Smart Grid Market worth $161.1 billion by 2030

Smart Grid Market worth $161.1 billion by 2030

According to a new research report, the global Smart Grid Market is projected to grow from USD 73.8 billion in 2024 to USD 161.1 billion by 2030 at a CAGR of 16.9% during the forecast period. The demand for smart grid is on the rise due to various factors. Expansion in industries like manufacturing, automotive, and construction contributes to increased adoption of smart grid because of their variable energy needs. Additionally, population growth leads to higher levels of energy requirement from increased energy consumption, thereby driving the need for smart grid. Financial uncertainties are also a driving factor, as companies seek protection against potential losses arising from unforeseen events.

Key Market Players

General Electric Company (US),

Itron (US),

Trilliant Holdings (US),

Grid4C (US),

Cisco (US),

Oracle (US),

Siemens (Germany),

Schneider Electric (France),

ABB (Switzerland),

ENEL X (Italy),

Kamstrup (Denmark),

Mitsubishi Electric (Japan),

Wipro (India),

Tech Mahindra (India),

Globema (Poland),

Eaton (Ireland), among others...

Transmission is expected to emerge as the fastest-growing segment based on application segment

Based on application, the smart grid market has been segmented into generation,transmission, Distribution and consumption . 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.

 Advance Metering Infrastructure is expected to be the fourth largest segment during the forecast period

Advance Metering Infrastructure (AMI) segment is expected to grow driven by the integration of advanced software solutions that facilitate two-way communication between customers and utilities. These software solutions empower both parties with real-time data on energy consumption and electricity pricing, enabling more efficient energy management. The software not only supports personalized tariff plans but also offers enhanced services such as remote meter reading, which ensures error-free data collection, and network congestion identification. Furthermore, it aids in load profiling, conducting energy audits, and implementing partial load curbing during load shedding scenarios.The software's ability to provide cost-effective solutions for reducing carbon footprints further underscores its growing importance. Consequently, AMI software is positioned to lead the market, reflecting its critical role in modernizing energy management and distribution systems

Asia Pacific is expected to be the fastest-growing region during the forecast period

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.

About MarketsandMarkets™

MarketsandMarkets™ has been recently recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

Founded in 2009, MarketsandMarkets recognized uncharted business potentials within disruptive trends, forecasting a surge of $25 trillion in new B2B revenues by 2030. In our 13-year journey, we've collaborated with over 10,000companies, generating $140+ billion in revenue impact. From a market research publisher, we've transformed into a growth-enabling leader, backed by a 1500+strong team.

Contact:

Mr. Rohan Salgarkar

MarketsandMarkets™ INC.

1615 South Congress Ave.

Suite 103, Delray Beach, FL 33445

USA : 1-888-600-6441

UK +44-800-368-9399

Copyright (C) 2025 MarketsandMarkets. All rights reserved.