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/EIN News/ -- Pune, India, June 28, 2022 (GLOBE NEWSWIRE) -- The global smart grid market size was USD 29.45 billion in 2020. The market value is slated to grow from USD 35.07 billion in 2021 to USD 140.53 billion in 2028 at a CAGR of 21.9% throughout the forecast period. The market is gaining traction spurred by active government efforts to reenergize the existing electrical infrastructure with such grids.
The widespread upgradation of existing transmission & distribution networks with newer technologies will create favorable opportunities for market expansion. Fortune Business Insights presents this information in its report titled "Smart Grid Market Forecast Report 2021-2028."
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Smart grid refers to an advanced power supply network that uses digital communications technology to detect, react to local changes in supply, and enable the network's self-healing automatically in case of disturbance. The technology helps revamp the existing grid infrastructure with advanced feedback alternatives such as Demand Response Management Systems (DRMS) and Active Network Management (ANM) systems. The smart network is highly interconnected with sensors, meters, analytics tools, and digital controls to automate, monitor, and control energy flow. Active investments by the respective governments to implement such technologies into the electrical infrastructure will positively impact the market growth over the forecast period.
Need for Reliable Power Distribution Networks to Fuel Smart Grid Deployment
Smart grid technology is gaining massive traction because of reliable fault detection and automatic self-healing capabilities. Its implementation offers real-time assistance to power management systems, leading to increased situational awareness regarding transmission & distribution management. Utilities worldwide are adopting the technology to reenergize their existing power distribution infrastructure.
In May 2021, for instance, Networked Energy Services Corporation (NES) – the company known for its industry-leading Energy Applications Platform (EAP™) – unveiled plans to deploy more than 1 million smart meters by mid-2021. This move would help the company strengthen its new grid watch solution with threat detection and response.
On the contrary, high initial costs associated with the product deployment could slightly slow down the market development, particularly in low- and middle-income countries.
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Delays in Product Deployment due to Pandemic-Related Disruptions to Affect Market Growth
The smart grid market growth slowed down considerably during the COVID-19 pandemic due to strict containment measures introduced by the respective governments. Supply chain & logistics disruptions caused difficulties in sourcing raw materials, mainly from China and other Southeast Asian countries.
However, such deployment projects started to gain momentum in various regions as the situation improved. Highlighting an instance, in June 2021, PSE, a Poland-based power grid operator, announced plans to invest USD 1.23 billion by 2030 across its network in northern Poland to supply power from the planned Baltic offshore wind farm to clients.
End-User, Component, and Region are studied for the Market
In terms of end-user, the market is segmented into utility, residential, commercial, and industrial.
Based on component, the market is classified into hardware, software, and services.
By geography, the market is divided into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.
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Robust Federal Funding to Accelerate Market Growth in North America
North America dominated the smart grid market share in 2020 with an annual valuation of USD 9.75 billion. It is anticipated that the region will continue to dominate the market during the projected timeline backed by upcoming smart city and grid upgradation projects. For example, GridWise Alliance announced a USD 5 billion funding in July 2021 to revamp U.S.'s transmission & distribution infrastructure with smart controls, sensors, and storage. An additional USD 8.5 billion would deploy advanced energy management systems and metering infrastructure to improve grid integration.
Asia Pacific will record robust growth in the forthcoming years, led by growing deployment of smarter grid technologies in the region. Citing a recent instance, in February 2020, the Indian Government disclosed plans to install more than 1 million smart meters across the country under the Smart Meter National Program (SMNP).
Meanwhile, the market in Europe will expand on account of increasing clean power generation in the region. The respective governments are also accelerating efforts to implement smarter grid technologies. For example, in May 2020, the U.K. launched the smart metering implementation program. As part of the program, over 26.6 million smart meters have been deployed across the Great Britain region.
May 2021 – Hitachi ABB Power Grids joined hands with Thailand's Impact Solar to become one of the largest privately-owned micro grid. The 214 MW micro grid will include rooftop solar, floating solar systems, and gas turbines as power generation sources. Additionally, a smart battery storage solution will help meet demand when power generation is low.
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The Report Lists the Key Players Profiled in the Market Report:
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