The global smart grids market exhibits a substantially competitive vendor landscape. Although the market is still in its developing stages, the competition is expected to get fiercer during the forthcoming years, mainly due to the entry of new players in this field.
The smart grid market is expected to expand at a CAGR of 17.8% during the forecast period from 2021 to 2031. In this context, the smart grid market was valued at US$ 139.5 Bn in 2020 and is expected to reach US$ 845.6 Bn by 2031.
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The advent of smart grid technologies has emerged as the key solution to the operational challenges that utilities face in everyday life. The smart grid technology is just an advanced and a more expensive version of a conventional grid system. It is an electricity grid that uses two way technologies to deliver electricity and enable communication between utility and consumers. Communication networks and automation and sensing devices make the smart grid functional.
Rising Awareness about Benefits of Smart Grids Boosts Global Market
Conventional electricity grids installed in many countries across the globe are now aging and causing large-scale electrical blackouts. Thus, every nation has a growing need to reduce the cost of blackouts and power outages. A smart grid technology gives consumers and suppliers the liberty to manage and protect the distribution network, save energy, and reduce such extravagant costs. Even the governments in most of the countries are incurring massive losses due to conventional electrical grids, and hence, they are now focusing on investing in smart grid technologies.
The benefits of smart grid include improved energy efficiency and reliability of existing electrical supply, integration of more renewable energy into existing network, new solutions for customers to optimize their electricity consumption, and reduction of carbon emissions.
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The global smart grid market seems to be fairly fragmented with presence of many well-entrenched enterprises. This also highlights that the competitive landscape is highly intense Aclara, Alstom, Comverge, eMeter, GridPoint Inc, Landis+Gyr, Schneider Electric, Schweitzer Engineering Laboratories, Sensus, Siemens, ABB Ltd, Itron, Opower, and General Electric are some of the key participants of the global smart grid market.
Transmission Upgrades Continue to Dominate Smart Grid Market
The increasing popularity of smart grid technologies such as advanced metering infrastructure, distribution automation, cyber security, software and hardware, communication technologies, and transmission upgrades is driving the global market. The global smart grid market is fragmented in nature.
Big players in the industry are acquiring software vendors that have the most promising potential. An increasing number of mergers & acquisition activities are taking place in the global smart grid market. The inherent need to scale up the manufacturing capacity is resulting in high exit barriers, intensifying the degree of competition.
Smart grids are in high demand, owing to the growing need for power and support regulations by governments across regions. Higher transmission and distribution losses are other factors that will drive the market for smart grids.
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Asia Pacific to Lead Smart Grid Market
- Although the growth of the smart grid market can be felt across the globe, Asia Pacific is particularly witnessing significant rise
- Asia Pacific is expected to account for 47% share of the market in 2020. China has the highest share of the smart grid market in Asia Pacific. Japan and India are other countries making progress in the smart grid market.
- The need to reduce transmission and distribution losses in developing nations across Asia Pacific is expected to drive the market. Moreover, the need to reduce carbon emissions from developed nations in the region and the growing consumption of electricity in China, South Korea, Australia, New Zealand, India, and Singapore are projected to drive the smart grid market.
- North America is expected to follow Asia Pacific in terms of growth. The U.S. is anticipated to be the most significant contributor to the North American smart grid market. With investment support from various universities, this region is likely to contribute to quite an extent in the near future.
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