The global smart grid network market size was US$ 14.17 billion in 2021. The global smart grid network market size is forecast to reach US$ 34.81 billion by 2030, growing at a compound annual growth rate (CAGR) of 10.6% during the forecast period from 2022 to 2030.

Smart grid networking allows for two-way communication between various components of a utility grid, allowing for better network management through interactions between network components that supply data from various phases such as generation, transmission, and distribution. Substation automation, demand response, distribution automation, supervisory control and data acquisition, energy management, real-time control, information and data exchange, asset utilization, and increased reliability and security are all possible with communication networks installed on utility grids. The smart grid network communicates with various grid components to function. These components communicate with one another via routers, gateways, and bridges, which are linked together to form a mesh network.

Factors Influencing Market Growth

• Among the factors driving the global market include rising investment and deployment of smart grid technologies such as smart meters, EV chargers, and other related smart grid infrastructure technologies.
• Insufficient accessibility to electricity in rural areas and deficient government regulations initiatives for developing and modernizing the grid infrastructure may slow down the overall market growth.
• Governments of developed and developing nations worldwide are increasingly seeing smart grid technology as a strategic infrastructural investment that will help them accomplish their long-term economic goals and reduce carbon emissions. As a result, this factor is forecast to offer lucrative growth opportunities for the global market during the forecast period.  

Impact Analysis of COVID-19

The COVID-19 pandemic had a negative impact on the global smart grid market. Many countries worldwide imposed strict lockdowns in order to prevent the virus from spreading during the first half of 2020. In addition, governments and local authorities issued strict policies and halted all non-essential operations. In addition, due to this suspension, the global market had a serious impact due to the cease of end-user activities. 

Regional Insights

The Asia Pacific region is forecast to garner the highest growth in the smart grid network market during the forecast period. Growing concern over conventional electric networks, rising concerns about environmental conservation, and the adoption of smart grid technology to enhance efficiency in energy consumption and conservation drive regional market growth. 

Leading Competitors

The leading prominent companies profiled in the global smart grid network market are:

• ABB Limited
• Cisco Systems Incorporated
• Eaton Corporation PLC
• General Electric Company
• Itron Incorporated
• Osaki Electric Co. Limited
• Hitachi Limited
• Schneider Electric SE
• Siemens AG
• Honeywell International Incorporated
• Other Prominent Players

Scope of the Report

The global smart grid network market segmentation focuses on Application, End-Users, and Region.

Segmentation focuses on Application

• Transmission
• Demand Response
• Advanced Metering Infrastructure (AMI)
• Other Technology Application Areas

Segmentation focuses on End-Users

• Residential
• Commercial
• Industrial
• Others

Segmentation focuses on Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America