Smart Grid Market

The Smart Grid market is expected to reach USD 161.1 billion by 2029, up from an anticipated USD 73.8  billion in 2024, at a CAGR of 16.9% over the forecast period. The demand for smart grid is growing globally due to increasing requirement for smart energy infrastructure, which is driven by rising energy demand. Rapid industrialization and urbanization contribute to rising energy consumption from industrial, commercial and residential end users.

Due to the abundant availability of networks, a few global and regional firms have a solid presence in the smart grid market. Smart grid industry leaders include General Electric Company (US), ABB (Switzerland), Siemens Energy (Germany), Schneider Electric (France), and Itron (US) among others. To grow their market share, these organizations used techniques such as product launches, contracts, agreements, partnerships, acquisitions, investments, and expansions.

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General Electric Company, stands at the forefront of smart grid technology, offering a comprehensive suite of solutions designed to enhance the efficiency and reliability of water, gas, and electric utilities, as well as renewable energy systems. GE's innovations are pivotal in transforming the energy sector. GE's extensive product and service portfolio spans the energy, utilities, and power industries, underlining its commitment to driving advancements in power and renewable energy. In the smart grid domain, GE delivers robust solutions that ensure reliable operations and optimize the entire grid's efficiency. By leveraging advanced technology, GE anticipates potential errors and minimizes outages through comprehensive analysis of past operations and damages. This proactive approach not only enhances grid reliability but also supports sustainable energy practices, reinforcing GE's leadership in the smart grid market.

ABB, is at the forefront of delivering digital solutions and industrial equipment to a wide range of sectors, including electric utilities, industries, infrastructure, and transport. The company’s operations are divided into four key areas: Electrification, Motion, Industrial Automation, and Robotics & Discrete Automation. ABB’s Electrification and Industrial Automation divisions play a crucial role in the development and implementation of smart grid technologies. ABB's smart grid solutions are designed to enhance the efficiency and reliability of electricity grids, water transportation, buildings, and heating and cooling systems. The company’s comprehensive product portfolio includes advanced network management systems, utility communication systems, and robust substations and feeders. ABB’s network management systems provide an integrated suite of smart grid solutions, leveraging business intelligence and crew resource management to optimize grid performance. Key to ABB's power transmission advancements are its Flexible AC Transmission System (FACTS) devices, which ensure maximum power distribution efficiency, and its High Voltage Direct Current (HVDC) technology, which significantly reduces energy loss. The Wide Area Monitoring System (WAMS) adds another layer of stability by monitoring network conditions in real-time. ABB’s distribution network features transformers, solar inverters, smart meters, and electric vehicle charging solutions, promoting sustainable energy distribution.ABB’s utility communication systems are essential for maintaining efficient and reliable network communications and automation. These systems support the seamless operation of local grids, enabling continuous monitoring and optimal performance. ABB’s dedication to innovation and efficiency drives its success in the smart grid market, paving the way for a more sustainable and interconnected energy landscape.

Siemens Energy,  is one of the the key manufacturers and suppliers of energy-efficient, resource-saving technologies, having its core offerings in the field of electrification, automation, and digitalization It is also a technology powerhouse that has stood for its excellence in engineering, innovation, quality, and reliability and has had a global presence for more than 165 years now.

Schneider Electric, Schneider Electric is a globally established organization providing solutions for energy management and automation solutions. The company is one of the Fortune 500 companies. It operates through two segments—Energy Management and Industrial Automation. The company’s smart grid portfolio consists of products and solutions, which are reliable, energy-efficient, and sustainable. The smart grid solutions combine electricity channels with IT infrastructure to build efficient demand and supply management network structures. The company’s ADMS solutions unify various model platforms under a single solution suite that includes SCADA, Distribution Management System (DMS), Energy Management System (EMS), Outage Management System (OMS), and Digital Theater Systems (DTS). The energy management products focus on making energy safe, reliable, productive, efficient, and green. It offers AMI, provides end-to-end smart metering solutions, and supports MDM and analytics solutions. Moreover, its Grid Modernization and Power Structure segment offers solutions that connect grids with distributed energy resources (DERs) to increase infrastructure reliability.

Itron Inc US-based technology firm that specializes in the implementation of metering systems. The company is a leading technology and service provider dedicated to using energy resources ingeniously, such as electricity, natural gas, and water. Itron is an active member of the Microsoft CityNext initiative. Microsoft CityNext is a network of smart city solution providers who have access to critical resources. Itron provides its expertise in smart grid, energy, and water solutions, which are critical areas for the development of smarter cities. With the help of Microsoft’s cloud computing, big data analytics, and expertise in security and privacy, Itron delivers complete solutions for smart utilization of energy and water resources in various cities across the globe.

Itron offers various smart grid solutions, such as AMI, that improve grid operational costs, reduce environmental challenges, and monitor the network demand and supply. AMI provides data insights and analyzes grid operations. Itron smart grid products offer various functionalities and features, such as meter to cash business tools, AMI and Automatic Meter Reading (AMR) prepayment, and native IPv6 communication architecture for full Internet Engineering Task Force (IETF) services. Device scalability, standardized network management, message prioritization, service quality, and network security are some of the other features offered by Itron smart grid solutions.

Related Reports:

Smart Grid Market by Component (Software, Hardware, Services), Application (Generation, Transmission, Distribution, Consumption), Communication Technology (Wireline, Wireless), & Region - Global Forecast to 2029

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