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Market Overview:
The Smart Grid Market size is estimated to reach $128.16 Billion by 2030, growing at a CAGR of 10.2% during the forecast period 2023-2030, according to a recent report published by IndustryARC, titled, “Smart Grid Market ––– By Grid Type (AC, DC), By Service Type (Consulting, Implementation and Deployment, Maintenance and Others), By Technology (Advanced Metering Infrastructure (AMI) (Meter Data Management System, Analytics, AMI Security), Distributed Automation, Software, hardware (Sensors, Smart Meters and Others), Communication Technologies, Cyber Security and Others), By Vertical (Industrial, Military, Utility, Aerospace and Defense, Automotive, Others), By Geography- Global Opportunity Analysis & Industry Forecast, 2023-2030”
Integration of Renewable Energy Sources and Advanced Metering Infrastructure (AMI) Deployment are fueling the growth of the Smart Grid industry during the forecast period.
North America Dominated the Market in 2023: `
North America held the largest share of 36% in the Smart Grid Market driven by significant investments in grid modernization and advanced energy infrastructure. The region's dominance is attributed to the widespread adoption of smart grid technologies across the United States and Canada, supported by favorable government policies and regulatory initiatives. The U.S. Department of Energy (DOE) has been a key driver, offering funding programs and grants to promote smart grid deployment. The increasing integration of renewable energy sources, such as solar and wind, further boosts the demand for smart grid solutions to manage energy distribution and grid stability. In January 2025, the U.S. Department of Energy (DOE) announced $32 million for six selected pilot projects that will support new load growth through grid-edge innovations and the ability of energy providers to right-size smart grid investments for future load growth. Additionally, North America has a well-established electricity infrastructure, making it easier to implement advanced metering infrastructure (AMI), demand response systems, and distribution automation technologies. The growing focus on energy efficiency, grid resilience, and reducing carbon emissions has encouraged utilities to adopt smart grid technologies. Moreover, the rising concerns about cybersecurity threats have led to increased investments in grid security solutions. With ongoing infrastructure upgrades, supportive policies, and technological advancements, North America is expected to maintain its significant share in the smart grid market in the coming years.
Smart Grid Market: Key Takeaways
Integration of Renewable Energy Sources:
The increasing adoption of renewable energy sources like solar, wind, and hydropower is driving the smart grid market. Smart grids are crucial in managing the intermittent nature of renewable energy by ensuring efficient energy distribution, load balancing, and grid stability. The integration of distributed energy resources (DERs) requires advanced grid infrastructure, including smart inverters, energy storage systems, and demand response technologies. Utilities are investing in grid modernization to accommodate renewable energy and enhance grid flexibility. Additionally, smart grid technologies enable real-time monitoring and predictive analytics, which optimize energy production and consumption. Government policies promoting clean energy and carbon reduction goals are further accelerating this trend. The growing demand for sustainable energy solutions is expected to drive significant investments in smart grid infrastructure, creating opportunities for advanced energy management systems and smart grid software providers. India is set to make significant steps in renewable energy for strong growth in green technology, smart grids, and electric vehicles (EVs) by 2025. EY predicts that by 2030, there will be more than 50 million electric vehicles (EVs) on Europe’s roads, representing 15% of the total vehicle stock. As electrification accelerates, ensuring the cost-effectiveness, stability, and efficiency of the power grid will require managing how and when EVs are charged and using the electricity stored in the battery to provide valuable flexibility services to the power grid. A
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Advanced Metering Infrastructure (AMI) Deployment:
The rapid deployment of Advanced Metering Infrastructure (AMI) is transforming the smart grid landscape. AMI systems, including smart meters and communication networks, enable two-way communication between utilities and consumers. These systems provide real-time data on energy consumption, improve billing accuracy, and support demand response programs. Utilities can leverage AMI to detect outages, monitor power quality, and optimize grid performance. Consumers benefit from greater transparency and the ability to manage energy usage through mobile applications. The integration of AMI with IoT technologies and cloud-based platforms enhances data analytics capabilities, enabling predictive maintenance and energy efficiency improvements. The increasing adoption of AMI is driven by regulatory mandates, cost savings, and the growing demand for energy efficiency solutions. As AMI deployment expands, it is expected to create opportunities for smart grid solution providers and data analytics companies. In February 2025, EDF India and Actis have announced a joint venture (JV) to develop and operate an Advanced Metering Infrastructure Service Provider (AMISP) platform in India. The initiative aims to strengthen the country’s smart metering ecosystem and improve power distribution efficiency.
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Recent Developments
• In October 2022, ABB's acquisition of ASKI Energy bolsters its digital energy management portfolio, fostering the development of advanced energy optimization and control technologies. This move aligns with ABB's strategy to offer innovative solutions for CO2 reduction and energy cost savings across various sectors, including Smart Grids and electric vehicle infrastructure.
• In August 2023, GE Vernova's acquisition of Greenbird underscores its dedication to advancing sustainable energy grids. Integrating Greenbird's technology into GridOS® enhances data integration for utilities, facilitating AI-driven automation and aiding in meeting decarbonization goals amidst climate challenges.
• In November 2023, Schneider Electric urged swift adoption of Smart Grids to hasten the energy transition. As pioneers in energy management and automation, they emphasize global leaders' imperative to prioritize Smart Grid implementation for achieving net zero objectives. Recent innovations unveiled at Enlit Europe 2023 bolster this call to action
Smart Grid Market: Competitive Landscape
Key companies profiled in the Smart Grid Market are ABB Ltd., Eaton Corporation PLC, General Electric (GE), Itron Inc, Schneider Electric Corporation, Siemens AG, Cisco Systems Inc, Osaki Electric Co. Ltd products, Honeywell International Inc., Hitachi Ltd and others.
About IndustryARC™:
IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.
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Mr. Venkat Reddy
IndustryARC
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