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North America Smart Grid Market Trends

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

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North America Smart Grid Market Trends

North America smart grid industry growth is fuelled by various factors including the increasing integration of renewable energy sources, advancements in grid digitization and automation, and the adoption of advanced metering infrastructure for improved energy management. As per Department of Energy, in 2022, renewable energy generation in the U.S. exceeded coal for the first time ever. By 2025, solar energy generation is projected to rise by 75%, while wind energy is expected to increase by 11%.

Additionally, there's a growing emphasis on grid resilience and cybersecurity measures to mitigate potential risks. The market is also witnessing greater collaboration between utilities and technology providers to develop innovative solutions that enhance grid reliability and efficiency while accommodating evolving consumer needs and regulatory requirements.

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.