- Energy Management Systems
- Distribution Management Systems
- Data Analytics
- Other
Smart Grid Managed Services Market size was valued at USD 4,178.3 million in 2022 and is expected to grow at a CAGR of 13.6% from 2023-2029. A smart grid is an electric network that can integrate the behaviour and actions of all the users connected to it efficiently. A smart grid managed service acts as a decision support system. It helps in finding faults or error in the system and provide information to the user and take corrective actions efficiently, this is expected to fuel the growth of smart grid managed service market. In addition to that, the increased focus on renewable energy installations and demand response programs, the demand for distribution management system increases significantly. It helps the user to manage the power transmission both in peak and non-peak hours. Smart grid also helps to improve operations more efficiently. It also helps in environmental monitoring aspect by reducing the carbon emission in to the environment. the increase in adoption of smart grids drives the global smart grid managed service market. The smart grid managed services help the user to offer a better operation and energy transmission. In addition to that the growing investments in this sector technologies and the increasing support from various country governments in order to deploy them across various industries will significantly boost the smart grid managed service market. In addition to that the increased energy consumption and development in technologies and advancements are some factors which are anticipated to propel the market growth in the forecasted years. The North America holds significant market value because of their easy adoption of smart meters and upgrading their older system to the newer ones and
Smart Grid Managed Services Market Key Developments:
In July 2021, AES Ohio and Landis+Gyr merged as technology partner for a program of grid modernization for enhancing the electricity distribution network efficiency.
In June 2021, Schneider Electric announced to help the people and the communities which are impacted by the weather and climate disaster by mobilizing microgrids
Smart Grid Managed Services Market Summary
Study Period
2023 – 2029
Base Year
2023
CAGR
13.6%
Largest Market
Asia Pacific
Fastest Growing Market
North America
Smart Grid Managed Services Market Dynamics
The increasing focus on renewable energy installations and demand response programs, the demand for distribution management system increases significantly. It helps the user to manage the power transmission both in peak and non-peak hours. Smart grid also helps to improve operations more efficiently. It also helps in environmental aspect by reducing the carbon emission in to the environment. the increase in adoption of smart grids drives the global smart grid managed service market. The increasing IT firms all over the globe and evolution of new technologies triggers the growth of the market globally. also, increasing government initiatives in public campaigns is anticipated to fuel the growth of smart grid managed service market. Hence, this will drive the global market growth at a significant rate.
North America Got Significant Share
Smart Grid Managed Services Market
Based on regions, the market share is divided into North America, Asia-pacific, Europe, and the Middle East, and the African region. The North America Market holds about two third of the total market share value due to its increasing IT firms and easy adoption of smart grids and upgradation of technologies. The Smart Grid Managed Services market in the Asia Pacific is likely to grow at a significant rate because of the government initiatives taken in the public campaigns to save energy efficiently and reduce carbon foot print in the environment.
Latin America
Europe
Asia Pacific
Middle East
North America
Key Features of the Reports
- The report provides granular level information about the market size, regional market share, historic market (2018 to 2022) and forecast (2023 to 2029)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
Smart Grid Managed Services Market Segmentation
By Type
By Application
- Wind Turbines
- Solar Power Systems
- Plug-in Hybrid Electric Vehicles
- Others
By End User
- Banking Sector
- Communication Industry
- Security and Surveillance Industry
- Others
Deployment
- Cloud-Based
- On-premise
LOCATION
Geography
Frequently Asked Questions
The Smart Grid Managed Services market was valued at USD 4,178.3 million in 2022.
The Smart Grid Managed Services market is poised to grow at a significant CAGR of 13.6% from 2023 to 2029.
The leading players in the global Smart Grid Managed Services market are Siemens, Schneider electric, S & C Electric Company, Eaton, GE, IBM, Wipro Limited, Honeywell, Cisco, Aclara, Landis+Gyr, Oracle, Itron, Accenture, Capgemini.
Historic years considered for the market study are 2018 through 2022, 2022 is considered as the base year for market estimation and Seven years forecast presented from 2023 – 2029.
- Siemens
- Schneider electric
- S & C Electric Company
- Eaton
- GE
- IBM
- Wipro Limited
- Honeywell
- Cisco
- Aclara
- Landis+Gyr
- Oracle
- Itron
- Accenture
- Capgemini