Comparing 21 vendors in Smart Grid across 0 criteria.

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S&C Electric
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Osaki Electric
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Jun 18, 2024

The Smart Grid Quadrant is a comprehensive industry analysis that provides valuable insights into the global market for Smart Grid. This quadrant offers a detailed evaluation of key market players, technological advancements, product innovations, and emerging trends shaping the industry. MarketsandMarkets 360 Quadrants evaluated over 35 companies of which the Top 21 Smart Grid Companies were categorized and recognized as the quadrant leaders.

A smart grid is an electricity network that uses digital technology to provide superior monitoring, automation, control, and management of energy transmission, distribution, power generation, and network supply. Smart grid technology enables the transition from a traditional energy distribution network to an intelligent electricity grid that allows two-way communication between utility service providers and their customers. The smart electric grid uses digital communication technologies, information systems, and automation for monitoring the energy flow and adjusting the changes in energy demand and supply. It also helps in real-time monitoring of power consumption by coupling it with smart metering systems, providing consumers and suppliers with information on real-time power consumption. Thus, the smart grid helps improve system operating efficiency, thereby reducing the operational cost.

The market for smart grid systems is defined as the sum of revenues generated by global smart grid companies from the sale of smart grid components. Software, hardware, and services are considered under smart grid components. Hardware and software components are used in the electric delivery system for the transmission, generation, distribution, and consumption applications.

The 360 Quadrant efficiently maps the Smart Grid Companies based on criteria such as revenue, geographic presence, growth strategies, investments, and sales strategies for the market presence of the Smart Grid quadrant. While the top criteria for product footprint evaluation included Smart Grid Market by Component (Software, Hardware, Services), Application (Generation, Transmission, Distribution, Consumption/End Use), and Communication Technology (Wireline, Wireless).

Key trends highlighted in 360 Quadrants:

  • The global smart grid market size was valued at USD 43.1 billion in 2022 and it is expected that the smart grid industry will reach USD 103.4 billion by 2027, growing at a CAGR of 19.1% from 2022 to 2027. The market growth is attributed to the ongoing technological advancements, high demand for renewable energy sources in power generation, stringent government policies and rapidly changing trends in the smart grid market.
  • The software segment accounted for the largest share of ~44.2% in the smart grid market in 2022. This is majorly due to the software capabilities that reduce unplanned downtime and production costs. These software systems are also benefiting the existing infrastructure companies, which is thereby propelling their growth in the component segment for the smart grid companies. Further, the demand for smart meters in the hardware segment is expected to rise due to the real-time information on energy usage offered by these meters, which helps end-users track their energy usage and spending. Such factors might drive the hardware segment in the near future and might as well create opportunities for smart grid companies.
  • It was observed that the distribution applications held the largest share of nearly 53% of the smart grid market in 2022. It is because the efficient distribution application helps in quicker restoration of electricity after power disturbances, and further reduces the operations and management costs for utilities, thereby lowering the costs for consumers. However, the need to optimize energy production and the rising need to increase grid reliability and efficiency are also leading to the increased adoption of smart grids for generation and transmission applications as well. Thereby creating a multitude of opportunities for the smart grid companies to grow.
  • The dynamics of the smart grid industry are advancing at a rapid pace. Smart Grid Companies are modifying their smart grid portfolio in order to address and reduce energy consumption and ultimately decrease the pressure on electricity grids. For instance, in January 2023, ABB invested in Danish start-up OKTO GRID to advance the development of technology that will digitalize and extend the useful life of ageing electrical assets in order to meet the growing demand for reliable and stable power.
  • Another prominent reason that is driving the growth of the market is the initiatives taken up by various governments worldwide to meet future electricity demands and focus on reducing the carbon footprint. For instance, as per the International Energy Agency (IEA), China was observed to accelerate investment in 2022, with the State Grid Corporation of China budgeting more than USD 72.34 billion focusing on ultra-high-voltage projects, the upgrading of the distribution network and raising levels of digitalization of its grids. Such initiatives are forcing the smart grid companies to revamp their offerings.
  • In terms of regional analysis, it was observed that the Smart Grid Companies in the North American and European regions have been the early adopters of smart grid technology due to the presence of advanced technology and increased expenditure on IT infrastructure. Other regions like APAC, Latin America, and the Middle East are also experiencing significant growth in recent years. In 2022, the Asia Pacific region dominated the smart grid market with nearly 39.1%. While the other regions showed almost similar growth.
  • While the US dominated the North American region, China accounted for the largest share in the APAC region. The dominance of the APAC region is mainly due to the rising demand for smart infrastructure and the rising number of smart city projects.
  • The smart grid market is consolidated due to rapidly rising global demand to enhance smart infrastructure. Together the top six smart grid companies account for a market share of nearly 35 to 40%. These top six key players include GE (US), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), IBM (US) and Hitachi (Japan), where (US), and ABB (Switzerland) hold a market share of ~10-12% each.
  • Product launches are the key growth strategy adopted by the leading smart grid companies including GE (US), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), and Itron (US) in order to strengthen their positions in the smart grid market. Apart from this, smart grid companies are also focusing on different contracts, agreements, geographic diversification, and investments in order to enhance their position. For instance, in January 2023, ABB invested in Danish start-up OKTO GRID to advance the development of technology that will digitalize and extend the useful life of ageing electrical assets in order to meet the growing demand for reliable and stable power. In August 2022, another company GE announced it would unveil new technologies at CIGRE Session 2022. Among these are sulfur hexafluoride (SF6)-free g3 circuit-breaker for 420 kV gas-insulated substations.
  • There have been several advancements going on in the energy sector to improve energy efficiency, save costs, and promote sustainability by the smart grid companies. The adoption of technologies such as artificial intelligence and blockchain will create a significant impact on the smart grid markets. To cite an example, the integration of blockchain technology in energy supply chains, notably in the construction of smart grids and microgrids. As the existing energy supply chain is complicated and prone to cyber-attacks and power disruptions, such technological integrations in the energy sector will create a modern and resilient energy supply network. Smart grid companies are now diving into these research areas and are trying to build a robust smart grid system. However, the potential of blockchain technology to change the energy industry also comes with risks and difficulties that need to be carefully thought through.

The Full List

The Full List

Company Headquarters Year Founded Holding Type
ABB Zürich, Switzerland 1988 Public
Cisco San Jose, USA 1984 Public
Eaton Dublin, Ireland 1911 Public
Enel Rome, Italy 2017 Private
GE Boston, USA 1892 Public
Hitachi Tokyo, Japan 1910 Public
Honeywell Charlotte, USA 1906 Public
IBM Armonk, USA 1911 Public
Itron Liberty Lake, USA 1977 Public
Kamstrup Skanderborg, Denmark 1946 Private
Landis+Gyr Cham, Switzerland 1896 Public
Mitsubishi Electric Tokyo, Japan 1921 Public
Oracle Austin, USA 1977 Public
Osaki Electric Tokyo, Japan 1916 Public
S&C Electric Chicago, USA 1911 Private
SAP Walldorf, Germany 1972 Public
SE Rueil-Malmaison, France 1836 Public
Sagemcom Rueil-malmaison, France 2002 Private
Siemens Munich, Germany 1847 Public
Wipro Karnataka, India 1945 Public
Xylem Washington, D.C., USA 2011 Public
Frequently Asked Questions (FAQs)
A smart grid is an advanced electrical power grid that uses digital communication technology to optimize energy generation, distribution, and consumption.
A smart grid is an advanced electrical grid that uses digital communication technologies and advanced tracking and control systems to make it possible to use renewable energy sources, control how much energy is used, and get the most out of the power distribution. A smart grid has many perks, such as: Improved reliability: Smart grids can find and fix power outages faster than traditional grids. This cuts down on downtime and makes the power source more reliable. Increased efficiency: Smart grids can optimise the way power is distributed by using real-time data on energy demand and supply. This cuts down on waste and improves efficiency. Integration of renewable energy sources: Smart grids can better combine renewable energy sources like solar and wind power, reducing reliance on fossil fuels and lowering carbon emissions. Better demand management: Smart grids let utilities track and control energy use in real time. This helps keep supply and demand in balance and keeps the grid from getting too full. Cost savings: Smart grids can cut costs by making energy distribution more efficient, lowering the need for costly upgrades, and making maintenance more effective. Smart grids have better security features that can find and stop cyberattacks. This protects the power supply and key infrastructure from threats. Overall, smart grids have a lot of benefits that can help bring the electricity grid into the 21st century, make it more energy efficient, and help us move towards a cleaner, more sustainable energy future.
A smart grid is comprised of a number of interconnected components that facilitate efficient and dependable power distribution. These components consist of sophisticated sensors and metres that capture data on energy demand and supply, communication networks that transmit this data in real time, and software systems that analyse the data to optimise energy distribution. Additionally, the smart grid includes sophisticated control systems that can manage power flows, detect and respond to power outages, and integrate renewable energy sources. Moreover, the smart grid incorporates advanced security systems to defend against cyber attacks and ensure the safety and dependability of the power supply.
A smart grid works by integrating digital communication technologies and advanced sensors into the traditional electrical grid. These sensors collect data on energy demand and supply, which is transmitted through communication networks in real-time. Software systems then analyze this data to optimize energy distribution, balance supply and demand, and integrate renewable energy sources. Advanced control systems manage power flows and can detect and respond to power outages more quickly than traditional grids. The smart grid also incorporates security systems that protect against cyber attacks and ensure the safety and reliability of the power supply. Overall, the smart grid is designed to enable more efficient, reliable, and sustainable power distribution.
A smart grid uses a variety of technologies, including advanced sensors, automation and control systems, energy storage, renewable energy sources, and electric vehicles.
There are numerous smart grid projects underway around the world, including the European Union's Smart Grids European Technology Platform, the United States' Smart Grid Investment Grant program, and Japan's Smart Community Initiative.
Some of the challenges associated with implementing a smart grid include high upfront costs, regulatory and policy issues, cybersecurity concerns, and the need for significant infrastructure upgrades.
A smart grid benefits consumers by reducing energy costs, improving the reliability of energy supply, and enabling greater control over energy consumption.
A smart grid helps with energy conservation by providing real-time information on energy use, allowing consumers to make informed decisions about energy consumption and reducing overall energy waste.
Renewable energy plays a crucial role in a smart grid by providing clean, sustainable energy and improving the overall efficiency, reliability, and resilience of the electricity network. The integration of renewable energy sources such as solar, wind, and hydropower into the smart grid helps to reduce reliance on fossil fuels and decrease greenhouse gas emissions, leading to a more sustainable energy system. Renewables also help balance electricity supply and demand, and their distributed nature can reduce the strain on transmission lines. By diversifying energy sources, the system becomes less vulnerable to disruptions caused by weather events, natural disasters, or equipment failures.
Top smart grid companies like General Electric (GE), ABB, Siemens, Hitachi, Schneider Electric (SE), and IBM are recognized as quadrant leaders, contributing significantly to the market.
Research Methodology
Research Methodology

360 Quadrants

360 Quadrants is a scientific research methodology by MarketsandMarkets to understand market leaders in 6000+ micro markets

360 Quadrants

360 Quadrants is a scientific research methodology by MarketsandMarkets to understand market leaders in 6000+ micro markets

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