Global Smart Grid Market, By Solution (Firewall, Identity and Access Management (IAM), Antivirus/Antimalware, Encryption, Security and Vulnerability Management (SVM), Intrusion Detection System/Intrusion Prevention System (IDS/IPS), Distributed Denial of Service (DDOS) and Others), Service (Professional and Managed Services), Deployment Mode (On-Premises and Cloud), Subsystem (Supervisory Control and Data Acquisition/Industrial Control System (SCADA/ICS), Advanced Metering Infrastructure (AMI), Demand Response and Home Energy Management), Security Type (Endpoint Security, Network Security, Application Security and Database Security) - Industry Trends and Forecast to 2029
Market Analysis and Size
The smart grids basically include three major modules such as automated control systems, communication technologies, and distributed intelligence. It will be important for accelerating the improvement and widespread usage of plug-in hybrid electric vehicles and their potential use as storage for the grid.
Data Bridge Market Research analyses that the smart grid market was valued at USD 43.1 billion in 2021 and is further estimated to reach USD 174.02 billion by 2029, and is expected to grow at a CAGR of 19.06% during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Solution (Firewall, Identity and Access Management (IAM), Antivirus/Antimalware, Encryption, Security and Vulnerability Management (SVM), Intrusion Detection System/Intrusion Prevention System (IDS/IPS), Distributed Denial of Service (DDOS) and Others), Service (Professional and Managed Services), Deployment Mode (On-Premises and Cloud), Subsystem (Supervisory Control and Data Acquisition/Industrial Control System (SCADA/ICS), Advanced Metering Infrastructure (AMI), Demand Response and Home Energy Management), Security Type (Endpoint Security, Network Security, Application Security and Database Security),
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Countries Covered
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U.S., Canada, and Mexico in North America, Brazil, Argentina, and the rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA)
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Market Players Covered
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Intel Corporation (US), Siemens (US), NortonLifeLock Inc. (US), IBM Corporation (US), Cisco Systems, Inc. (US), Leidos (US), Honeywell International Inc. (US), BAE Systems (UK), N-Dimension Solutions Inc. (Canada), AlertEnterprise Inc. (US), IOActive Inc. (US), Lockheed Martin Corporation (US), Sophos Ltd. (US), Sourcefire (US), Eaton (Ireland), ABB (US), Enphase Energy (US), Landis+Gyr (Switzerland), S&C Electric Company (US), STEMROBOTM Technologies Pvt Ltd. (India).
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Market Opportunities
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Market Definition
A smart grid is a massive complicated network made up of millions of connected devices and units, and its integration empowers both electrical utility companies and consumers.
Smart Grid Market Dynamics
Drivers
- Encouraging regulatory framework of governments
Governments all around the world have enacted a slew of supportive laws and mandates aimed at building smart grids and raising energy saving awareness will further accelerate the growth of the market.
- Rise in number of electric vehicles
PEVs (plug-in electric cars) are currently being sold to customers in a variety of countries to help with the transition to low-carbon transportation. The infrastructure required for the efficient usage of these PEVs is built into a smart grid system will further contribute the market growth.
- Upcoming smart city projects
New smart city projects in developing regions are expected to provide growth prospects for these grids. The project will benefit Ukraine's power system by assisting in its synchronisation with the European electrical grid and decarbonization of the power industry is further anticipated to propel the growth of the market.
Opportunities
In addition, the growing inclination of automobile companies to manufacture electric vehicles based on V2G technology is further estimated to provide potential opportunities for the growth of the smart grid market in the coming years.
Restraints/Challenges
On the other hand, the increase in the installation cost of smart grids is further projected to impede the growth of the smart grid market in the targeted period. However, the cybersecurity and vulnerability concerns faced by smart grid networks might further challenge the growth of the smart grid market in the near future.
This smart grid market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the smart grid market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Smart Grid Market
The pandemic of COVID-19 has had a huge impact on the smart grid market. Because governments were required to apply lockdowns during the first half of 2020 as a result of COVID-19, the smart grid industry has stalled. Governments and municipal governments established strict restrictions, and all non-essential activity were halted. Because end-user activities were halted, this had a negative impact on the smart grid market. However, in the post-COVID scenario, smart grid market is projected to be significantly impacted.
Recent Development
- In May 2021, Impact Solar, a Thai energy startup, teamed up with Hitachi ABB Power Grids to provide an energy storage system for Thailand's largest private-owned microgrid.
Global Smart Grid Market Scope and Market Size
The smart grid market is segmented on the basis of solution, service, deployment mode, subsystem and security type. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Solution
- Firewall
- Identity and Access Management (IAM)
- Antivirus/Antimalware
- Encryption
- Security and Vulnerability Management (SVM)
- Intrusion Detection System/Intrusion Prevention System (IDS/IPS)
- Distributed Denial of Service (DDOS)
- Others
On the basis of solution, the smart grid market is segmented into firewall, identity and access management (IAM), antivirus/antimalware, encryption, security and vulnerability management (SVM), intrusion detection system/intrusion prevention system (IDS/IPS), distributed denial of service (DDOS) and others.
Service
- Professional
- Managed Services
On the basis of service, the smart grid market is segmented into professional and managed services.
Deployment Mode
- On-Cloud
- On-Premise
On the basis of deployment mode, the smart grid market is segmented into on-cloud and on-premise.
Subsystem
- Supervisory Control
- Data Acquisition/Industrial Control System (SCADA/ICS
- Advanced Metering Infrastructure (AMI)
- Demand Response and Home Energy Management
On the basis of subsystem, the smart grid market is segmented into supervisory control and data acquisition/industrial control system (SCADA/ICS), advanced metering infrastructure (AMI), demand response and home energy management.
Security Type
- Endpoint Security
- Network Security
- Application Security
- Database Security
On the basis of security type, the smart grid market is segmented into endpoint security, network security, application security and database security.
Smart Grid Market Regional Analysis/Insights
The smart grid market is analysed and market size insights and trends are provided by country, solution, service, deployment mode, subsystem and security type as referenced above.
The countries covered in the smart grid market report are U.S., Canada, and Mexico in North America, Brazil, Argentina, and the rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA).
North America dominates the smart grid market due to the rise in the advanced utility infrastructure. Furthermore, the availability of proficient cyber-security expertise will further boost the growth of the smart grid market in the region during the forecast period.
Asia-Pacific is projected to observe significant amount of growth in the smart grid market due to the shift in the traditional grid structure to smart grid by several countries.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Smart Grid Market Share Analysis
The smart grid market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to smart grid market.
Some of the major players operating in the smart grid market are:
- Intel Corporation (US)
- Siemens (US)
- NortonLifeLock Inc. (US)
- IBM Corporation (US)
- Cisco Systems, Inc. (US)
- Leidos (US)
- Honeywell International Inc. (US)
- BAE Systems (UK)
- N-Dimension Solutions Inc. (Canada)
- AlertEnterprise Inc. (US)
- IOActive Inc. (US)
- Lockheed Martin Corporation (US)
- Sophos Ltd. (US)
- Sourcefire (US)
- Eaton (Ireland)
- ABB (US)
- Enphase Energy (US)
- Landis+Gyr (Switzerland)
- S&C Electric Company (US)
- STEMROBOTM Technologies Pvt Ltd. (India)
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