Smart grids worldwide - statistics & facts

The increased electrification of a variety of sectors, including transportation, heating, and cooking, is set to be a crucial part of the energy transition in the coming decades. Combined with a growing global population, electricity generation worldwide is expected to more than double by 2050. Smart grids are multi-directional networks that allow the exchange of real-time information between suppliers and users. Their implementation – through the deployment of technologies such as smart meters and energy storage – will be an important factor in guaranteeing an efficient and stable supply of increasingly green electricity. The global smart grid market was estimated at 49.7 billion U.S. dollars in 2022.

Smart meters and power grids

Smart electricity meters can transmit consumption information to utilities in real time. For users, this translates to more accurate energy billing and conscious energy use. For suppliers, it gives a better understanding of hours of peak load power, allowing for more efficient planning of supply. The market value of global smart electricity meters is forecast to grow by almost 45 percent between 2021 and 2027.
In smart power grids, electricity transmission can be made more efficient, reliable, and capable through flexible alternating current transmission systems (FACTS), while high-voltage direct current (HVDC) systems allow electricity transmission over long distances and with reduced energy losses compared to alternating-current, making it suitable for renewable energy.

Grid storage

Renewable sources – led by wind and solar – are expected to become the largest source of electricity generation worldwide by 2040. Since the power output from renewable sources is intermittent, large-scale energy storage technologies will be crucial for filling the demand gap when production is low. Pumped hydropower is one of the most common types of utility-scale storage currently in use. However, other technologies such as thermal storage, hydrogen, and batteries have recently gained much attention. Energy storage projects for solar, wind, or battery energy storage with a capacity of up to five gigawatts were planned in different regions of the world as of 2022. In 2021, investments in grid battery storage worldwide added up to roughly five billion U.S. dollars.

Electric vehicles infrastructure

The past years have seen a boom in the number of electric vehicles in circulation, and along with it, in the number of electric vehicle chargers worldwide. With these figures set to continue increasing, so will the strain on the global power grid. EV infrastructure is a perfect example of the importance of smart grids to the future of electricity supply. Through the monitoring and controlling of consumption, combined with pricing incentives for EV charging during off-peak hours, smart grids can help prevent the overload of transmission and distribution lines, while guaranteeing that growing demand is met.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Jan 10, 2024

Key insights

Smart grid technology market size
49.7bn USD
Global investment in electricity networks
289bn USD
Global investments in digital infrastructure for electricity grid
55.7bn USD
Get more insights

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