Smart Grid Market Size to Worth Around US$ 162.8 Bn by 2030

London, Dec. 15, 2021 (GLOBE NEWSWIRE) -- The global smart grid market size was valued at USD 30.6 billion in 2020. The global market witnessed by the governments’ regulatory frameworks regarding the adoption of the smart grids for ensuring regular power supply. The rising demand for the reliable and regular power supply owing to the increasing shift towards sustainable energy sources is boosting the growth of the smart grid market. The rising adoption of the electric vehicle across the globe and rising investments in setting up charging stations at various locations is the most significant factor behind the burgeoning demand for the smart grids across the globe.

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Moreover, the rising efforts to reduce carbon emission and develop emission free sources of energy are boosting the demand for the smart grids. Several nations have plans to develop a number smart cities which will essentially be operated through the power supplied through the smart grids is expected to be the most prominent drivers of the global smart grid market during the forecast period.

Regional Snapshots

North America dominated the global smart grid market during 2020. This is mainly due to the supportive regulatory frameworks regarding the smart grids in the nations like US and Canada. For instance, Canada launched Renewable and Electrical Pathways Program through its Ministry of Natural Resources, which is a four year scheme that will facilitate the smart grid roll out. This scheme was funded with US4 795 million. It aimed at improving reliability of its smart grids and increasing its capacity. According to the Canada Ministry of Natural Resources, this will help Canada to achieve net-zero emissions by the year 2050. The US is also investing heavily in the deployment of the smart grid infrastructure. In fact, US is the global leader in the smart grid market. North America is among the early adopters of the smart grid technologies and the potential benefits of the smart grids had increased the investments in the deployment of the smart grid infrastructure in the region. Therefore, the huge financial capacity of the North America is expected to sustain its position in the smart grid market during the forecast period.

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Scope of the Smart Grid Market

Asia Pacific is estimated to be the most opportunistic market during the forecast period. The countries like China, Japan, Thailand, South Korea, and India are presenting lucrative growth opportunities to the market players. The formation of various regulatory norms regarding the smart grid infrastructure deployment is the primary growth driver. The nations like China and India are heavily investing in the development of smart cities, which is expected to augment the demand for the smart grid technologies in the forthcoming years. Furthermore, the rapid industrialization in the region has resulted in increased pollution and hence the demand for the clean and green energy is rising at a rapid rate in this region. These factors are expected to drive the growth of the smart grid market in the region during the forecast period.

Market Dynamics

Driver

The regulatory frameworks of the government is supporting the deployment of smart grids

The government of various developed and developing nations are constituting supportive regulatory frameworks that boosts the deployment of the smart grid infrastructure. For instance, Thailand’s Electricity Generating Authority and Canada’s Renewables and Electrification Pathways Programme. These developmental strategies of the government in various countries is expected to drive the demand for the smart grids and help them to achieve zero emissions in the upcoming future.

Restraints

High costs associated with the smart grids

A huge capital investment is involved in the installation of the smart grids. For this reason, the capital intensive regions like Europe and North America are capable of deploying the smart grid infrastructure rapidly while the underdeveloped regions like Africa and Latin America lacks adequate amount funds to invest in the smart grids. This factor may restrict the growth of the global smart grid market.

Opportunities

The development of Smart Cities in various countries

Smart Cities are well connected through the regular and reliable power supply and extensively uses the latest technologies like artificial intelligence and inter of things. The development of smart cities in the Asia Pacific regions are expected to offer growth avenues to the market players as smart grids are an essential component in the smart cities.

Challenges

Lack of proper management and cybersecurity

The management of the smart grid technologies involves storage and maintenance of huge volume of data that needs to be efficiently managed. Moreover, the rising number of cyberattacks is a major threat to the smart grids systems. Tackling the cybersecurity risks is a major challenge for the market players.

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Report Highlights

• Based on the technology, the advanced metering infrastructure dominated the market in 2020. The deployment of smart grids involves adoption of smart meters and hence increased installation of the smart meters has boosted the growth of this segment. The data security, reduced operational costs, and automatic detection of the network errors are the major benefits of the smart meters that augmented the demand for the advanced metering infrastructure.
  
  
• Based on the application, the consumption is estimated to be the most opportunistic segment during the forecast period. The rising adoption of the ICT technologies and the rising penetration of the electric vehicles across the globe are expected to be the major drivers of the consumption segment during the forecast period.
  
  

Segments Covered in the Report

By Technology

• Advanced Metering Infrastructure
• Distribution Management
• Substation Automation
• Communications
• Security
• Network Management

By Application

• Generation
• Transmission
• Distribution
• Consumption

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