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North America Smart Grid Market Size

Report ID: GMI9158
Published Date: Apr 2024
Report Format: PDF

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North America Smart Grid Market Size

North America Smart Grid Market size was valued at USD 15.4 billion in 2023 and is projected to grow at a CAGR of 10% between 2024 and 2032, propelled by increasing demand for efficient energy management, spurred by environmental concerns and government regulations. Technological advancements in smart metering, distribution automation, and grid optimization contribute to market growth by enhancing operational efficiency and reliability.

North America Smart Grid Market

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For instance, in December 2019, Siemens introduced a new range of smart meters with extensive features including high safety, long-term quality, and easy installation. Additionally, growing investments in renewable energy integration further propel the adoption of smart grid solutions across the region.

North America Smart Grid Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America Smart Grid Market Size in 2023:	USD 15.4 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	10%
2032 Value Projection:	USD 36.2 Billion
Historical Data for:	2019 to 2023
No. of Pages:	145
Tables, Charts & Figures:	133
Segments covered:	Technology, Service, Deployment
Growth Drivers:	Increasing need to digitalize the power sector Favourable government regulations and mandates Growing share of renewable energy in the energy mix Reliable and efficient energy consumption
Pitfalls & Challenges:	Rising cyber attacks

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size for smart grid in North America reached USD 15.4 billion in 2023 and is set to witness 10% CAGR from 2024 to 2032, owing to the increasing demand for efficient energy management, spurred by environmental concerns and government regulations worldwide.

North America smart grid industry from the distribution and network automation segment is poised to exceed USD 12 billion by 2032, due to advancements in technology, such as IoT integration and predictive analytics.

The U.S. market is expected to cross USD 28.5 billion by 2032, attributed to increasing adoption of advanced technologies to modernize aging infrastructure and utilities prioritizing grid resilience and customer engagement in the country.

Cisco Systems, Inc., Eaton, Fujitsu, General Electric, Hubbell, Honeywell International Inc., Itron Inc., IBM, Landis+Gyr, Oracle, Schneider Electric, S&C Electric Company, Siemens, Sunverge Energy Inc., Uplight, Inc., and Wipro, are some of the major smart grid companies in North America.