Global Smart Grid Market Expected to Reach USD 269.5 Billion by 2033 - IMARC Group

January 07, 2025 | Technology & Media

VIEW FULL TABLE OF CONTENTS

Global Smart Grid Market Statistics, Outlook and Regional Analysis 2025-2033

The global smart grid market size was valued at USD 73.3 Billion in 2024, and it is expected to reach USD 269.5 Billion by 2033, exhibiting a growth rate (CAGR) of 15.6% from 2025 to 2033.

Smart Grid Market

To get more information on this market, Request Sample

The increasing consumption of energy is one of the key factors driving the market growth. Also, in India, the consumption surged by nearly 5.2%. Additionally, as energy demand across the world grows due to rapid urbanization and population growth, traditional grids struggle to meet. Smart grids provide effective solutions by using advanced technologies to meet this surging demand. Also, this grid supports the integration of renewable energy, which is further making it a preferable solution. Besides this, it also offers real-time monitoring and better outage management, further acting as a growth-inducing factor.

In addition, government rules and regulations are positively influencing the demand for smart grids. Many authorities across the globe acknowledge the importance of smart grids' potential to improve energy efficiency. As a result, they adopted various regulations that encourage the use of smart grid technologies. These can include financial incentives, subsidies, and regulatory frameworks that promote investment and innovation in this sector. In 2015, the Government of India launched the National Smart Grid Mission to plan the policies in order to promotive Smart Grid activities. Also, it aims to improve the efficiency of electricity networks. Besides this, rules requiring the installation of smart meters in homes and businesses have helped to drive the rise of smart grids. In October 2024, the Government of India planned to install more than 240 million smart meters in order to replace the traditional meters. Furthermore, government initiatives also play an important role in creating standards for smart grid security, further escalating the market expansion. Apart from this, ICT innovations play a critical role in the deployment of smart grids. The integration of advanced ICT with grid infrastructure enables the real-time capture of large amounts of data. This data helps in smart grid efficiency, further enabling rapid reaction to power outages. Additionally, AI and machine learning technologies improve smart grid capabilities. These developments not only increase power supply efficiency but also pave the door for new energy-management applications and services.

Global Smart Grid Market Statistics, By Region

The market research report has also provided a comprehensive analysis of all the major regional markets, which include Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. According to the report, North America acquired the dominant share due to the rising energy consumption and the elevating advanced metering infrastructure.

North America Smart Grid Market Trends:

North America dominated the overall market. In North America, the increasing integration of renewable energy sources into smart grids is one of the key factors contributing to the market growth. Also, the U.S. is deploying grid-scale battery storage in solar power. Moreover, Canada is also adopting smart grids for hydroelectric power. Besides this, governments across the region are further providing subsidies to promote grid modernization across the region.

Europe Smart Grid Market Trends:

The smart grid market in Europe is pushed by the implementation of advanced demand response technologies. Additionally, various countries like Germany and the United Kingdom are deploying smart meters to improve energy efficiency. Also, the EU's "Clean Energy for All Europeans" package enables real-time monitoring, further promoting the market demand.

Asia Pacific Smart Grid Market Trends:

The growth of the Asia Pacific region focuses on electrification of transportation infrastructure. Moreover, China is making smart grid investments, with projects like UHV transmission. Also, Japan is developing smart grid technology for disaster protection, accelerating the market demand. Besides this, India's National Smart Grid Mission aims to cut power losses, which further propels the industry's growth.

Latin America Smart Grid Market Trends:

In Latin America, smart grid adoption is pushed by the increasing need for energy theft prevention. In addition, Brazil is adopting smart meters to reduce non-technical losses. The region is also improving grid security to deal with weather disruptions. Also, Chile's renewable energy integration programs emphasize the need for smart grids, further driving the market demand.

Middle East and Africa Smart Grid Market Trends:

In the Middle East and Africa, the adoption of smart grids is propelled by renewable energy integration. In addition, various countries like Saudi Arabia and the UAE focus on adopting solar power with smart grids. Also, South Africa uses AMI to manage grid reliability, further propelling the industry’s growth. Besides this, the growing investment in microgrid to electrify remote areas is acting as another growth-inducing factor.

Top Companies Leading in the Smart Grid Industry

Some of the leading smart grid market companies include CISCO Systems, IBM Corporation, Siemens AG, Schneider Electric, Wipro, General Electric, Honeywell, Oracle Corporation, ABB, Itron, Fujitsu, Eaton, Tantalus, and eSmart Systems, among many others. In June 2022, Cisco introduced new cloud management features to deliver a more unified IT experience. This included cloud management for Cisco Catalyst, allowing users to apply the simplicity of the Meraki Cloud to their present Catalyst deployments.

Global Smart Grid Market Segmentation Coverage

On the basis of the component, the market has been bifurcated into software (advanced metering infrastructure, smart grid distribution management, smart grid network management, substation automation, and others), hardware (sensor, programmable logic controller, AMI metre, networking hardware, and others), and services (consulting, support and maintenance, and deployment and integration), wherein software represented the largest segment. Software grid software helps with the management and control of electrical grids. Moreover, the growth of this segment is supported by the surging technological advancement and integration of AI.
Based on the end user, the market is categorized into residential, commercial, and industrial, amongst which commercial represented the dominant segment. The surging demand for efficient energy systems in businesses is driving the segment's growth. Additionally, the rising pressure to reduce carbon footprints is also escalating the market growth.

Report Features	Details
Market Size in 2024	USD 73.3 Billion
Market Forecast in 2033	USD 269.5 Billion
Market Growth Rate 2025-2033	15.6%
Units	Billion USD
Scope of the Report	Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment: Component End-User Region
Components Covered	Software: Advanced Metering Infrastructure, Smart Grid Distribution Management, Smart Grid Network Management, Substation Automation, Others Hardware: Sensor, Programmable Logic Controller, AMI Metre, Networking Hardware, Others Services: Consulting, Support and Maintenance, Deployment and Integration
End-Users Covered	Residential, Commercial, Industrial
Regions Covered	Asia Pacific, Europe, North America, Middle East and Africa, Latin America
Companies Covered	CISCO Systems, IBM Corporation, Siemens AG, Schneider Electric, Wipro, General Electric, Honeywell, Oracle Corporation, ABB, Itron, Fujitsu, Eaton, Tantalus, eSmart Systems, etc.
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Browse IMARC Related Reports on Smart Grid Market:

Need more help?

Speak to our experienced analysts for insights on the current market scenarios.
Include additional segments and countries to customize the report as per your requirement.
Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
For further assistance, please connect with our analysts.

Global Smart Grid Market Expected to Reach USD 269.5 Billion by 2033 - IMARC Group

Purchase Options New Year Sale

Inquire Before Buying

Benefits of Customization

Personalize this research
Triangulate with your data
Get data as per your format and definition
Gain a deeper dive into a specific application, geography, customer, or competitor
Any level of personalization

Speak to an Analyst

Request Brochure

Get in Touch With Us

UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-714-6104

Email: sales@imarcgroup.com

Client Testimonials

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

IMARC did an outstanding job in preparing our study. They were punctual and precise, delivering all the data we required in a clear and well-organized format. Their attention to detail and ability to meet deadlines was impressive, making them a reliable partner for our project.

I wanted to express my sincere appreciation for your efforts in handling this matter. Your dedication and commitment have truly been commendable. It is evident that you have put in a tremendous amount of hard work and expertise into resolving the issues at hand. I would also like to take this opportunity to inform you that we are greatly interested

Overall, the deliverable was well organized and my experience with the project team was good. In particular, I appreciated how they responded when I requested additional information and the Japanese version.

The IMARC team were extremely professional and very cooperative. The team were also extremely flexible in making changes and modifications wherever required. The entire experience right from project kick-off to after sales support was fruitful and smooth.

I’d like to express my gratitude for the work you accomplished with the industry report. The way you responded to the requirements and delivered under tight timelines shows your expertise, exceptional work ethic and commitment to your customer’s success. The entire team and company are incredibly thankful for your dedication. Once again, thank you

The market reports from IMARC have been instrumental in guiding our business strategies. We found the reports comprehensive and data-driven, which helped us make informed decisions. The detailed insights and actionable data have consistently provided us with a competitive edge in a rapidly changing alcohol market.

One of the best things about IMARC is their flexibility and predisposition to tailor the reports and adapt to our needs. They are not just great in their researching and consulting solutions, but their service is unparallelled. We’ve worked with them a couple of times and we will keep working with them in future projects.

We recently commissioned multiple market research reports from IMARC, and the insights we received were invaluable. The depth of analysis, accuracy of data, and actionable recommendations have greatly enhanced our strategic decision-making.

The market estimates provided by your team were pretty much in line with what we were theorizing internally. Really appreciate the work on this.

The sale account manager and the service was excellent. The data and market trends gathered from the report was insightful and really assisted while planning future product and growth strategies.

The report is excellent and has good amount of data and our team is extremely happy with the information provided.

Thank you very much for your cooperation and post purchase support. We were really happy with the final deliverable, and the takeaways from the report.