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Smart Grid Market Size

Report ID: GMI1365
Published Date: Dec 2024
Report Format: PDF

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Smart Grid Market Size

The global smart grid market was valued at USD 66.1 billion in 2024 and is estimated to grow at a CAGR of 10.6% from 2025 to 2034, due to demands for energy efficiency, grid reliability, and sustainability. Government investments in grid modernization support renewable energy integration and enhance energy security. Advanced technologies like IoT, AI, and big data analytics improve grid management. The growing adoption of electric vehicles and decentralized energy generation necessitates smart grids for complex energy flow management.

Smart Grid Market

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In Asia, Berg Insight’s reported that over 570 million smart meter units will be deployed across Asia between 2021 and 2025, which complements the market growth across the region. Consumer interest in energy management tools further drives market growth.

Smart Grid Market Report Attributes
Report Attribute	Details
Base Year:	2024
Smart Grid Market Size in 2024:	USD 66.1 Billion
Forecast Period:	2025 – 2034
Forecast Period 2025 – 2034 CAGR:	10.6%
2025 – 2034 Value Projection:	USD 180.3 Billion
Historical Data for:	2021 – 2024
No. of Pages:	100
Tables, Charts & Figures:	20
Segments covered:	Technology, Service, Deployment
Growth Drivers:	Increasing need to digitalize the power sector Favorable 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 global market for smart grid was reached USD 66.1 billion in 2024 and is estimated to grow at a 10.6% CAGR from 2025 to 2034, driven by demands for energy efficiency, grid reliability, and sustainability.

The distribution and network automation technologies segment is forecasted to surpass USD 50 billion by 2034, driven by the demand for reliable and efficient energy systems and advancements in IoT and AI technologies.

The deployment and integration services segment in the smart grid market is poised to witness a CAGR of over 10% through 2034, fueled by the increasing adoption of smart technologies and the need for seamless system integration.

The U.S. smart grid market is likely to exceed USD 34 billion by 2034, led by increasing demand for efficient energy management and infrastructure modernization.

Key players in the smart grid industry include ABB, Belden, Cisco Systems, Fujitsu, General Electric, Honeywell International, Hubbell, IBM, Itron, Landis+Gyr, Oracle, Schneider Electric, Siemens, and Wipro.