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Description
The global smart grid network market was projected to register a CAGR of 10.5% during the forecast period, 2022-2030. Automation is the lifeblood of futuristic electric systems. The future electricity is expected to be remote–controlled and fully communicable between the producers and the consumers. The power generation centers, be it coal–based, gas–based, wind–based, solar–based, geothermal–based, or even nuclear–based, are expected to utilize advanced analytics and two–way communication technology to plan the amount of electricity produced. All this is available due to the deployment of smart grids that increase the electric grid’s efficiency and bring huge savings to producers and consumers.
The growing rate of harmful emissions and increasing imbalance between the demand and supply of electricity have become serious problems. To reduce greenhouse emissions and keep up with the rising energy demand, there is a rise in the integration of renewable energy to the grid and in the usage of solutions to improve energy efficiency. With the advent of robust information and communications technologies and new transmission and distribution (T&D) technologies, smart grids are enabling the mitigation of the imbalance between demand and supply of energy. They enhance the utility’s ability to balance the load, stabilize the grid and improve resiliency.
The technology supported the mainstream electricity market, from power generation to power transmission and distribution, is continuously evolving to become smarter and deliver reliable electricity. A smart grid scenario can guarantee the safety of the delivered electricity and its cost–effectiveness. The energy challenges in the world today are diverse across continents. They are based on the varied requirements of the different countries, which have started to adopt smart grid technologies at various levels in the electricity sectors. The degree of adoption is also different across geographies, yet, during the forecast period, the market is expected to show significant growth.
Global Smart Grid Network Market Dynamics
Drivers: Increasing Integration of Renewables to the Grid
Wind, solar and geothermal energies are currently the most widely applied renewable energy sources with a huge potential for development worldwide. Wind and solar energy are two of the fastest–growing renewable power sources on the energy grid. The construction, development, and maintenance of wind energy farms and solar energy panels are highly cost extensive affairs, expected to generate a good return on investment. However, due to these sources’ variable nature, the return on investment is not often profitable and sometimes leads to a significant amount of energy wasted. Therefore, the development of these sources is vastly hindered. To make optimal utilization of these renewable energy sources, smart grid systems are increasingly being promoted and incorporated into current grid systems worldwide.
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Furthermore, most wind, solar and geothermal resources are usually located in remote places worldwide, while much of the power demand is in urban areas. As these resources are beginning to supply increasing power percentages, integrating them into grid operations is becoming increasingly difficult. The introduction of the smart grid hugely solves this problem by making better use of these energy resources.
Restraints: Developing Standards and Achieving Interoperability
Integrating smart grid networks into the already existing systems poses various threats. The usage of smart grids is criticized owing to privacy issues linked to the customer’s data; ensuring that the customer’s data is secure remains a key constraint.
Since smart grids collect and wirelessly transmit data about electricity consumption, it is important to have a strong privacy protection system in place. Access to information must be restricted only to authorized utility personnel, who need that data to satisfy a business function, such as billing and customer service improvements. Consumers are encouraged to take time to get to know their electricity provider’s privacy policy and their commitment to keeping clients’ data safe. Even with that assurance, it can still be challenging to earn the consumers’ trust, who play an important role in modernizing the grid systems.
Opportunities: Smart Cities
Owing to the growing concerns regarding harmful emissions worldwide, the countries have new policies and regulations to curb pollution. Moreover, due to smart grid technology’s broad scope and nature, the market opportunities are plentiful and cover the entire value chain. The growth is expected to be across a wide range of areas, including customer–side applications and the entire grid–wide automation. The major elements of a smart grid can be grouped under three broad business segments: advanced metering infrastructure (AMI), customer applications, and grid applications. These are further differentiated as smart T&D equipment, AMI/ smart meters, software & hardware, and others (which include components such as communications & wireless infrastructure). The industry’s profitability is based on how the business models are developed.
A prime focus of the smart grid manufacturers is to develop renewable integration software and systems that can be used to collaborate across the entire utility value chain. The rise in the smart grid market is also expected to increase the deployment of electric vehicles. The changing infrastructure, hardware/software developments, and advancements in automotive technology are expected to drive market growth.
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Scope of the Report
The study categorizes the smart grid network market based on end–users and applications at the regional and global levels.
By End–Users Outlook (Sales, USD Million, 2017–2030)
- Residential
- Commercial
- Industrial
- Others
By Application Outlook (Sales, USD Million, 2017–2030)
- Transmission
- Demand Response
- Advanced Metering Infrastructure (AMI)
- Other Technology Application Areas
By Region Outlook (Sales, USD Million, 2017–2030)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The transmission segment is projected to account for the largest market share, by application
Based on application, the global smart grid network market is divided into transmission, demand response, advanced metering infrastructure (AMI), and other technology application areas. In 2021, the transmission segment accounted for the largest market share of 40.8% in the global smart grid network market. As an electric power network leveraging the latest ICT to advance the network into an intelligent base, a smart grid system requires smart transmission and distribution equipment. These systems can provide high–quality electric power services and maximize energy use efficiency.
The majority of the smart grid activities emphasize only the distribution grid and demand side, leaving the big picture of the transmission grid. The future of smart transmission grids should be featured. Each smart transmission grid is regarded as an integrated system that functionally consists of three interactive, smart components, i.e., smart control centers, smart transmission networks, and smart substations. Each of the three functional components and the enabling technologies helps achieve a fully–functional smart grid system.
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Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global smart grid network market has been segmented across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 7.1% in the global smart grid network market during the forecast period. The region includes the countries such as China, India, Japan, South Korea, Australia, Southeast Asia, and the Rest of Asia–Pacific. In the Asia Pacific, China is accounted for the largest market share in 2021.
After the Asia Pacific, Europe is the fastest–growing region during the forecast period. The United Kingdom is one of Europe’s leading avenues for investment in smart grid research and demonstration. The United Kingdom has a Smart Grid Forum created by the Department of Energy and Climate Change (DECC) and the industry regulator, Ofgem. The forum consists of electricity network companies, consumer groups, energy suppliers, etc. This body considers the various technical, commercial, and regulatory issues associated with developing a smart grid in the United Kingdom. With the 2008 Climate Change Act, the United Kingdom has also set the world’s first–of–its–kind legally binding climate change target.
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Key Market Players
The smart grid network market is mildly concentrated in nature with few numbers global players operating in the market, such as ABB Ltd, Cisco Systems Inc., Eaton Corporation PLC, General Electric Company, Itron Inc., Osaki Electric Co. Ltd, Hitachi Ltd, Schneider Electric SE, Siemens AG, and Honeywell International Inc. Every company follows its business strategy to attain the maximum market share.
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