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Smart Grid Market Trends

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

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Smart Grid Market Trends

The smart grid industry is witnessing several key trends, including the increasing deployment of advanced metering infrastructure (AMI) and grid automation solutions. Utilities are increasingly adopting Internet of Things (IoT)-based devices to enhance real-time monitoring and management of energy consumption, while leveraging big data analytics and artificial intelligence for predictive maintenance and optimizing grid performance. The integration of renewable energy sources, such as solar and wind, is driving the need for more flexible and intelligent grids.

Additionally, there is a rising trend towards decentralized energy systems, electric vehicle integration, and demand response technologies, allowing consumers to actively participate in grid management. These trends reflect the industry's shift toward more efficient, resilient, and sustainable energy systems.

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.