Conversely, growing number of electric vehicles on the road and upcoming smart cities projects in developing regions create new opportunities for the smart grid market growth.

The global smart grid market size was worth US$ 67.23 billion in 2018, and is expected to reach $170.23 billion by 2026, growing at a CAGR of 12.8% from 2021 to 2026. The research offers a detailed analysis on changing market dynamics, key investment pockets, major segments, and market competition.

Factors such as rise in concerns regarding environmental protection and growth in adoption of smart grid technology to improve efficiency in energy conservation and consumption drive the market growth. Moreover, supportive government policies & regulations to use smart meters and rise in investments in digital electricity infrastructure supplement the market growth. However, lack of standardization and rise in privacy & security concerns are a few challenges faced by the industry. Conversely, growing number of electric vehicles on the road and upcoming smart cities projects in developing regions create new opportunities for the market growth.

Growing concerns regarding reduction in carbon footprints and the need to replace aging infrastructure is shaping the global smart grid market. In addition to this, there is a need for centralized grid distribution management and control.

The market size of smart grids has been growing considerably in the last few years owing to a growing adoption of smart meters and regional government initiatives and funding for smart grid projects. Governments across countries are striving to transform cities into smart cites and this will also help driving the market towards growth.

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The Asia Pacific is particularly witnessing a significant rise. Asia Pacific is expected to account for 48% of the market in 2020. China has the highest share of the smart grid market in Asia Pacific. Japan and India are other countries making progress in the smart grid market. The need to reduce transmission and distribution losses in developing nations across APAC will drive the market. Moreover, the need to reduce carbon emissions from developed nations in the region and the growing consumption of electricity in China, South Korea, Australia, New Zealand, India, and Singapore will drive the smart grid market.

North America is expected to follow Asia Pacific in terms of high growth. The U.S. is expected to be the most significant contributor to the North American smart grid market. With investment support from various universities, this regions is expected to contribute to quite an extent in the near future.

On the basis of technology, the market is segmented into advanced metering infrastructure, distribution automation, cyber security, software and hardware, communication technologies, and transmission upgrades. Of these, the transmission upgrades segment not only led in the past but is expected to continue its leading position by 2020, accounting for 46% of the market. The market for transmission upgrades is expected to be significantly large in Asia Pacific.

Companies operating in the market are Cisco Systems, Inc., General Electric, Honeywell International Inc, International Business Machines Corporation (IBM), Itron Inc., Oracle, Schneider Electric, Siemens, Tech Mahindra Limited, Wipro Limited, and others.