An advanced electrical network that uses digital technology to improve power delivery's sustainability, dependability, and efficiency is known as a smart grid. With real-time data that enables proactive control of power demand and grid conditions, smart grids facilitate two-way communication between utilities and consumers, in contrast to traditional networks that largely support one-way energy flow. Smart grids can check electricity consumption, identify possible issues before they become problems, and speed up power restoration during outages by using continuous monitoring.

According to SPER market research, ‘North America Smart Grid Market Size- By Technology, By Service, By Deployment - Regional Outlook, Competitive Strategies and Segment Forecast to 2034’ state that the North America Smart Grid Market is predicted to reach 45.13 billion by 2034 with a CAGR of 10.27%.

Drivers:

The market for smart grids is mostly driven by the rising need for energy-efficient power supply systems. Traditional power grids frequently experience large energy losses during transmission and distribution, owing to aging equipment and a lack of real-time monitoring capabilities. Smart grids solve these inefficiencies by utilising sophisticated technology such as smart meters and grid automation, which allow for improved management and optimisation of electricity flow. This leads to less energy waste, better resource utilisation, and lower operational expenses. Smart grids also make it easier to implement demand response programs, which improves load control and contributes to energy savings.

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Restraints:

Smart grid systems, which include sensors, meters, communication networks, and control systems, may pose substantial cybersecurity concerns. Cyber assaults can interrupt businesses, create power disruptions, and steal vital information. Smart grids are vulnerable to cyberattacks due to the huge amount of data they create about energy use, system performance, and customer behaviour. These dangers have prompted some manufacturers and customers to investigate alternate options such as wind turbines, solar PV, combined heat and power (CHP), batteries, microgrids, and IP systems.

The United States dominated the smart grid market in 2024, owing to increased adoption of innovative technology to modernise aging infrastructure. Smart meters, grid optimisation software, and IoT-enabled devices are transforming grid management, increasing efficiency and allowing for real-time monitoring and control. With utilities focussing on grid resilience and consumer engagement, investments in smart grid technologies are increasing, establishing the United States as a significant market for energy innovation and growth. Some of the key market players are ABB, Belden Inc, Cisco Systems, Inc, Eaton, Fujitsu, General Electric, Hubbell, and others.

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North America Smart Grid Market Growth

 
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