United Kingdom Smart Grid Network Market Insights Forecasts to 2033

• The Market Size is Growing at a CAGR of 4.78% from 2023 to 2033
• The U.K. Smart Grid Network Market Size is Expected to Hold a Significant Share by 2033

The United Kingdom Smart Grid Network Market Size is Anticipated to Hold a Significant Share by 2033, Growing at a CAGR of 4.78% from 2023 to 2033.

Market Overview

Smart grids are electrical systems that utilize digital technologies, sensors, and software to more effectively balance the supply and demand of electricity in real-time, reducing costs while ensuring the stability and dependability of the grid. Transitioning to clean energy requires a significant rise in electricity consumption and the extensive implementation of fluctuating renewable sources such as wind and solar, which will strain power networks even more. Smart grid technologies can aid in managing this shift by minimizing the requirement for expensive new grid infrastructure, as well as enhancing the resilience and reliability of grids. The sector will see progress due to the aging electrical grid and the increasing demand for digitalization in the energy industry. Governments are increasingly focusing on environmental sustainability and enforcing stringent regulations to decrease carbon emissions, which will encourage the adoption of products. Moreover, there is a growing trend towards investing in digital grid infrastructure to cut down on restoration time and make use of advanced technologies like the Internet of Things. These advancements are anticipated to have a beneficial effect on the business forecast. Starting in November 2021, Northern Powergrid in the United Kingdom launched a pilot program for smart grid network technology to enhance the resilience of small grid sections. The program Microresilience, costing EUR 2.5 million, utilizes energy storage systems and cutting-edge communications technology to ensure uninterrupted power for essential infrastructure and remote communities.

Report Coverage

This research report categorizes the market for the U.K. smart grid network market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the UK smart grid network market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the UK smart grid network market.

Driving Factors

These grids offer technologies that enhance fault detection and allow the network to self-heal on its own. By continuously monitoring disruptions, the high-tech system provides immediate support to energy management systems, enhancing understanding of smart grid distribution management in real-time. Multiple government programs and policies are anticipated to support the market's expansion. Various governments are increasingly putting money into these technologies because they are anticipated to assist in reaching their goals of reducing carbon emissions and promoting lasting economic success. Additionally, some countries have existing net energy metering protocols and equipment, while others are investigating the technology and its functioning, presenting lucrative market opportunities.

Restraining Factors

It is anticipated that the market growth will be limited due to the high cost of investment in these grid systems. Setting up the transmission network between customers and the advanced grid demands significant investments at the outset.

Market Segmentation

The United Kingdom smart grid network market share is classified into end-user and component.

• The utility segment is expected to hold the largest market share through the forecast period.   

The U.K. smart grid network market is segmented by end-user into utility, industrial, residential, and commercial. Among these, the utility segment is expected to hold the largest market share through the forecast period. It is anticipated that the utility industry will experience significant growth due to the uptick in the use of grid technologies worldwide. Additionally, governments in developing and emerging nations view these technologies as crucial investments in infrastructure to aid in meeting carbon emission goals. Furthermore, the government is prompted to establish regulatory guidelines on carbon emissions as a result of the increasing population, industrialization, and heightened environmental awareness stemming from fossil power plants.

• The software segment dominates the market with the largest market share over the predicted period.

The UK smart grid network market is segmented by components into software, hardware, and services. Among these, the software segment dominates the market with the largest market share over the predicted period. Due to the rise in the initiatives to update the electricity grid and decrease the T&D losses. Moreover, the government's heightened investments in advanced metering infrastructure (AMI) are projected to drive growth in the market for this sector.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the United Kingdom smart grid network market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• EdF Energy
• E.ON SE
• Schneider Electric SE
• Renault Group
• Siemens AG
• Efacec Energia
• Landis+Gyr Group AG
• Hitachi Ltd
• General Electric Company
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-added resellers (VARs)

Recent Developments

• In August 2021, Reactive Technologies secured $15 million in fresh funding. Reactive Technologies plans to utilize the funding, its biggest in one round until 2022, to increase the availability of its smart grid technology.

Market Segment

This study forecasts revenue at United Kingdom, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the United Kingdom Smart Grid Network Market based on the below-mentioned segments:

United Kingdom Smart Grid Network Market, By End-User

• Utility
• Industrial
• Residential
• Commercial

United Kingdom Smart Grid Network Market, By Component

• Software
• Hardware
• Services