Smart Grid Market to Shape Future Industry Trends by 2032

Smart grids capture and communicate massive volumes of data, which includes real-time network status, consumer data, and device statistics. It is vital to safeguard data against unwanted access, misuse, or data breaches to ensure the confidentiality of information and grid security. With the development of remote employment, there has been a greater focus on cybersecurity. Cyber threats posed major dangers to smart grid operations, including attacks involving ransomware and fraud initiatives. To safeguard smart grid assets and data, utilities are required to strengthen their cybersecurity procedures. Utilities are increasingly using remote management and monitoring systems to ensure the grid's continuing operation and security. These methods allowed smart grid operators to evaluate and manage grid operations remotely, reducing the requirement for on-site employees.

Global Smart Grid Market size was valued at USD 48.0 billion in 2023 and is poised to grow from USD 56.45 billion in 2024 to USD 206.49 billion by 2032, growing at a CAGR of 17.6% during the forecast period (2025-2032).

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In the last few years, there has been an increase in complex cyber threats. Threat actors such as nation-states, criminal organizations, and hackers pose ongoing threats to utilities. As a result, sophisticated security solutions are required to protect grid resources and activities. Blockchain technology, artificial intelligence (AI), and neural networks are among the emerging technologies being used to improve smart grid security. These technologies enable better identification of threats, incident handling, and automation. Furthermore, public-private partnerships will be crucial in improving smart grid security. Government departments, services, and industry organizations working together will give assistance and advice on security procedures and standards.

Market Segmentation:

Offering

Software (Advanced Metering Infrastructure Systems, Smart Grid Distribution Management Systems, Smart Grid Network Management Systems, Grid Asset Management Systems, Substation Automation Systems, Smart Grid Security Systems, Billing And Customer Information Systems), Hardware (Smart Meters, Sensors, Programmable Logic Controllers, Others), Services (Consulting, Deployment And Integration, Support And Maintenance)

End-Use Application

Generation, Transmission, Distribution, Consumption

Communication Technology

Wireline, Wireless

Smart Grid Market Key Players:

General Electric Company (United States)

ABB Ltd. (Switzerland)

Siemens AG (Germany)

Schneider Electric SE (France)

Itron Inc. (United States)

Honeywell International Inc. (United States)

Cisco Systems Inc. (United States)

Oracle Corporation (United States)

IBM Corporation (United States)

Eaton Corporation (Ireland)

S&C Electric Company (United States)

Wipro Limited (India)

Fujitsu Limited (Japan)

Mitsubishi Electric Corporation (Japan)

Toshiba Corporation (Japan)

Schweitzer Engineering Laboratories Inc. (United States)

Trilliant Holdings Inc. (United States)

Essential regions of the Smart Grid market are:

• Smart Grid North America Market includes (Canada, Mexico, USA)

• Smart Grid Europe Market includes (Germany, France, Great Britain, Italy, Spain, Russia)

• Smart Grid Asia-Pacific Market includes (China, Japan, India, South Korea, Australia)

• Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa)

• Smart Grid South America Market includes (Brazil, Argentina)

Smart Grid Market Recent Developments:

In October 2023, Prolec and Ubicquia have collaborated to create and market a new fully integrated smart transformer. This transformer integrates Ubicquia's UbiGrid platform for realtime monitoring and grid analytics into Prolec's single-phase pad mount transformers.

In June 2023, Siemens presented its newly developed software for low-voltage networks. The LV Insights X software, part of the Siemens Xcelerator portfolio, enables distribution network operators (DSOs) to address their most pressing challenge, which is the need to significantly increase grid capacity even when grids are already strained.

What's more, it likewise covers the request and give of the promoting research concentrate in the assessed figure time frame. Explained investigation of the market players with their profile, deals examination and serious scene is given in the report. Besides, organization, joint effort and consolidations in the business are referenced for the accommodation of the investigation of the global Smart Grid industry.

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Objectives of the Study:

• To forecast the market size, in terms of value, for various segments with respect to five main regions, namely, North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)

• To provide detailed information regarding the major factors influencing the growth of the Market (drivers, restraints, opportunities, and challenges)

• To strategically analyze the micro markets with respect to the individual growth trends, future prospects, and contribution to the total market

• To provide a detailed overview of the value chain and analyze market trends with the Porter's five forces analysis

• To analyze the opportunities in the market for various stakeholders by identifying the highgrowth Segments

• To identify the key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing the competitive landscape for the market leaders

• To analyze competitive development such as joint ventures, mergers and acquisitions, new product launches and development, and research and development in the market

Looking ahead, the Smart Grid Market is poised for continued growth, driven by evolving consumer preferences and ongoing innovations. The trend towards sustainability is expected to strengthen, with more consumers seeking products that align with their values. Additionally, the integration of advanced technologies and digital platforms will likely further enhance market accessibility and consumer engagement. The global Smart Grid Market is a dynamic and evolving landscape, shaped by a confluence of trends and factors.

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