Smart Grid Network Market size is expected to expand at around 10.3% CAGR during the forecast period i.e., between 2024-2036. The growth of the market can be attributed to growing adoption of smart grids and smart meters globally, backed by the changing dynamics of global power sector. The increasing consumption of electricity, amongst various end-users, has led to the rise in demand for smart grids. Smart grid network provides the user with a two-way connection with the service, through internet and cloud-computing, which is estimated to act as the primary growth factor for the market. Smart grid network provides effective transmission, and fast restoration of electricity, reduced management costs, and transparent record of energy utilization. The growing investment in the smart grid infrastructure is estimated to fuel the market growth. According to the data provided by the International Energy Agency, USD 18 billion were invested in the smart grid infrastructure, while USD 21 billion was spent for installation of smart meters, in 2019. Moreover, adoption of smart grid network is estimated to cut down a significant amount of power theft in the residential and commercial sector. Furthermore, the global shift towards renewable sources of energy, and rising concerns for energy conservation, are estimated to boost the market growth.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
10.3% |
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Regional Scope |
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Smart Grid Network Segmentation
The market is segmented by application into transmission, smart distribution board, advanced metering infrastructure, and others, out of which, the advanced metering infrastructure segment is anticipated to hold the notable share in the market over the forecast period on account of the use of advanced metering infrastructure to measure, collect, and analyze energy usage. It acts as the network between the measurement device and user, which can be used to track energy consumption and optimize utilization. This is estimated to boost the segment growth.
Our in-depth analysis of the global market includes the following segments:
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Application |
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Service |
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End-User |
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On the basis of geographical analysis, the smart grid network market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific is estimated to dominate majority revenue share by 2036, on the back of evolving energy infrastructure in developing countries of the region. The market in the North America region currently holds the largest market share and is anticipated to lead the market share throughout the forecast period owing to the escalating adoption of smart grids in the region and rising environmental awareness amongst the people. Moreover, increasing industrial development is raising the demand for power. This is another crucial factor expected to boost the market growth in the region.
Author Credits: Dhruv Bhatia
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