United Kingdom Smart Grid Market Size

UK Smart Grid Network Market Analysis

The UK smart grid market is expected to witness a CAGR of more than 3% during the forecast period, 2022-2027. The COVID-19 pandemic had slowed the growth of the smart grid market, as the United Kingdom was forced to implement strict lockdowns during the 2020-2021 period. Governments and local authorities issued strict guidelines, and all non-essential operations were halted. This adversely affected the smart grid market owing to the suspension of end-users activities. Although the subsequent growth in 2021-2022 nullified the effects on the consumption side. Factors such as increased investment and deployment of smart grid technologies such as smart meters, EV chargers, and other associated smart grid infrastructure technologies are expected to drive the market in the coming years. However, increasing usage of renewable energy has created issues on the supply side of electricity which is expected to restrain the market in the coming years.

• Advanced Metering Infrastructure (AMI) is expected to witness significant growth during the forecast period due to the increasing deployment of smart grid technologies.
• The UK government is increasingly viewing smart grid technology as a strategic infrastructural investment that will sustain their long-term economic prosperity and help them achieve their carbon emission reduction targets. This, in turn, is expected to provide an ample amount of opportunities to the companies involved in the smart grid network market in the near future.
• Increasing investments in smart grid networks are expected to drive the market during the forecast period.