contact Information 145
Honeywell International Inc. 146
Business Overview 146
Contact Information 149
Oracle Corporation 150
Business Overview 150
Contact Information 152
Mitsubishi Electric Corporation 153
Business Overview 153
Contact Information 158
Emerson Electric Co. 159
Business Overview 159
Contact Information 162
Hitachi, Ltd. 163
Business Overview 163
Contact Information 164
IBM Corporation 165
Business Overview 165
Contact Information 169
SAP SE 170
Business Overview 170
Contact Information 172
Kamstrup A/S 173
Business Overview 173
Contact Information 173
Other Company 174
Business Overview 174
Disclaimer 175
FIGURES AND TABLES
Global Smart Grid Market, Net Growth, 2020-2028 (USD Billion)
Global Smart Grid Market, by Region, 2022
Global Smart Grid Market by Component, 2020-2028 (USD Billion)
Global Smart Grid Market by Component, CAGR Historic and Forecast, 2020-2028
Global Smart Grid Hardware Market by Region, 2020-2028 (USD Billion)
Global Smart Grid Hardware Market by Region, CAGR Historic and Forecast, 2020-2028
Global Smart Grid Software Market by Region, 2020-2028 (USD Billion)
Global Smart Grid Software Market by Region, CAGR Historic and Forecast, 2020-2028
Global Smart Grid Services Market by Region, 2020-2028 (USD Billion)
Global Smart Grid Services Market by Region, CAGR Historic and Forecast, 2020-2028
Global Smart Grid Market by End-User, 2020-2028 (USD Billion)
Global Smart Grid Market by End-User, CAGR Historic and Forecast, 2020-2028
Global Smart Grid Residential Market by Region, 2020-2028 (USD Billion)
Global Smart Grid Residential Market by Region, CAGR Historic and Forecast, 2020-2028
Global Smart Grid Industrial Market by Region, 2020-2028 (USD Billion)
Global Smart Grid Industrial Market by Region, CAGR Historic and Forecast, 2020-2028
Global Smart Grid Commercial Market by Region, 2020-2028 (USD Billion)
Global Smart Grid Commercial Market by Region, CAGR Historic and Forecast, 2020-2028
Global Smart Grid Market Share by Region, 2022
Global Smart Grid Market by Region, 2020-2028 (USD Billion)
Global Smart Grid Market by Region, CAGR Historic and Forecast, 2020-2028
North America Smart Grid Market, Net Growth, 2020-2028 (USD Billion)
North America Smart Grid Market by Component, 2020-2028 (USD Billion)
North America Smart Grid Market by Component, CAGR Historic and Forecast, 2020-2028
North America Smart Grid Market by End-User, 2020-2028 (USD Billion)
North America Smart Grid Market by End-User, CAGR Historic and Forecast, 2020-2028
North America Smart Grid Market Share by Country, 2022
Europe Smart Grid Market, Net Growth, 2020-2028 (USD Billion)
Europe Smart Grid Market by Component, 2020-2028 (USD Billion)
Europe Smart Grid Market by Component, CAGR Historic and Forecast, 2020-2028
Europe Smart Grid Market by End-User, 2020-2028 (USD Billion)
Europe Smart Grid Market by End-User, CAGR Historic and Forecast, 2020-2028
Europe Smart Grid Market Share by Country, 2022
Asia Pacific Smart Grid Market, Net Growth, 2020-2028 (USD Billion)
Asia Pacific Smart Grid Market by Component, 2020-2028 (USD Billion)
Asia Pacific Smart Grid Market by Component, CAGR Historic and Forecast, 2020-2028
Asia Pacific Smart Grid Market by End-User, 2020-2028 (USD Billion)
Asia Pacific Smart Grid Market by End-User, CAGR Historic and Forecast, 2020-2028
Asia-Pacific Smart Grid Market Share by Country, 2022
Rest of World Smart Grid Market, Net Growth, 2020-2028 (USD Billion)
Rest of World Smart Grid Market by Component, 2020-2028 (USD Billion)
Rest of World Smart Grid Market by Component, CAGR Historic and Forecast, 2020-2028
Rest of World Smart Grid Market by End-User, 2020-2028 (USD Billion)
Rest of World Smart Grid Market by End-User, CAGR Historic and Forecast, 2020-2028
Rest of World Smart Grid Market Share by Region, 2022
Siemens AG Financial Overview (EUR Million)
Siemens AG Revenue, by Segment, 2022
Siemens AG Revenue, by Region, 2022
ABB, Ltd. Financial Overview (USD Million)
ABB, Ltd. Revenue, by Type, 2022
ABB, Ltd. Revenue, by Segment, 2022
ABB, Ltd. Revenue, by Product, 2022
ABB, Ltd. Revenue, by Region, 2022
Schneider Electric SE Financial Overview (EUR Million)
Schneider Electric SE Revenue, by Segment, 2022
General Electric Company Financial Overview (USD Million)
General Electric Company Revenue, by Segment, 2022
General Electric Company Revenue, by Industry, 2022
General Electric Company Revenue, by Region, 2022
General Electric Company Power Segment Revenue (USD Million)
General Electric Company Power Segment Revenue, by Type, 2022
Itron, Inc. Financial Overview (USD Million)
Itron, Inc. Revenue, by Segment, 2022
Itron, Inc. Revenue, by Type, 2022
Itron, Inc. Revenue, by Region, 2022
Landis+Gyr Group AG Financial Overview (CHF Million)
Landis+Gyr Group AG Revenue, by Segment, 2023
Landis+Gyr Group AG Revenue, by Region, 2023
Cisco Systems, Inc. Financial Overview (USD Million)
Cisco Systems, Inc. Revenue, by Segment, 2022
Cisco Systems, Inc. Revenue, by Region, 2022
Eaton Corporation plc Financial Overview (USD Million)
Eaton Corporation plc Revenue, by Segment, 2022
Eaton Corporation plc Revenue, by Region, 2022
Xylem, Inc. Pumps, Accessories, Parts and Service Revenue (USD Million)
Xylem, Inc. Financial Overview (USD Million)
Xylem, Inc. Revenue, by Segment, 2022
Xylem, Inc. Revenue, by Type, 2022
Xylem, Inc. Revenue, by Region, 2022
Honeywell International Inc. Financial Overview (USD Million)
Honeywell International Inc. Revenue, by Segment, 2022
Honeywell International Inc. Revenue, by Industry, 2022
Honeywell International Inc. Revenue, by Region, 2022
Oracle Corporation Financial Overview (USD Million)
Oracle Corporation Revenue, by Segment, 2023
Oracle Corporation Revenue, by Region, 2023
Mitsubishi Electric Corporation Financial Overview (JPY Billion)
Mitsubishi Electric Corporation Revenue, by Segment, 2022
Mitsubishi Electric Corporation Infrastructure Revenue, by Segment, 2022
Mitsubishi Electric Corporation Industry and Mobility Revenue, by Segment, 2022
Mitsubishi Electric Corporation Life Revenue, by Segment, 2022
Mitsubishi Electric Corporation Business Platform Revenue, by Segment, 2022
Mitsubishi Electric Corporation Revenue, by Region, 2022
Emerson Electric Co. Financial Overview (USD Million)
Emerson Electric Co. Revenue, by Segment, 2023
Emerson Electric Co. Intelligent Devices Revenue, by Segment, 2023
Emerson Electric Co. Software and Control Revenue, by Segment, 2023
Hitachi, Ltd. Financial Overview (JPY Billion)
IBM Corporation Financial Overview (USD Million)
IBM Corporation Revenue, by Segment, 2022
IBM Corporation Software Revenue, by Segment, 2022
IBM Corporation Consulting Revenue, by Segment, 2022
IBM Corporation Infrastructure Revenue, by Segment, 2022
IBM Corporation Revenue, by Region, 2022
SAP SE Financial Overview (EUR Million)
SAP SE Revenue, by Segment, 2022
SAP SE Revenue, by Region, 2022
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