Smart Grid Market worth $161.5 Billion by 2029 As Revealed In New Report

The Global Smart Grid Market

Introduction

The global smart grid market is projected to reach USD 161.1 billion by 2029 from an estimated USD 73.8 billion in 2024, at a CAGR of 16.9% during the forecast period.

Overview

The global Smart Grid Market in terms of revenue was estimated to be worth $73.8 billion in 2024 and is poised to reach $161.1 billion by 2029, growing at a CAGR of 16.9% from 2024 to 2029 according to a new report by MarketsandMarkets.

Sustainable Development Goals (SDGs)

• SDG 7: Affordable and Clean Energy
• SDG 9: Industry, Innovation, and Infrastructure
• SDG 11: Sustainable Cities and Communities
• SDG 13: Climate Action

Factors Driving the Growth of Smart Grid Market

• Rapid industrialization and urbanization
• Rising requirement for energy efficiency
• Supportive regulatory framework of governments worldwide
• Spreading awareness about energy conservation

Application Segments

1. Generation
2. Transmission
3. Distribution
4. Consumption

Transmission Segment

The smart grid market’s transmission segment is expanding at the fastest pace because it is in line with the changing energy landscape. An efficient automated transmission network can carry energy from bulk generation facilities to power distribution systems when required. Transmission of power from the generating station to the distribution system has appropriate communication interfaces with the effective participation of the system operator.

Wireless Communication Technology Segment

The wireless segment is growing in the Smart Grid Market owing to increasing variable energy requirement due to expansion in industries such as manufacturing, automotive, construction, power generation, and chemical production. Wireless technology offers integral support to the utilities by offering high bandwidth, covering a large area, and optimizing complex logistics and production processes. These technologies are used in several applications, such as distribution automation, substation automation, transmission lines, and power plants. Wireless communication technology enables to automate substations. Consequently, driving the demand for wireless communication.

Regional Analysis

The Asia-Pacific region is poised to lead the Smart Grid Market due to rapid industrialization and construction activities, particularly in countries like India and China. This growth is driven by stringent environmental regulations, increasing awareness about energy optimization, and rising energy requirements. As these nations strive for sustainable development, the demand for smart grid escalates, making Asia Pacific the fastest-growing market for such solutions.

Key Players

• General Electric Company (US)
• ABB (Switzerland)
• Siemens (Germany)
• Schneider Electric (France)
• Wipro (India)
• Globema (Poland)
• Trilliant Holdings (US)
• Kamstrup (Denmark)
• Tech Mahindra (India)
• Oracle (US)
• Cisco (US)
• Eaton (Ireland)
• ENEL X (Italy)
• Grid4C (US)
• Mitsubishi Electric (Japan)
• Itron (US)

SDGs, Targets, and Indicators in the Article

1. SDG 7: Affordable and Clean Energy

   • Target 7.1: By 2030, ensure universal access to affordable, reliable, and modern energy services.
   • Target 7.2: By 2030, increase substantially the share of renewable energy in the global energy mix.
   • Indicator: The article mentions the increasing demand for smart grid technology due to the supportive regulatory framework of governments worldwide to promote deployment of smart grids and spreading awareness about energy conservation. This indicates progress towards universal access to affordable and modern energy services (Target 7.1) and the increase in the share of renewable energy (Target 7.2).

2. SDG 9: Industry, Innovation, and Infrastructure

   • Target 9.4: By 2030, upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes.
   • Indicator: The article highlights the demand for smart grid technology driven by factors such as rapid industrialization, urbanization, and rising requirement for energy efficiency. This indicates progress towards upgrading infrastructure and retrofitting industries to make them sustainable (Target 9.4).

3. SDG 11: Sustainable Cities and Communities

   • Target 11.6: By 2030, reduce the adverse per capita environmental impact of cities, including by paying special attention to air quality and municipal and other waste management.
   • Indicator: The article mentions the increasing demand for smart grid technology driven by rapid urbanization. This indicates progress towards reducing the adverse per capita environmental impact of cities, including air quality and waste management (Target 11.6).

4. SDG 13: Climate Action

   • Target 13.2: Integrate climate change measures into national policies, strategies, and planning.
   • Indicator: The article highlights the demand for smart grid technology driven by the increasing complexity of the bulk power system and the growing focus on mitigating power outages. This indicates progress towards integrating climate change measures into national policies and planning (Target 13.2).

Table: SDGs, Targets, and Indicators

Source: whatech.com