Global Smart Grid Technology Market Poised for Rapid Growth At A CAGR Of 18%, Fueled by Electric Vehicle Adoption - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 25, 2023 /PRNewswire/ -- As per The Business Research Company's Smart Grid Technology Global Market Report 2023, the global smart grid technology market is on the brink of significant expansion, with projections indicating substantial growth in the coming years. According to market research, the global smart grid technology market size is expected to surge from $39.38 billion in 2022 to $46.65 billion in 2023, at a remarkable compound annual growth rate (CAGR) of 18.46%. Furthermore, by 2027, the smart grid technology market is predicted to reach a staggering $91.96 billion, boasting a CAGR of 18.49%.
Electric Vehicle Adoption Driving Growth
One of the key driving forces behind the smart grid technology market growth is the widespread adoption of electric vehicles (EVs). As the world shifts towards cleaner and more sustainable transportation solutions, the demand for efficient and widespread charging infrastructure has surged. Smart grids are playing a pivotal role in enabling the deployment of EV charging infrastructure and demand response programs, efficiently managing the increased electricity demand from EVs.
For instance, data from the Edison Electric Institute (EEI) highlights that the number of electric vehicles on U.S. roads is expected to skyrocket from 2.4 million in 2021 to a remarkable 26.4 million by 2030. Annual sales of EVs are estimated to reach nearly 5.6 million in 2030, comprising around 32% of total annual light-duty vehicle sales.
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Concentrated Market Landscape
The global smart grid technology market is characterized by its concentration, with a few major players dominating the landscape. In 2022, the top ten competitors held a significant 42.71% smart grid technology market share of the total market. Siemens AG emerged as the smart grid technology market leader with a 7.47% market share, followed closely by Hitachi, Ltd., Schneider Electric SE, Oracle Corporation, General Electric Company (GE), Cisco Systems Inc., Eaton Corporation plc, Itron Inc., International Business Machines Corporation (IBM), and Landis+Gyr AG.
Integration of Digital Technologies
Companies operating in the smart grid technology market are increasingly focusing on integrating digital technologies such as artificial intelligence (AI) and the Internet of Things (IoT) into their solutions, enhancing their product portfolios. For instance, Delving Research and Development, an Indian IoT-based software and hardware product development company, recently introduced the Delsmart IoT meter, a cloud-based IoT product designed to reduce energy losses, resulting in significant power savings and improved safety of electrical equipment. Similarly, Bidgely, a U.S.-based software and technology company, launched an AI-powered customer engagement solution that leverages smart meter data to provide appliance-level consumption insights, aiding customers in managing energy usage and reducing carbon footprints effectively.
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The global smart grid technology market is segmented into several categories:
Among these segments, the software segment is anticipated to witness substantial growth, gaining an estimated $23.3 billion in global annual sales by 2027.
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