The global smart grid network market size was US$ 14.17 billion in 2021. The global smart grid network market size is forecast to reach US$ 34.81 billion by 2030, growing at a compound annual growth rate (CAGR) of 10.6% during the forecast period from 2022 to 2030.

Smart grid networking allows for two-way communication between various components of a utility grid, allowing for better network management through interactions between network components that supply data from various phases such as generation, transmission, and distribution. Substation automation, demand response, distribution automation, supervisory control and data acquisition, energy management, real-time control, information and data exchange, asset utilization, and increased reliability and security are all possible with communication networks installed on utility grids. The smart grid network communicates with various grid components to function. These components communicate with one another via routers, gateways, and bridges, which are linked together to form a mesh network.

Factors Influencing Market Growth

Among the factors driving the global market include rising investment and deployment of smart grid technologies such as smart meters, EV chargers, and other related smart grid infrastructure technologies.
Insufficient accessibility to electricity in rural areas and deficient government regulations initiatives for developing and modernizing the grid infrastructure may slow down the overall market growth.
Governments of developed and developing nations worldwide are increasingly seeing smart grid technology as a strategic infrastructural investment that will help them accomplish their long-term economic goals and reduce carbon emissions. As a result, this factor is forecast to offer lucrative growth opportunities for the global market during the forecast period.
Impact Analysis of COVID-19

The COVID-19 pandemic had a negative impact on the global smart grid market. Many countries worldwide imposed strict lockdowns in order to prevent the virus from spreading during the first half of 2020. In addition, governments and local authorities issued strict policies and halted all non-essential operations. In addition, due to this suspension, the global market had a serious impact due to the cease of end-user activities.

Regional Insights

The Asia Pacific region is forecast to garner the highest growth in the smart grid network market during the forecast period. Growing concern over conventional electric networks, rising concerns about environmental conservation, and the adoption of smart grid technology to enhance efficiency in energy consumption and conservation drive regional market growth.

Leading Competitors

The leading prominent companies profiled in the global smart grid network market are:

ABB Limited
Cisco Systems Incorporated
Eaton Corporation PLC
General Electric Company
Itron Incorporated
Osaki Electric Co. Limited
Hitachi Limited
Schneider Electric SE
Siemens AG
Honeywell International Incorporated
Other Prominent Players
Scope of the Report

The global smart grid network market segmentation focuses on Application, End-Users, and Region.

Segmentation focuses on Application

Transmission
Demand Response
Advanced Metering Infrastructure (AMI)
Other Technology Application Areas
Segmentation focuses on End-Users

Residential
Commercial
Industrial
Others
Segmentation focuses on Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America