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North America Grid Modernization Market By Component (Hardware, Software, Services [Advisory & Planning Services, Infrastructure Modernization, Data Modernization, Managed Services / Operations-as-a-Service, Others]); By Application (Generation, Distribution, Transmission); By End User (Utilities, Independent Power Producers, Government and Municipalities) – Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

Name: North America Grid Modernization Market - Demand, Size and Competitive Analysis
Creator: Credence Research Inc.
Published: 2025-11-26
License: https://www.credenceresearch.com/info/privacy-policy
Keywords: North America Grid Modernization Market

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Market overview

The North America Grid Modernization Market size was valued at USD 9,658.6 Billion in 2018, and is projected to reach USD 15,225.5 Billion in 2024, growing at a Compound Annual Growth Rate (CAGR) of 9.89% during the forecast period. The market is expected to further expand to USD 32,020.2 Billion by 2032.

REPORT ATTRIBUTE	DETAILS
Historical Period	2020-2023
Base Year	2024
Forecast Period	2025-2032
North America Grid Modernization Market Size 2024	USD 15,225.5 Billion
North America Grid Modernization Market, CAGR	9.89%
North America Grid Modernization Market Size 2032	USD 32,020.2 Billion

The North America Grid Modernization Market includes major players such as General Electric, Schneider Electric, ABB, Itron and Mitsubishi Electric. These companies leverage deep expertise in grid automation, digital platforms and energy‑infrastructure services to secure leading positions in the market. Regionally, the United States commanded the largest share of the North America Grid Modernization Market in 2024 with over 70% of the regional revenue, underscoring its dominance in investment, regulatory support and deployment of grid‑modernization solutions.

North America Grid Modernization Market size

Market Insights

The North America Grid Modernization Market was valued at USD 15,225.5 Billion in 2024 and is projected to reach USD 32,020.2 Billion by 2032, growing at a CAGR of 9.89%.
Growth is driven by the hardware segment holding a dominant share of 45.3% in 2024, reflecting high demand for grid infrastructure upgrades and advanced sensors.
The market benefits from rapid integration of renewable energy sources and regulatory mandates pushing utilities toward modernization and sustainability.
A key trend appears in the distribution application segment, which held a 42.6% share in 2024, signaling demand for grid upgrades closer to end‑users and load‑management focus.
The United States commanded the largest regional share at 55.4% in 2024, emphasizing its central role in investment and deployment across the North America Grid Modernization Market.

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Market Segmentation Analysis:

By Component

The North America Grid Modernization Market is driven by three main components: hardware, software, and services. Among these, the hardware segment dominates the market, holding a share of 45.3% in 2024. This dominance is largely attributed to the increasing demand for advanced grid infrastructure, such as transformers, sensors, and power management systems, which are essential for modernizing and upgrading aging energy grids. The software segment, contributing 35.2% of the market share, is also expanding with the growing adoption of smart grid technologies and data analytics platforms. The services segment, which covers advisory & planning, infrastructure modernization, and data modernization, accounts for 19.5% of the market share, driven by the need for expertise in grid optimization and digital transformation.

For instance, Schneider Electric provides digital grid solutions that help utilities optimize and automate their networks, supporting grid resilience and flexibility through end-to-end software and services.

By Application

In the North America Grid Modernization Market, the distribution application segment holds the largest market share of 42.6% in 2024. This is due to the rapid expansion of smart grids and the increasing focus on improving power distribution networks to enhance efficiency, reliability, and load management. The transmission segment follows with a share of 33.8%, driven by the need to upgrade high-voltage transmission lines for better power delivery. Generation, accounting for 23.6% of the market, is also growing as more power plants implement advanced grid technologies for optimal performance and integration of renewable energy sources.

For instance, the U.S. Department of Energy’s Grid Resilience and Innovation Partnerships (GRIP) is funding projects such as National Grid’s $50 Billion transmission enhancement initiative to integrate renewable energy sources.

By End User

The utilities segment is the dominant end-user in the North America Grid Modernization Market, holding 58.9% of the market share in 2024. This is primarily due to the increasing need for utilities to modernize their grids to meet growing demand, ensure reliability, and comply with regulatory standards. Independent Power Producers (IPPs) account for 26.3% of the market, driven by their interest in integrating renewable energy sources and enhancing grid management. The government and municipalities segment, with a market share of 14.8%, benefits from public initiatives aimed at improving infrastructure and ensuring grid resilience through modernization efforts.

Key Growth Drivers

Increasing Demand for Reliable and Efficient Power Distribution

One of the primary growth drivers for the North America Grid Modernization Market is the rising demand for reliable and efficient power distribution systems. As electricity consumption continues to grow, utilities and grid operators are under increasing pressure to upgrade aging infrastructure to improve power reliability and prevent outages. The shift towards smart grids, which provide real-time monitoring and enhanced grid management, is vital to meeting this demand, driving the need for advanced technologies such as sensors, communication networks, and grid automation.

For instance, CenterPoint Energy’s resilient operations center designed to withstand large-scale weather events and restore power swiftly after outages, showcasing advancements in grid reliability under extreme conditions.

Integration of Renewable Energy Sources

The integration of renewable energy sources is another significant driver behind the growth of the North America Grid Modernization Market. As governments and corporations push for cleaner energy solutions, grid operators are facing the challenge of incorporating wind, solar, and other renewable energy sources into the existing grid. Grid modernization enables the seamless integration of intermittent energy sources, ensuring energy stability and efficiency. This transition toward green energy is prompting utilities to invest in modern grid solutions that can support variable renewable generation and demand-response technologies, boosting market growth.

For instance, utilities using Siemens’ digital grid solutions can optimize energy flow and support demand-response mechanisms, helping to manage variable renewable generation efficiently.

Government Regulations and Environmental Compliance

Government regulations and environmental compliance requirements are driving investments in grid modernization. In North America, stringent environmental policies aimed at reducing carbon emissions are encouraging utilities to adopt greener, more efficient grid systems. Regulations surrounding grid reliability, safety, and sustainability are compelling utilities to upgrade infrastructure and implement smart grid technologies. These regulatory frameworks, including the U.S. Energy Policy Act and state-level mandates, are pushing companies to modernize grids, creating a strong market demand for new technologies that improve energy efficiency and reduce environmental impact.

Key Trends & Opportunities

Adoption of Advanced Grid Technologies

A key trend in the North America Grid Modernization Market is the rapid adoption of advanced grid technologies, such as smart meters, sensors, and automated distribution systems. These technologies provide real-time data, predictive maintenance, and increased grid resiliency, offering utilities better control over energy distribution. As the demand for more reliable and efficient power systems grows, the adoption of these technologies is expected to increase, opening up significant opportunities for companies involved in grid management, automation, and cybersecurity solutions to expand their market share.

For instance, Itron and Schneider Electric, in collaboration with Microsoft, launched an integrated platform that combines distributed intelligence with digital grid software, simplifying grid-edge management and driving automation in energy distribution.

Growth of IoT and Data Analytics in Grid Management

The growing role of the Internet of Things (IoT) and data analytics in grid management presents a significant opportunity in the North America Grid Modernization Market. With the rise of connected devices, smart meters, and real-time monitoring systems, utilities can leverage data analytics to optimize grid operations, predict failures, and enhance efficiency. IoT-enabled grids also support demand-side management and integration with renewable energy sources. This trend is expected to drive investments in digital transformation, offering significant growth potential for companies that provide IoT solutions, data analytics platforms, and cloud-based infrastructure for grid modernization.

For instance, Pacific Northwest National Laboratory (PNNL) applies advanced analytics, including predictive and prescriptive methods, to operational and planning systems, enabling real-time grid management and improved reliability across the power system.

Key Challenges

High Initial Investment and Implementation Costs

A major challenge for the North America Grid Modernization Market is the high initial investment and implementation costs associated with upgrading existing infrastructure. Modernizing the grid requires significant capital expenditures for the installation of advanced hardware, software systems, and communication networks. Many utilities face budget constraints and delayed approval processes for funding large-scale grid modernization projects. Despite the long-term benefits, such as improved efficiency and reliability, the upfront costs of these projects can be a barrier for utilities, slowing the pace of market adoption.

Cybersecurity Risks in Smart Grids

As grid modernization increasingly incorporates digital technologies, the risk of cybersecurity threats has become a significant challenge. Smart grids, which rely on IoT devices, sensors, and data analytics, are vulnerable to cyberattacks that could disrupt power distribution, cause data breaches, or damage critical infrastructure. The complexity of managing cybersecurity risks in an interconnected grid system requires constant monitoring, threat detection, and advanced security protocols. Utilities must invest in robust cybersecurity measures to protect the grid and ensure system reliability, adding complexity and cost to grid modernization efforts.

Regional Analysis

North America

The North America Grid Modernization Market holds a dominant position globally, with a market share of 65.3% in 2024. This leadership is primarily driven by the significant investments made by the U.S. and Canada in upgrading aging grid infrastructure and adopting smart grid technologies. The increasing demand for renewable energy integration, coupled with stringent government regulations on sustainability and carbon emissions, has accelerated the modernization of the grid. Utilities, independent power producers, and municipalities across North America are actively investing in advanced grid solutions, making the region a key player in driving global market growth.

United States

The United States is the largest contributor to the North America Grid Modernization Market, commanding a market share of 55.4% in 2024. With its large-scale infrastructure projects and an established regulatory framework, the U.S. is aggressively modernizing its energy grid to improve reliability, integrate renewable energy sources, and enhance energy efficiency. The adoption of smart meters, automated distribution systems, and advanced data analytics solutions is widespread across various states. Additionally, strong government policies, including renewable energy mandates and environmental standards, are further fueling the demand for grid modernization solutions in the U.S.

Canada

Canada’s Grid Modernization Market holds a share of 26.7% in 2024, and it is experiencing steady growth as the country seeks to transition to a low-carbon economy. The Canadian government’s commitment to reducing greenhouse gas emissions and promoting renewable energy sources has led to significant investments in grid modernization. Key initiatives include enhancing grid resilience against climate-related disruptions and enabling the integration of wind and solar power. Utilities in Canada are increasingly adopting smart grid technologies, improving efficiency, and meeting the growing demand for sustainable energy solutions, positioning the country as a key market in the region.

Mexico

Mexico represents a smaller but rapidly growing portion of the North America Grid Modernization Market, contributing 17.9% of the market share in 2024. The country’s grid modernization efforts are primarily driven by the need to improve energy access, enhance grid reliability, and support the integration of renewable energy sources such as solar and wind. Mexico has been focusing on infrastructure projects that enhance the efficiency of power distribution, reduce transmission losses, and meet the rising energy demands of urban and rural areas. The government’s push for modernization, along with private-sector involvement, is expected to drive continued growth in the coming years.

North America Grid Modernization Market segmrntation

Market Segmentations:

By Component

Hardware
Software
Services
Advisory & Planning Services
Infrastructure Modernization
Data Modernization
Managed Services / Operations-as-a-Service
Others

By Application

Generation
Distribution
Transmission

By End User

Utilities
Independent Power Producers
Government and Municipalities

By Geography

North America
S.
Canada
Mexico

Competitive Landscape

Competitive landscape in the North America Grid Modernization Market is marked by the presence of several key players including General Electric, Schneider Electric, ABB, Itron, and Mitsubishi Electric, among others. These companies are actively involved in the development and deployment of advanced grid technologies such as smart meters, sensors, and automation systems that are essential for modernizing the region’s electrical grids. Leading players in the market are focusing on strategic collaborations, product innovations, and acquisitions to expand their market share. For instance, General Electric continues to innovate in grid management solutions, while Schneider Electric emphasizes its expertise in digital transformation and energy management. Additionally, the increasing adoption of renewable energy sources has driven companies like Itron and Mitsubishi Electric to offer solutions that integrate renewable energy systems into existing grids. With significant government investment in infrastructure and stringent regulatory standards, the competition among these players is expected to intensify, driving further advancements in grid modernization technologies.

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Key Player Analysis

General Electric
IBM
Cognizant
Comcast Corp.
Infosys
Schneider Electric
ABB
Itron
Mitsubishi Electric
Other Key Players

Recent Developments

In October 2025, Hitachi Energy entered a strategic partnership with Blackstone Energy Transition Partners to acquire a minority stake in Shermco and expand grid‑services capabilities across North America.
In November 2025, American Gridwork Partners completed the acquisition of PMT Site, a Tennessee‑based underground utility and site‑infrastructure services firm, to accelerate modernization of U.S. grid infrastructure.
In September 2025, E Source acquired CF Power, a power‑systems engineering firm, strengthening its engineering and grid‑modernization service offerings in North America.

Report Coverage

The research report offers an in-depth analysis based on Component, Application, End User and Geography. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.

Future Outlook

The North America Grid Modernization Market is expected to witness continued growth as utilities invest in upgrading aging infrastructure and enhancing grid reliability.
Increasing demand for renewable energy integration will drive further adoption of smart grid technologies and decentralized power management systems.
Government regulations focused on sustainability and carbon emissions will continue to push utilities toward adopting greener, more efficient grid solutions.
Advancements in data analytics, IoT, and AI will enable utilities to improve grid management, reduce downtime, and optimize energy distribution.
The demand for cybersecurity solutions in grid systems will rise as grid modernization increasingly incorporates digital and IoT technologies.
Utilities will increasingly rely on cloud-based platforms for grid monitoring, predictive maintenance, and real-time data analysis.
Investments in electric vehicle (EV) charging infrastructure and smart grid integration will become a significant growth driver for the market.
The growing trend of automation in grid operations will enhance efficiency and reduce human intervention, leading to cost savings.
Increased private sector partnerships and public funding will fuel innovation and accelerate the pace of grid modernization projects.
The adoption of microgrids and energy storage systems will play a critical role in enhancing grid resilience, especially in remote and disaster-prone areas.

CHAPTER NO. 1 : INTRODUCTION 20

1.1.1. Report Description 20

Purpose of the Report 20

USP & Key Offerings 20

1.1.2. Key Benefits for Stakeholders 20

1.1.3. Target Audience 21

1.1.4. Report Scope 21

CHAPTER NO. 2 : EXECUTIVE SUMMARY 22

2.1. Grid Modernization Market Snapshot 22

2.1.1. North America Grid Modernization Market, 2018 – 2032 (USD Million) 23

CHAPTER NO. 3 : GEOPOLITICAL CRISIS IMPACT ANALYSIS 24

3.1. Russia-Ukraine and Israel-Palestine War Impacts 24

CHAPTER NO. 4 : GRID MODERNIZATION MARKET – INDUSTRY ANALYSIS 25

4.1. Introduction 25

4.2. Market Drivers 26

4.2.1. Growing adoption of renewable energy sources 26

4.2.2. Increasing government initiatives and investments in smart grid technologies 27

4.3. Market Restraints 28

4.3.1. High initial costs associated with grid modernization technologies 28

4.4. Market Opportunities 29

4.4.1. Integration of IoT and AI for predictive grid maintenance and optimization 29

4.5. Porter’s Five Forces Analysis 30

4.6. Buying Criteria 31

CHAPTER NO. 5 : IMPORT EXPORT ANALYSIS 32

5.1. Import Analysis by North America 32

5.1.1. North America Grid Modernization Market Import Volume/Revenue, By North America, 2018 – 2023 32

5.2. Export Analysis by North America 33

5.2.1. North America Grid Modernization Market Export Volume/Revenue, By North America, 2018 – 2023 33

CHAPTER NO. 6 : DEMAND SUPPLY ANALYSIS 34

6.1. Demand Analysis by North America 34

6.1.1. North America Grid Modernization Market Demand Volume/Revenue, By North America, 2018 – 2023 34

6.2. Supply Analysis by North America 35

6.2.1. North America Grid Modernization Market Supply Volume/Revenue, By North America, 2018 – 2023 35

CHAPTER NO. 7 : PRODUCTION ANALYSIS 36

7.1. Production Analysis by North America 36

7.1.1. North America Grid Modernization Market Production Volume/Revenue, By North America, 2018 – 2023 36

CHAPTER NO. 8 : PRICE ANALYSIS 37

8.1. Price Analysis by Component 37

8.1.1. North America Grid Modernization Market Price, By Component, 2018 – 2023 37

8.1.2. North America Component Market Price, By Component, 2018 – 2023 37

CHAPTER NO. 9 : RAW MATERIALS ANALYSIS 38

9.1. Key Raw Materials and Suppliers 38

9.2. Key Raw Materials Price Trend 38

CHAPTER NO. 10 : MANUFACTURING COST ANALYSIS 39

10.1. Manufacturing Cost Analysis 39

10.2. Manufacturing Process 39

CHAPTER NO. 11 : ANALYSIS COMPETITIVE LANDSCAPE 40

11.1. Company Market Share Analysis – 2023 40

11.2. Value Chain Analysis 40

11.2.1. North America Grid Modernization Market: Company Market Share, by Volume, 2023 41

11.2.2. North America Grid Modernization Market: Company Market Share, by Revenue, 2023 42

11.2.3. North America Grid Modernization Market: Top 6 Company Market Share, by Revenue, 2023 42

11.2.4. North America Grid Modernization Market: Top 3 Company Market Share, by Revenue, 2023 43

11.3. North America Grid Modernization Market Company Volume Market Share, 2023 44

11.4. North America Grid Modernization Market Company Revenue Market Share, 2023 45

11.5. Company Assessment Metrics, 2023 45

11.5.1. Stars 45

11.5.2. Emerging Leaders 45

11.5.3. Pervasive Players 45

11.5.4. Participants 45

11.6. Start-ups /SMEs Assessment Metrics, 2023 45

11.6.1. Progressive Companies 45

11.6.2. Responsive Companies 46

11.6.3. Dynamic Companies 46

11.6.4. Starting Blocks 46

11.7. Strategic Developments 47

11.7.1. Acquisitions & Mergers 47

New Product Launch 47

North America Expansion 47

11.8. Key Players Product Matrix 48

CHAPTER NO. 12 : PESTEL & ADJACENT MARKET ANALYSIS 49

12.1. PESTEL 49

12.1.1. Political Factors 49

12.1.2. Economic Factors 49

12.1.3. Social Factors 49

12.1.4. Technological Factors 49

12.1.5. Environmental Factors 49

12.1.6. Legal Factors 49

12.2. Adjacent Market Analysis 49

CHAPTER NO. 13 : GRID MODERNIZATION MARKET – BY COMPONENT SEGMENT ANALYSIS 50

13.1. Grid Modernization Market Overview, by Component Segment 50

13.1.1. Grid Modernization Market Revenue Share, By Component, 2023 & 2032 51

13.1.2. Grid Modernization Market Attractiveness Analysis, By Component 52

13.1.3. Incremental Revenue Growth Opportunity, by Component, 2024 – 2032 52

13.1.4. Grid Modernization Market Revenue, By Component, 2018, 2023, 2027 & 2032 53

13.2. Hardware 54

13.3. Software 55

13.4. Services 56

CHAPTER NO. 14 : GRID MODERNIZATION MARKET – BY APPLICATION SEGMENT ANALYSIS 57

14.1. Grid Modernization Market Overview, by Application Segment 57

14.1.1. Grid Modernization Market Revenue Share, By Application, 2023 & 2032 58

14.1.2. Grid Modernization Market Attractiveness Analysis, By Application 59

14.1.3. Incremental Revenue Growth Opportunity, by Application, 2024 – 2032 59

14.1.4. Grid Modernization Market Revenue, By Application, 2018, 2023, 2027 & 2032 60

14.2. Residential 61

14.3. Commercial 62

14.4. Industrial 63

CHAPTER NO. 15 : GRID MODERNIZATION MARKET – BY END-USER SEGMENT ANALYSIS 64

15.1. Grid Modernization Market Overview, by End-user Segment 64

15.1.1. Grid Modernization Market Revenue Share, By End-user, 2023 & 2032 65

15.1.2. Grid Modernization Market Attractiveness Analysis, By End-user 66

15.1.3. Incremental Revenue Growth Opportunity, by End-user, 2024 – 2032 66

15.1.4. Grid Modernization Market Revenue, By End-user, 2018, 2023, 2027 & 2032 67

15.2. Utilities 68

15.3. Independent Power Producers (IPPs) 69

15.4. Government and Municipalities 70

CHAPTER NO. 17 : GRID MODERNIZATION MARKET – NORTH AMERICA ANALYSIS 78

17.1. Component 78

17.1.1. North America Grid Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 78

17.2. North America Grid Modernization Market Revenue, By Component, 2024 – 2032 (USD Million) 78

17.3. Application 79

17.3.1. North America Grid Modernization Market Revenue, By Application, 2018 – 2023 (USD Million) 79

17.3.2. North America Grid Modernization Market Revenue, By Application, 2024 – 2032 (USD Million) 79

17.4. End-user 80

17.4.1. North America Grid Modernization Market Revenue, By End-user, 2018 – 2023 (USD Million) 80

17.4.2. North America Grid Modernization Market Revenue, By End-user, 2024 – 2032 (USD Million) 80

17.5. Technology 81

17.5.1. North America Grid Modernization Market Revenue, By Technology, 2018 – 2023 (USD Million) 81

17.5.2. North America Grid Modernization Market Revenue, By Technology, 2024 – 2032 (USD Million) 81

17.6. U.S. 81

17.7. Canada 81

17.8. Mexico 81

CHAPTER NO. 18 : COMPANY PROFILES 82

18.1. General Electric 82

18.1.1. Company Overview 82

18.1.2. Product Portfolio 82

18.1.3. Swot Analysis 82

18.1.4. Business Strategy 83

18.1.5. Financial Overview 83

18.2. Honeywell International Inc. 84

18.3. Cisco Systems, Inc. 84

18.4. Eaton Corporation 84

18.5. IBM Corporation 84

18.6. Itron, Inc. 84

18.7. Siemens USA 84

18.8. Schneider Electric USA 84

18.9. S&C Electric Company 84

18.10. Mitsubishi Electric 84

List of Figures

FIG NO. 1. North America Grid Modernization Market Revenue, 2018 – 2032 (USD Million) 23

FIG NO. 2. Porter’s Five Forces Analysis for North America Grid Modernization Market 30

FIG NO. 3. North America Grid Modernization Market Import Volume/Revenue, By North America, 2018 – 2023 32

FIG NO. 4. North America Grid Modernization Market Export Volume/Revenue, By North America, 2018 – 2023 33

FIG NO. 5. North America Grid Modernization Market Demand Volume/Revenue, By North America, 2018 – 2023 34

FIG NO. 6. North America Grid Modernization Market Supply Volume/Revenue, By North America, 2018 – 2023 35

FIG NO. 7. North America Grid Modernization Market Production Volume/Revenue, By North America, 2018 – 2023 36

FIG NO. 8. North America Grid Modernization Market Price, By Component, 2018 – 2023 37

FIG NO. 9. Raw Materials Price Trend Analysis, 2018 – 2023 38

FIG NO. 10. Manufacturing Cost Analysis 39

FIG NO. 11. Manufacturing Process 39

FIG NO. 12. Value Chain Analysis for North America Grid Modernization Market 40

FIG NO. 13. Company Share Analysis, 2023 41

FIG NO. 14. Company Share Analysis, 2023 42

FIG NO. 15. Company Share Analysis, 2023 42

FIG NO. 16. Company Share Analysis, 2023 43

FIG NO. 17. Grid Modernization Market – Company Volume Market Share, 2023 44

FIG NO. 18. Grid Modernization Market – Company Revenue Market Share, 2023 45

FIG NO. 19. Grid Modernization Market Revenue Share, By Component, 2023 & 2032 51

FIG NO. 20. Market Attractiveness Analysis, By Component 52

FIG NO. 21. Incremental Revenue Growth Opportunity by Component, 2024 – 2032 52

FIG NO. 22. Grid Modernization Market Revenue, By Component, 2018, 2023, 2027 & 2032 53

FIG NO. 23. North America Grid Modernization Market for Hardware, Revenue (USD Million) 2018 – 2032 54

FIG NO. 24. North America Grid Modernization Market for Software, Revenue (USD Million) 2018 – 2032 55

FIG NO. 25. North America Grid Modernization Market for Services, Revenue (USD Million) 2018 – 2032 56

FIG NO. 26. Grid Modernization Market Revenue Share, By Application, 2023 & 2032 58

FIG NO. 27. Market Attractiveness Analysis, By Application 59

FIG NO. 28. Incremental Revenue Growth Opportunity by Application, 2024 – 2032 59

FIG NO. 29. Grid Modernization Market Revenue, By Application, 2018, 2023, 2027 & 2032 60

FIG NO. 30. North America Grid Modernization Market for Residential, Revenue (USD Million) 2018 – 2032 61

FIG NO. 31. North America Grid Modernization Market for Commercial, Revenue (USD Million) 2018 – 2032 62

FIG NO. 32. North America Grid Modernization Market for Industrial, Revenue (USD Million) 2018 – 2032 63

FIG NO. 33. Grid Modernization Market Revenue Share, By End-user, 2023 & 2032 65

FIG NO. 34. Market Attractiveness Analysis, By End-user 66

FIG NO. 35. Incremental Revenue Growth Opportunity by End-user, 2024 – 2032 66

FIG NO. 36. Grid Modernization Market Revenue, By End-user, 2018, 2023, 2027 & 2032 67

FIG NO. 37. North America Grid Modernization Market for Utilities, Revenue (USD Million) 2018 – 2032 68

FIG NO. 38. North America Grid Modernization Market for Independent Power Producers (IPPs), Revenue (USD Million) 2018 – 2032 69

FIG NO. 39. North America Grid Modernization Market for Government and Municipalities, Revenue (USD Million) 2018 – 2032 70

FIG NO. 40. Grid Modernization Market Revenue Share, By Technology, 2023 & 2032 72

FIG NO. 41. Market Attractiveness Analysis, By Technology 73

FIG NO. 42. Incremental Revenue Growth Opportunity by Technology, 2024 – 2032 73

FIG NO. 43. Grid Modernization Market Revenue, By Technology, 2018, 2023, 2027 & 2032 74

FIG NO. 44. North America Grid Modernization Market for Utilities, Revenue (USD Million) 2018 – 2032 75

FIG NO. 45. North America Grid Modernization Market for Independent Power Producers (IPPs), Revenue (USD Million) 2018 – 2032 76

FIG NO. 46. North America Grid Modernization Market for Government and Municipalities, Revenue (USD Million) 2018 – 2032 77

List of Tables

TABLE NO. 1. : North America Grid Modernization Market: Snapshot 22

TABLE NO. 2. : Drivers for the Grid Modernization Market: Impact Analysis 26

TABLE NO. 3. : Restraints for the Grid Modernization Market: Impact Analysis 28

TABLE NO. 4. : North America Grid Modernization Market Revenue, By Component, 2018 – 2023 37

TABLE NO. 5. : Key Raw Materials & Suppliers 38

TABLE NO. 6. : North America Grid Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 78

TABLE NO. 7. : North America Grid Modernization Market Revenue, By Component, 2024 – 2032 (USD Million) 78

TABLE NO. 8. : North America Grid Modernization Market Revenue, By Application, 2018 – 2023 (USD Million) 79

TABLE NO. 9. : North America Grid Modernization Market Revenue, By Application, 2024 – 2032 (USD Million) 79

TABLE NO. 10. : North America Grid Modernization Market Revenue, By End-user, 2018 – 2023 (USD Million) 80

TABLE NO. 11. : North America Grid Modernization Market Revenue, By End-user, 2024 – 2032 (USD Million) 80

TABLE NO. 12. : North America Grid Modernization Market Revenue, By Technology, 2018 – 2023 (USD Million) 81

TABLE NO. 13. : North America Grid Modernization Market Revenue, By Technology, 2024 – 2032 (USD Million) 81

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Frequently Asked Questions

What is the current size of the North America Grid Modernization Market?

The current market size for the North America Grid Modernization Market is USD 15,225.5 Billion in 2024, and it is projected to reach USD 32,020.2 Billion by 2032.

At what Compound Annual Growth Rate is the North America Grid Modernization Market projected to grow between 2025 and 2032?

The North America Grid Modernization Market is projected to grow at a Compound Annual Growth Rate (CAGR) of 9.89% between 2025 and 2032

What factors are driving the growth of the North America Grid Modernization Market?

Growth is driven by investments in smart grid technologies, aging infrastructure, renewable energy integration, and regulatory support, along with rising electric vehicle adoption and cybersecurity advancements.

What are the key segments within the North America Grid Modernization Market?

The market is segmented by Component (Hardware, Software, Services), Application (Residential, Commercial, Industrial), End-User (Utilities, IPPs, Government), and Geography (U.S., Canada, Mexico).

Who are the major players in the North America Grid Modernization Market?

Leading companies include General Electric, Honeywell, Cisco Systems, Eaton, IBM, Itron, Siemens, Schneider Electric, S&C Electric, and Mitsubishi Electric.

About Author

Sushant Phapale

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Sushant is an expert in ICT, automation, and electronics with a passion for innovation and market trends.

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Game Servers Management Services Market was valued at USD 2.16 billion in 2024 and is anticipated to reach USD 4.56 billion by 2032, growing at a CAGR of 9.8 % during the forecast period.

Digital Out-of-Home Advertising Market

The global Digital Out-of-Home (DOOH) Advertising Market was valued at USD 18.12 billion in 2024 and is projected to reach USD 45.83 billion by 2032, expanding at a CAGR of 12.3% during the forecast period.

Augmented Reality (AR) Market

The Augmented Reality (AR) market was valued at USD 93.68 billion in 2024 and is anticipated to reach USD 406.04 billion by 2032, growing at a CAGR of 20.12% during the forecast period.”

Multi-Cloud Data Warehouse Market

The global multi-cloud data warehouse market was valued at USD 17.98 billion in 2024 and is projected to reach USD 45.48 billion by 2032, expanding at a CAGR of 12.3% during the forecast period.

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The report was an excellent overview of the Industrial Burners market. This report does a great job of breaking everything down into manageable chunks.

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