North America Smart Grid Market - Growth, Trends, and Forecasts (2020-2025)

The Market is Segmented by Technology Application Area (Transmission, Demand Response, Advanced Metering Infrastructure (AMI), and Other Technology Application Areas) and Geography (United States, Canada, and Rest of North America).

Market Snapshot

Study Period:

2018-2025

Base Year:

2019

CAGR:

6 %

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Market Overview

The North American smart grid is expected to register a CAGR of more than 6% during the forecast period of 2020-2025. To meet the increasing power demand, reduce the transmission and distribution losses, and upgrade the grid network with developing renewable power sources, the smart grid market is expected to grow significantly during the forecast period. Also, in order to improve the collection of revenue for electricity and the address electricity theft in low-income areas, the demand for smart grid network is expected to grow in the region. However, a considerable investment is required for setting up and modernizing power generation, transmission, and distribution networks, which can be a restraining factor in the growth of the smart grid market.

  • AMI devices are expected to witness a significant growth rate, owing to the grid modernization efforts taken up by the state and federal governments across the region.
  • According to an estimation, Mexico is expected to invest USD 6.3 billion in smart grid infrastructure, and a further USD 2.1 billion in LED and smart street lighting, by 2027. This is expected to create vast opportunities for the concerned market players.
  • In 2017, 39 states of the United States took a total of 288 policy and deployment actions related to grid modernization, integrated resource planning, utility business models, rate reform, and the application of advanced metering infrastructure and microgrids. These initiatives and ploicies are expected to drive the smart grid market in the forecast period.

Scope of the Report

The North America smart grid market report includes:

Technology Application Area
Transmission
Demand Response
Advanced Metering Infrastructure (AMI)
Other Technology Application Areas
Geography
United States
Canada
Rest of North America

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Key Market Trends

Advanced Metering Infrastructure to Witness a Significant Growth

  • Advanced metering infrastructure (AMI) or smart metering is an integrated system of smart meters, communications networks, and data management systems that enables two-way communication between utilities and customers.
  • In 2016, Mexico, under its Smart Grid Pathway, planned to complete large-scale smart grid investment, proceed to retail smart grid applications, plan and implement selective smart meter installation, and develop and implement smart grid standards.
  • The installation of smart meters in the United States is expected to reach 98 million by the end of 2020, driven by the successful installation of more than 86 million by the end of 2018.
  • Several utilities in the United States are planning to deploy AMI. However, regulators showed a mixed reaction with the rejection of the Dominion grid modernization plan, with an installation of 2.1 million smart meters in 2019.
  • With the increasing efforts to modernize the electricity grid and reduce transmission and distribution losses, governments across North America are investing in advance metering infrastructure. This, in turn, is expected to drive the AMI market during the forecast period.

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The United States as a Potential Market for Smart Grid

  • There is expected to be significant AMI growth in the United States over the forecast period, with smart meter installation share expected to reach 80% among electricity customers by the end of 2024.
  • The United States witnessed significant growth in electricity production till 2018, and it is expected to grow during the forecast period. With 4,363 TWh in 2014 to 4,460 TWh in 2018, the electricity production increased the demand for smart grids.
  • With the development of variable renewable energy sources, like wind and solar, with a capacity of more than 81 GW in 2014 and 145 GW by the end of 2018, the demand for the smart grid increased. With further renewable growth in the forecast period, the market is expected to grow significantly.
  • During outages, a smart grid is efficient in coordinating response efforts and visibility to the distribution grid. Speedy recovery efforts, following the Hurricanes Harvey and Irma in 2017, Hurricane Michael in 2018, and Hurricane Dorian in 2019, made the need for the smart grid crucial.
  • The United States, with its enormous resources and ambitious projects, is expected to witnes a growing smart grid market during the forecast period

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Competitive Landscape

The North American smart grid market is partially fragmented. The major companies include General Electric Company, ABB Ltd, Itron Inc., Honeywell International Inc., and Siemens AG.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitutes Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Technology Application Area

      1. 5.1.1 Transmission

      2. 5.1.2 Demand Response

      3. 5.1.3 Advanced Metering Infrastructure (AMI)

      4. 5.1.4 Other Technology Application Areas

    2. 5.2 Geography

      1. 5.2.1 United States

      2. 5.2.2 Canada

      3. 5.2.3 Rest of North America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Siemens AG

      2. 6.3.2 General Electric Company

      3. 6.3.3 ABB Ltd

      4. 6.3.4 Cisco Systems Inc.

      5. 6.3.5 Honeywell International Inc.

      6. 6.3.6 Itron Inc.

  7. *List Not Exhaustive
  8. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

** Subject to Availability

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