The COVID-19 Impact on Smart Grid Market size was estimated at USD 28.5 billion in 2023 and is projected to reach USD 45 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.70% during the forecast period (2024-2030).
COVID-19 Impact on Smart Grid Market
(Market Size)
$28.5 billion
$45 billion
2023
2030
Source: Citius Research
| Study Period |
2018 - 2030 |
| Base Year For Estimation |
2023 |
| Forecast Data Period |
2024 - 2030 |
| CAGR (2024-2030) |
6.70% |
| 2023 Market Size |
USD 28.5 billion |
| 2030 Market Size |
USD 45 billion |
| Key Players |
ABB, Siemens, Schneider Electric, GE, Toshiba |
Market Summary
The COVID-19 pandemic has had a profound and multifaceted impact on the global smart grid market, reshaping priorities and accelerating certain trends while temporarily hindering others. Initially, the market experienced disruptions due to supply chain interruptions, project delays, and workforce limitations as lockdowns were imposed worldwide. However, the crisis also underscored the critical importance of resilient and digitalized energy infrastructure, leading to increased recognition of smart grid technologies as essential for maintaining grid stability, integrating renewable energy, and enabling remote operations. The pandemic accelerated the adoption of digital solutions such as advanced metering infrastructure, distribution automation, and grid analytics, as utilities sought to enhance operational efficiency and customer engagement in a contactless environment. Government stimulus packages in various regions have included funding for smart grid modernization, viewing it as a key component of economic recovery and long-term sustainability. While short-term challenges were evident, the overall trajectory for the smart grid market has been positively influenced by the heightened focus on energy security, decarbonization, and digital transformation in the post-COVID era.
Key Highlights
Several key highlights define the COVID-19 impact on the smart grid market. There was a notable acceleration in the deployment of smart meters and sensors, as utilities prioritized technologies that enable remote monitoring and reduce the need for physical interventions. Investment in cybersecurity for smart grids gained urgency, with increased remote operations heightening vulnerability to cyber threats. The integration of distributed energy resources, such as rooftop solar and energy storage, became a higher priority, supported by smart grid capabilities to manage bidirectional power flows and enhance grid resilience. Regulatory support and policy initiatives in many countries have been reinforced to promote smart grid investments as part of green recovery plans. Leading smart grid technology providers, including Siemens, Schneider Electric, and ABB, reported strengthened demand for automation and digital grid solutions despite initial pandemic-related setbacks. The pandemic also highlighted the role of smart grids in enabling demand response programs and improving energy efficiency, contributing to more sustainable and adaptive energy systems.
Drivers, Opportunities & Restraints
The drivers, opportunities, and restraints shaping the smart grid market in the wake of COVID-19 are distinctly characterized. Key drivers include the heightened need for grid resilience and reliability, which the pandemic emphasized, along with the growing integration of renewable energy sources that require advanced grid management. The push for digitalization and automation in utility operations to enable remote work and reduce operational costs has also been a significant driver. Opportunities abound in the expansion of smart grid infrastructure supported by government stimulus packages aimed at economic recovery and climate goals. The rising adoption of electric vehicles presents another substantial opportunity, necessitating smart charging infrastructure and grid upgrades. However, restraints persist, including high initial investment costs and budgetary constraints faced by utilities due to economic slowdowns. Regulatory uncertainties and delays in project approvals during lockdowns have also posed challenges. Additionally, cybersecurity concerns remain a critical restraint, as increased digitalization expands the attack surface for potential grid disruptions.
Concentration Insights
The concentration of the smart grid market reveals a competitive landscape with strong presence from established technology giants and specialized firms. North America and Europe continue to hold significant market shares, driven by advanced infrastructure, supportive policies, and high investment in grid modernization. Companies such as General Electric, Itron, and Landis+Gyr maintain leadership in smart metering and grid automation solutions. The market is also seeing growing participation from IT and communications firms like IBM and Cisco, which provide data analytics and networking technologies essential for smart grid operations. In Asia Pacific, countries like China, Japan, and South Korea are rapidly advancing their smart grid capabilities, with local players such as State Grid Corporation of China and Toshiba contributing to regional concentration. The vendor landscape is increasingly collaborative, with partnerships between utility companies, technology providers, and startups focusing on innovation in areas like AI-driven grid management and IoT integration.
Type Insights
Insights into the types of smart grid technologies highlight varied impacts from the COVID-19 pandemic. Advanced Metering Infrastructure (AMI) witnessed accelerated adoption, as utilities sought to enable remote reading and customer engagement without physical contact. Distribution automation systems gained prominence for their role in enhancing grid reliability and reducing outage times through self-healing capabilities. Software solutions, including grid analytics and energy management systems, experienced increased demand due to the need for data-driven decision-making and operational efficiency. Hardware components such as smart sensors and control devices saw supply chain disruptions initially but recovered as manufacturing resumed. Communication technologies, essential for connecting grid assets, remained critical, with heightened focus on secure and resilient networks. The pandemic underscored the importance of integrated systems that combine hardware, software, and services to create comprehensive smart grid solutions capable of adapting to dynamic challenges.
Application Insights
Application insights reveal how smart grid technologies are being utilized across different sectors post-COVID. In utility applications, there is increased focus on load forecasting and demand response to manage fluctuating energy patterns caused by changes in commercial and industrial activity during lockdowns. Renewable energy integration applications have gained traction, with smart grids facilitating the connection and management of solar and wind power sources. Electric vehicle charging infrastructure represents a growing application area, supported by smart grid technologies that manage charging loads and prevent grid overloads. Home energy management systems have seen rising interest, driven by consumers spending more time at home and seeking greater control over energy usage. Industrial applications continue to prioritize energy efficiency and cost reduction, with smart grids enabling optimized power consumption and enhanced reliability for critical operations.
Regional Insights
Regional insights show distinct variations in how COVID-19 has influenced the smart grid market across different geographies. In North America, the pandemic accelerated investments in grid modernization, with utilities and governments prioritizing resilience and renewable integration. Europe saw reinforced commitment to smart grids as part of its Green Deal and recovery funds, focusing on digitalization and decarbonization. The Asia Pacific region, particularly China and India, continued to advance smart grid projects despite initial delays, driven by urbanisation and energy access goals. Latin America and the Middle East experienced mixed impacts, with some projects postponed due to economic constraints, while others progressed as essential infrastructure. Africa is witnessing gradual growth, with pilot projects and partnerships aimed at improving grid reliability and expanding access to electricity. Overall, regional responses highlight the smart grid's role in supporting economic recovery and sustainable development post-pandemic.
Company Insights
Company insights highlight how key players in the smart grid market have adapted to the challenges and opportunities presented by COVID-19. Siemens AG has focused on digital grid solutions and cybersecurity, responding to increased demand for automated and secure energy infrastructure. Schneider Electric emphasized EcoStruxure Grid and other digital offerings to help utilities enhance efficiency and resilience. ABB Ltd. continued to advance its ABB Ability portfolio for grid automation, supporting remote operations and predictive maintenance. General Electric Company leveraged its grid software and hardware expertise to address evolving utility needs during the pandemic. Itron Inc. reported strong interest in its smart metering and network solutions, enabling utilities to maintain services with reduced fieldwork. Landis+Gyr AG saw sustained demand for its advanced metering infrastructure, highlighting the critical role of data in grid management. These companies have also engaged in partnerships and innovations to address emerging challenges and capitalize on new opportunities in the post-COVID landscape.
Recent Developments
Recent developments in the smart grid market reflect the ongoing adaptation to the post-COVID environment. There has been a surge in partnerships between technology firms and utilities to deploy integrated smart grid solutions that enhance grid resilience and support renewable energy integration. Investments in digital twin technology for grid simulation and management have increased, allowing utilities to optimize operations and plan for contingencies. Advancements in AI and machine learning are being applied to improve grid forecasting, anomaly detection, and maintenance scheduling. Regulatory approvals for smart grid projects have accelerated in some regions, supported by government initiatives aimed at economic stimulus and energy transition. Companies are also focusing on enhancing cybersecurity measures, given the rise in remote operations and digital threats. Additionally, there is growing emphasis on consumer-centric solutions, such as time-of-use pricing and distributed energy resource management, driven by changes in energy consumption patterns during and after the pandemic.
Report Segmentation
This report on the COVID-19 impact on the smart grid market is segmented to provide detailed analysis across multiple dimensions. The segmentation includes by type, covering technologies such as advanced metering infrastructure, distribution automation, software solutions, and communication networks. It is also segmented by application, including utility, industrial, commercial, and residential sectors, each examined for their specific challenges and opportunities post-pandemic. Further segmentation by component distinguishes between hardware, software, and services, highlighting the supply chain and adoption trends for each. Geographically, the report provides regional analysis across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa, detailing regional policies, market dynamics, and growth prospects. Additionally, the report includes segmentation by end-user, focusing on electric utilities, grid operators, and energy consumers, to offer insights into demand patterns and investment priorities. This comprehensive segmentation ensures a thorough understanding of the market's structure and evolution in the context of COVID-19 impacts.
FAQs
What is a smart grid? A smart grid is an electricity network that uses digital technology, sensors, and automated controls to monitor and manage the transport of electricity from all generation sources to meet the varying electricity demands of end-users.
How did COVID-19 affect the smart grid market? COVID-19 initially caused disruptions due to supply chain issues and project delays, but it ultimately accelerated the adoption of smart grid technologies as utilities prioritized resilience, remote operations, and digitalization.
What are the key components of a smart grid? Key components include advanced metering infrastructure, distribution automation systems, grid analytics software, communication networks, and cybersecurity measures.
Which regions are leading in smart grid adoption post-COVID? North America and Europe are leading, driven by supportive policies and investments in grid modernization, while Asia Pacific is rapidly catching up with significant projects in China, Japan, and South Korea.
What role do smart grids play in renewable energy integration? Smart grids enable efficient integration of renewable energy sources by managing variability, supporting bidirectional power flows, and enhancing grid stability through advanced control and forecasting.
How are companies like Siemens and Schneider Electric contributing to the smart grid market? These companies provide comprehensive smart grid solutions, including digital automation, cybersecurity, and energy management systems, helping utilities improve efficiency and adapt to post-COVID challenges.
Citius Research has developed a research report titled “COVID-19 Impact on Smart Grid Market Report - Global Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030” delivering key insights regarding business intelligence and providing concrete business strategies to clients in the form of a detailed syndicated report. The report details out the factors such as business environment, industry trend, growth opportunities, competition, pricing, global and regional market analysis, and other market related factors.
Details included in the report for the years 2024 through 2030
• COVID-19 Impact on Smart Grid Market Potential
• Segment-wise breakup
• Compounded annual growth rate (CAGR) for the next 6 years
• Key customers and their preferences
• Market share of major players and their competitive strength
• Existing competition in the market
• Price trend analysis
• Key trend analysis
• Market entry strategies
• Market opportunity insights
The report focuses on the drivers, restraints, opportunities, and challenges in the market based on various factors geographically. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report. The COVID-19 Impact on Smart Grid Market report is segmented on the basis of various market segments and their analysis, both in terms of value and volume, for each region for the period under consideration.
COVID-19 Impact on Smart Grid Market Segmentation
Regions Covered
• North America
• Latin America
• Europe
• MENA
• Asia Pacific
• Sub-Saharan Africa and
• Australasia
COVID-19 Impact on Smart Grid Market Analysis
The report covers below mentioned analysis, but is not limited to:
• Overview of COVID-19 Impact on Smart Grid Market
• Research Methodology
• Executive Summary
• Market Dynamics of COVID-19 Impact on Smart Grid Market
• Driving Factors
• Restraints
• Opportunities
• Global Market Status and Forecast by Segment A
• Global Market Status and Forecast by Segment B
• Global Market Status and Forecast by Segment C
• Global Market Status and Forecast by Regions
• Upstream and Downstream Market Analysis of COVID-19 Impact on Smart Grid Market
• Cost and Gross Margin Analysis of COVID-19 Impact on Smart Grid Market
• COVID-19 Impact on Smart Grid Market Report - Global Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030
• Competition Landscape
• Market Share of Major Players
• Key Recommendations
The “COVID-19 Impact on Smart Grid Market Report - Global Industry Analysis, Size, Share, Growth Trends, Regional Outlook, Competitive Strategies and Segment Forecasts 2024 - 2030” report helps the clients to take business decisions and to understand strategies of major players in the industry. The report delivers the market driven results supported by a mix of primary and secondary research. The report provides the results triangulated through authentic sources and upon conducting thorough primary interviews with the industry experts. The report includes the results on the areas where the client can focus and create point of parity and develop a competitive edge, based on real-time data results.
COVID-19 Impact on Smart Grid Market Key Stakeholders
Below are the key stakeholders for the COVID-19 Impact on Smart Grid Market:
• Manufacturers
• Distributors/Traders/Wholesalers
• Material/Component Manufacturers
• Industry Associations
• Downstream vendors
COVID-19 Impact on Smart Grid Market Report Scope
| Report Attribute | Details |
| Base year | 2023 |
| Historical data | 2018 – 2023 |
| Forecast | 2024 - 2030 |
| CAGR | 2024 - 2030 |
| Quantitative Units | Value (USD Million) |
| Report coverage | Revenue Forecast, Competitive Landscape, Growth Factors, Trends and Strategies. Customized report options available on request |
| Segments covered | Product type, technology, application, geography |
| Regions covered | North America, Latin America, Europe, MENA, Asia Pacific, Sub-Saharan Africa and Australasia |
| Countries covered | US, UK, China, Japan, Germany, India, France, Brazil, Italy, Canada, Russia, South Korea, Australia, Spain, Mexico and others |
| Customization scope | Available on request |
| Pricing | Various purchase options available as per your research needs. Discounts available on request |
COVID-19 Impact Analysis
Like most other markets, the outbreak of COVID-19 had an unfavorable impact on the COVID-19 Impact on Smart Grid Market worldwide. This report discusses in detail the disruptions experienced by the market, the impact on flow of raw materials, manufacturing operations, production trends, consumer demand and the projected future of this market post pandemic.
The report has helped our clients:
• To describe and forecast the COVID-19 Impact on Smart Grid Market size, on the basis of various segmentations and geography, in terms of value and volume
• To measure the changing needs of customers/industries
• To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the market
• To gain competitive intelligence and uncover new opportunities
• To analyse opportunities in the market for stakeholders by identifying high-growth segments in COVID-19 Impact on Smart Grid Market
• To strategically profile key players and provide details of the current competitive landscape
• To analyse strategic approaches adopted by players in the market, such as product launches and developments, acquisitions, collaborations, contracts, expansions, and partnerships
Report Customization
Citius Research provides free customization of reports as per your need. This report can be personalized to meet your requirements. Get in touch with our sales team, who will guarantee you to get a report that suits your necessities.
Frequently Asked Questions
The Global COVID-19 Impact on Smart Grid Market size was valued at $XX billion in 2023 and is anticipated to reach $XX billion by 2030 growing at a CAGR of XX%
The global COVID-19 Impact on Smart Grid Market is expected to grow at a CAGR of XX% from 2023 to 2030.
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