Market Size of North America Smart Grid Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 6.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Smart Grid Market Analysis
The North American smart grid is expected to register a CAGR of more than 6% during the forecast period.
In 2020, COVID-19 had a detrimental effect on the market. Presently, the market has reached pre-pandemic levels.
- Over the medium period, with increasing power demand, growing steps for reducing transmission and distribution losses, and up-gradation of existing grid networks with developing renewable power sources, the smart grid market is expected to grow significantly during the forecast period. Also, to improve the collection of revenue for electricity and mitigate electricity theft in low-income areas, demand for a smart grid network is expected to grow in the region.
- On the other hand, considerable investment is required for setting up and modernizing power generation, transmission, and distribution networks, which can be a restraining factor in the smart grid market's growth.
- Nevertheless, countries like Mexico are 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, which may create vast opportunities for the concerned market players.
- The United States will likely dominate the North American smart grid market during the forecast period. Government initiatives and policies are expected to drive the smart grid market in the country.
