The smart grid market is expected to grow from an estimated USD 43.1 billion in 2021 to USD 103.4 billion by 2026, at a CAGR of 19.1% during the forecast period. A smart grid is an electricity network that uses digital technology to provide superior monitoring, automation, control, and management of energy transmission, distribution, power generation, and network supply.
A few major players that have a wide regional presence and dominate the smart grids market. The leading players in the smart grids market include GE (US), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), and Itron (US).
The major strategies adopted by these players include new product launches, contracts & agreements, investments & expansions, mergers & acquisitions, joint ventures, and partnerships & collaborations. New product launches were the most adopted strategy from January 2017 to August 2021.
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GE provides smart grid technologies and operations management systems for water, gas, and electric utilities and renewable energy. It is the largest and the most profitable smart grid infrastructure company in the world. Furthermore, GE also offers all types of products and services for the energy, utilities, and power industries under the power and renewable energy industry. In the field of smart grids, GE provides solutions that are reliable and optimize the end-to-end grid operational efficiency. Its “Real Smart Solutions” re-energizes the need to improve grid performance. The technology anticipates and prevents errors to minimize outages by analysing the operations and damages in the past.
ABB offers a range of products and services for power and automation technologies. It supports the essential services required for dependable and high-bandwidth communications and delivers reliable electric, water, heating, and cooling services to customers. For the smart grid market, the company provides intelligent solutions for electricity grids, water transportation, buildings, and discrete heating and cooling. Its product portfolio for the smart grid market includes network management systems, utility communication systems, and substations and feeders. The network management systems offer a complete range of smart grid solutions with business intelligence and crew resource management capabilities. Additionally, ABB’s advanced power transmission systems rely on electrical transmissions featuring flexible AC transmission system (FACTS) devices, which enable maximum power distribution; the High Voltage Direct Current (HVDCA) technology, which reduces energy loss; and Wide Area Monitoring System (WAMS), which monitors network instability. Its distribution network includes transformers, solar inverters, smart meters, and electric charging vehicles. Moreover, its utility communication systems provide critical infrastructure for efficient network communications and substation and feeder automation. Its solutions also enable the efficient and reliable operation of local grids for day-to-day monitori
Smart Grid Market by Component (Software, Hardware, Services), Application (Generation, Transmission, Distribution, Consumption/End Use), Communication Technology (Wireline, Wireless), and Region - Global Forecast to 2026
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