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North America Grid Modernization Market

North America Grid Modernization Market By Component (Hardware, Software, Services); By Application (Residential, Commercial, Industrial); By End-User (Utilities, Independent Power Producers (IPPs), Government and Municipalities) – Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

Summary
Table Of Content

REPORT ATTRIBUTE	DETAILS
Historical Period	2020-2023
Base Year	2024
Forecast Period	2025-2032
North America Grid Modernization Market Size 2023	USD 14,956.16 million
North America Grid Modernization Market, CAGR	17.73%
North America Grid Modernization Market Size 2032	USD 55,196.42 million

Market Overview

North America Grid Modernization market size was valued at USD 14,956.16 million in 2024 and is anticipated to reach USD 55,196.42 million by 2032, at a CAGR of 17.73% during the forecast period (2024-2032).

The North America Grid Modernization market is driven by increasing investments in smart grid technologies, aging power infrastructure, and rising demand for renewable energy integration. Government initiatives and regulatory mandates promoting energy efficiency and grid resilience further accelerate market growth. Utilities are adopting advanced digital solutions, including smart meters, automation, and AI-driven analytics, to enhance grid reliability and reduce operational costs. The growing adoption of electric vehicles (EVs) and decentralized energy resources necessitates modernized grids capable of handling dynamic energy flows. Additionally, cybersecurity concerns drive investments in secure grid infrastructure to mitigate risks associated with digital transformation. Key trends include the rapid deployment of energy storage solutions, microgrids, and demand response programs, improving grid flexibility and stability. Collaborations between utilities, technology providers, and policymakers are fostering innovation, supporting a sustainable energy transition, and reinforcing North America’s leadership in modern grid infrastructure development.

The North America Grid Modernization market is driven by increasing investments in smart grid infrastructure across the United States, Canada, and Mexico. The U.S. leads the region with significant advancements in smart meters, grid automation, and energy storage solutions, supported by federal funding and state-level initiatives. Canada is rapidly modernizing its grid to integrate renewable energy sources and enhance resilience, while Mexico is gradually adopting smart grid technologies to improve energy efficiency and reliability. Key players in this market include General Electric, Honeywell International Inc., Cisco Systems, Eaton Corporation, IBM Corporation, Itron, Siemens USA, Schneider Electric USA, S&C Electric Company, and Mitsubishi Electric. These companies are actively involved in developing innovative solutions, such as AI-driven grid management, cybersecurity enhancements, and distributed energy resource integration. Strategic collaborations, mergers, and technological advancements continue to shape the competitive landscape, enabling utilities to transition toward a more sustainable and resilient power infrastructure across North America.

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Market Insights

The North America Grid Modernization market was valued at USD 14,956.16 million in 2024 and is projected to reach USD 55,196.42 million by 2032, growing at a CAGR of 17.73%.
Rising investments in smart grid infrastructure and renewable energy integration are driving market growth.
Increasing adoption of advanced metering infrastructure (AMI) and grid automation solutions is a key trend.
Leading companies such as General Electric, Honeywell International Inc., Cisco Systems, and Siemens USA are driving innovation in the market.
High implementation costs and cybersecurity risks pose significant challenges to grid modernization efforts.
The United States dominates the market, followed by Canada, while Mexico is gradually advancing in smart grid adoption.
Technological advancements in artificial intelligence (AI), machine learning (ML), and blockchain are transforming grid management and energy distribution across North America.

Market Drivers

Increasing Investments in Smart Grid Technologies

The North America Grid Modernization market is witnessing significant investments in smart grid technologies to enhance energy efficiency and resilience. For instance, the U.S. Department of Energy (DOE) has announced funding for smart grid projects, with $3.46 billion allocated to 58 projects across 44 states in 2023, aimed at fortifying the resilience and reliability of the nation’s electric grid. Utilities are adopting advanced digital solutions such as smart meters, distribution automation, and real-time monitoring systems to improve grid performance and reduce outages. Governments and private entities are allocating substantial funding to modernize aging power infrastructure, ensuring reliable electricity supply. These investments support the integration of renewable energy sources and distributed energy resources (DERs), facilitating a transition towards a more intelligent and adaptive grid. Additionally, grid modernization enhances operational efficiency by enabling predictive maintenance and reducing energy losses.

Rising Demand for Renewable Energy Integration

The shift toward renewable energy sources is a major driver of grid modernization in North America. As solar and wind energy adoption increases, modernized grids are essential to manage intermittent power generation and ensure stable electricity distribution. Advanced energy management systems, energy storage solutions, and demand response programs help balance supply and demand, minimizing grid disruptions. Policymakers are implementing favorable regulations and incentives to accelerate the adoption of clean energy technologies, encouraging utilities to upgrade their grid infrastructure. By enabling seamless integration of renewables, grid modernization supports sustainability goals and reduces dependence on fossil fuels.

Government Policies and Regulatory Mandates

Federal and state governments play a crucial role in driving grid modernization efforts through supportive policies and regulations. Initiatives such as the U.S. Infrastructure Investment and Jobs Act allocate substantial funding for grid enhancements, including smart grid deployment and cybersecurity improvements. Regulatory bodies mandate utilities to improve grid reliability, adopt digital solutions, and enhance grid security to protect against cyber threats. Incentives for energy storage, electrification, and microgrid deployment further encourage investments in modern grid solutions. These policies not only support a resilient power grid but also foster innovation and job creation within the energy sector.

Growing Adoption of Electric Vehicles and Decentralized Energy Resources

The increasing penetration of electric vehicles (EVs) and decentralized energy resources, such as rooftop solar panels and battery storage systems, is transforming grid dynamics. For instance, in California alone, electric vehicle ownership is estimated to reach 5 million units, leading to an ever-increasing need for EV charging ports. Modernized grids are essential to accommodate fluctuating energy demand, ensuring stability and efficiency. Utilities are investing in smart charging infrastructure, vehicle-to-grid (V2G) technology, and dynamic load management to optimize power distribution. Additionally, decentralized energy resources empower consumers to participate in energy markets through net metering and peer-to-peer energy trading. As EV adoption and distributed energy generation continue to rise, utilities must modernize the grid to support this evolving energy landscape.

Market Trends

Increased Focus on Grid Cybersecurity and Digitalization

As grid modernization advances, cybersecurity has become a top priority to protect critical infrastructure from cyber threats and digital vulnerabilities. Utilities are implementing artificial intelligence (AI) and machine learning (ML) solutions to detect anomalies, predict potential threats, and enhance response mechanisms. The integration of blockchain technology for secure energy transactions and data encryption is also gaining momentum. For instance, the General Accounting Office (GAO) has explicitly stated that the U.S. Energy Grid is vulnerable to cyber-attacks, highlighting the need for robust cybersecurity measures. Additionally, the deployment of advanced sensors, real-time monitoring, and predictive analytics is improving grid reliability and operational efficiency. These digital innovations enable utilities to enhance grid security, reduce downtime, and ensure seamless energy distribution.

Rapid Deployment of Advanced Energy Storage Solutions

The North America Grid Modernization market is experiencing a surge in energy storage adoption, driven by the need to enhance grid reliability and manage renewable energy integration. Lithium-ion battery storage systems, along with emerging technologies such as solid-state and flow batteries, are gaining traction due to their ability to store excess energy and discharge it during peak demand. Utilities and energy providers are investing in large-scale storage projects to balance supply fluctuations caused by intermittent solar and wind power. Additionally, advancements in battery management systems (BMS) are improving efficiency and lifespan, making energy storage a critical component of modern grid infrastructure.

Expansion of Microgrids and Decentralized Energy Systems

Microgrids are gaining prominence as a key trend in North America’s grid modernization efforts. These localized energy networks enhance grid resilience by allowing communities, businesses, and critical infrastructure to operate independently during power outages. The growing demand for reliable energy in remote areas and disaster-prone regions is accelerating microgrid adoption. Utilities are collaborating with technology providers to integrate renewable energy sources, battery storage, and automation systems within microgrids, enabling seamless transitions between grid-connected and islanded modes. This trend aligns with the push for energy independence and sustainability, reducing reliance on centralized power generation.

Growth in Smart Grid Technologies and Demand Response Programs

The adoption of smart grid technologies is reshaping North America’s electricity infrastructure, enabling two-way communication between utilities and consumers. Smart meters, automated distribution systems, and intelligent grid management platforms optimize energy consumption and reduce waste. Demand response programs, which incentivize consumers to adjust energy usage based on grid demand, are expanding across residential, commercial, and industrial sectors. These initiatives enhance grid flexibility, lower peak demand stress, and support energy conservation efforts. As smart grid technologies continue to evolve, they will play a pivotal role in creating a more efficient and responsive power grid.

Market Challenges Analysis

High Implementation Costs and Funding Constraints

The North America Grid Modernization market faces significant financial challenges due to the high costs associated with upgrading aging infrastructure and deploying advanced technologies. Modernizing the grid requires substantial investments in smart meters, automation systems, energy storage solutions, and cybersecurity measures. For instance, the U.S. Department of Energy (DOE) has announced funding for smart grid projects, with significant allocations aimed at fortifying the resilience and reliability of the nation’s electric grid. While government initiatives and private sector investments support these advancements, utilities often struggle with securing sufficient funding to cover large-scale modernization projects. Additionally, regulatory complexities and approval processes can delay funding allocation, slowing the adoption of critical grid technologies. Smaller utility companies, in particular, face difficulties in accessing capital for grid upgrades, leading to disparities in modernization efforts across different regions. To address these financial barriers, policymakers and industry stakeholders must explore innovative funding mechanisms, including public-private partnerships and performance-based incentives, to accelerate grid transformation.

Cybersecurity Risks and Integration Complexities

As utilities embrace digitalization, cybersecurity threats pose a significant challenge to North America’s grid modernization efforts. The increasing reliance on smart grids, IoT-connected devices, and cloud-based platforms exposes the grid to potential cyberattacks, data breaches, and system vulnerabilities. Utilities must implement robust cybersecurity frameworks, continuous monitoring, and AI-driven threat detection to safeguard critical infrastructure. Additionally, integrating diverse technologies, such as distributed energy resources (DERs), electric vehicle charging networks, and microgrids, presents operational complexities. Ensuring seamless interoperability between legacy systems and modern grid solutions requires standardized protocols and advanced grid management platforms. Without effective cybersecurity and integration strategies, the risk of system failures and disruptions increases, potentially impacting grid reliability and customer trust. Addressing these challenges demands collaborative efforts between utilities, technology providers, and regulatory agencies to establish secure, resilient, and scalable grid infrastructure.

Market Opportunities

The North America Grid Modernization market presents significant opportunities as utilities and governments prioritize the transition toward a more resilient, efficient, and sustainable power infrastructure. The growing integration of renewable energy sources, such as solar and wind, creates demand for advanced grid solutions capable of managing intermittent power generation. Energy storage systems, smart grid technologies, and digital automation are key areas of investment, enabling utilities to enhance grid stability and reduce operational costs. Additionally, the expansion of microgrids in remote and disaster-prone areas offers opportunities for energy independence and reliability. Federal and state-level funding programs, coupled with incentives for clean energy projects, further support innovation and technological advancements in the grid modernization sector.

Another major opportunity lies in the increasing adoption of electric vehicles (EVs) and decentralized energy resources, driving the need for smart charging infrastructure and grid flexibility solutions. Utilities can leverage vehicle-to-grid (V2G) technology and demand response programs to optimize energy distribution and mitigate peak demand challenges. The rise of artificial intelligence (AI), machine learning (ML), and blockchain in grid management opens new possibilities for predictive maintenance, real-time energy monitoring, and secure transactions. Moreover, the growing emphasis on grid cybersecurity presents opportunities for cybersecurity firms and technology providers to develop advanced security solutions that protect critical infrastructure from evolving threats. As North America accelerates its transition toward a modernized grid, companies that invest in innovative technologies and strategic partnerships will be well-positioned to capitalize on this rapidly evolving market.

Market Segmentation Analysis:

By Component:

The North America Grid Modernization market is segmented into hardware, software, and services, each playing a critical role in transforming the region’s power infrastructure. The hardware segment holds a significant share, driven by the increasing deployment of smart meters, sensors, grid automation systems, and energy storage solutions. These components enhance grid reliability, facilitate real-time monitoring, and support renewable energy integration. The software segment is growing rapidly, fueled by the adoption of advanced grid management platforms, artificial intelligence (AI)-driven analytics, and cybersecurity solutions. Utilities are leveraging predictive analytics and cloud-based solutions to optimize grid performance and detect potential failures before disruptions occur. Meanwhile, the services segment, encompassing consulting, maintenance, and system integration, is witnessing steady growth as utilities seek expertise to implement and manage complex grid modernization projects. The increasing reliance on third-party service providers to enhance grid security, interoperability, and regulatory compliance is further propelling demand in this segment.

By Application:

Based on application, the North America Grid Modernization market is categorized into residential, commercial, and industrial sectors, each contributing to the evolving energy landscape. The residential segment is expanding due to the rising adoption of smart home energy management systems, rooftop solar panels, and electric vehicle (EV) charging infrastructure. Consumers are increasingly participating in demand response programs and decentralized energy generation, driving the need for smart grid solutions. The commercial sector is witnessing strong growth, driven by the integration of energy-efficient solutions, microgrids, and backup power systems in office buildings, retail spaces, and data centers. Businesses are adopting digital energy management tools to optimize electricity consumption and reduce operational costs. The industrial segment remains a key driver of grid modernization, as manufacturing facilities, warehouses, and large-scale industries require reliable and uninterrupted power supply. The adoption of automation, IoT-enabled devices, and energy storage solutions in industrial settings is accelerating investments in smart grid infrastructure, ensuring operational efficiency and grid resilience.

Segments:

Based on Component:

Hardware
Software
Services

Based on Application:

Residential
Commercial
Industrial

Based on End-User:

Utilities
Independent Power Producers (IPPs)
Government and Municipalities

Based on the Geography:

S.
Canada
Mexico

Regional Analysis

United States

The United States holds the largest share in the North America Grid Modernization market, accounting for over 70% of the region’s revenue in 2024. The country’s dominance is driven by substantial government investments, regulatory support, and the presence of major utility companies advancing smart grid deployment. The U.S. Department of Energy (DOE) and federal initiatives such as the Infrastructure Investment and Jobs Act have allocated billions of dollars for modernizing the power grid, integrating renewable energy, and enhancing grid security. Utilities across the country are implementing advanced metering infrastructure (AMI), distribution automation, and energy storage solutions to improve grid efficiency and resilience. Additionally, the increasing adoption of electric vehicles (EVs) and decentralized energy resources has accelerated the need for smart charging infrastructure and demand response programs. Key cities and states, including California, Texas, and New York, are leading the transition with aggressive renewable energy targets and grid modernization plans, reinforcing the U.S.’s position as the market leader.

Canada

Canada represents approximately 15% of the North America Grid Modernization market and is witnessing steady growth due to its commitment to clean energy and grid resilience. The country’s vast renewable energy resources, including hydropower, wind, and solar, are driving investments in modern grid infrastructure to efficiently manage energy distribution. The Canadian government, through initiatives such as the Smart Grid Program and Clean Energy for Rural and Remote Communities, is funding projects that enhance grid reliability and support the integration of distributed energy resources. Utility companies are adopting smart grid technologies, energy storage systems, and microgrids to improve efficiency and reduce dependence on fossil fuels. Additionally, Canada’s focus on grid cybersecurity is prompting investments in digital security solutions to protect critical infrastructure from cyber threats. Provinces such as Ontario, British Columbia, and Quebec are at the forefront of grid modernization, implementing policies that encourage smart metering, automation, and AI-driven energy management solutions.

Mexico

Mexico is an emerging player in the North America Grid Modernization market, accounting for nearly 10% of the regional market share. The country’s power sector is undergoing significant transformation, driven by increasing electricity demand, regulatory reforms, and a push toward renewable energy adoption. The Mexican government has introduced energy sector reforms to promote private investments in grid modernization and smart energy solutions. The adoption of smart meters, grid automation, and energy storage solutions is gradually increasing, particularly in urban areas. Additionally, Mexico’s strong potential for solar and wind energy generation necessitates an upgraded grid infrastructure capable of handling variable power inputs. Investments in microgrids and off-grid solutions are also gaining traction to improve energy access in remote regions. While Mexico faces challenges such as regulatory uncertainties and financial constraints, ongoing collaborations between the government and private sector players are expected to drive the country’s grid modernization efforts forward.

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Key Player Analysis

General Electric
Honeywell International Inc.
Cisco Systems, Inc.
Eaton Corporation
IBM Corporation
Itron, Inc.
Siemens USA
Schneider Electric USA
S&C Electric Company
Mitsubishi Electric

Competitive Analysis

The North America Grid Modernization market is highly competitive, with leading players focusing on innovation, strategic partnerships, and technological advancements to strengthen their market presence. Companies such as General Electric, Honeywell International Inc., Cisco Systems, Eaton Corporation, IBM Corporation, Itron, Siemens USA, Schneider Electric USA, S&C Electric Company, and Mitsubishi Electric are at the forefront of this transformation. These key players are actively investing in advanced metering infrastructure (AMI), grid automation, energy storage, and cybersecurity solutions to enhance grid reliability and efficiency. For instance, General Electric has been actively investing in advanced metering infrastructure (AMI) to enhance grid reliability and efficiency. Mergers, acquisitions, and collaborations play a crucial role in market expansion, enabling companies to leverage cutting-edge technologies and expand their regional footprint. Digital solutions incorporating artificial intelligence (AI), blockchain, and predictive analytics are becoming essential in grid management, further intensifying competition. Additionally, companies are focusing on smart grid solutions that integrate renewable energy sources, support electric vehicle (EV) charging infrastructure, and improve real-time energy monitoring. With increasing regulatory support and funding for grid modernization projects, these market leaders are continuously innovating to offer scalable and sustainable solutions, ensuring their competitive edge in the evolving North American energy landscape.

Recent Developments

In October 2024, Hitachi Energy introduced Grid-enSure in India to advance the country’s transition to sustainable energy. The company also announced plans to invest around INR 2,000 crore over the next four to five years in capacity expansion and upgrades for various transformer factories.
In August 2024, Hitachi Energy called for urgent action to expand global power grids, reduce connection bottlenecks, and accelerate the energy transition. They launched Grid-enSure™ at the CIGRE 2024 Paris Session, a portfolio of solutions to enhance grid flexibility, resilience, and stability.
In May 2024, Siemens revealed the Gridscale X software, a “co-pilot” for flexible low voltage grid management, aiming to reduce outages by up to 30%.

Market Concentration & Characteristics

The North America Grid Modernization market exhibits a high level of market concentration, with a few major players dominating the industry through technological innovation, extensive infrastructure, and strategic collaborations. Companies such as General Electric, Honeywell International Inc., Cisco Systems, Eaton Corporation, IBM Corporation, Itron, Siemens USA, Schneider Electric USA, S&C Electric Company, and Mitsubishi Electric lead the market, leveraging their expertise in smart grid solutions, energy storage, and automation technologies. These firms hold a competitive advantage due to their strong R&D investments, diverse product portfolios, and established relationships with utility providers and government agencies.

The market is characterized by rapid digital transformation, increasing adoption of artificial intelligence (AI) and machine learning (ML) in grid management, and a strong push toward sustainability. Advanced metering infrastructure (AMI), predictive maintenance solutions, and grid cybersecurity enhancements are key focus areas. Regulatory policies, federal funding, and utility-driven modernization projects further shape the market dynamics. Despite high initial investment costs, the shift toward decentralized energy systems, renewable energy integration, and electric vehicle (EV) adoption continues to drive market expansion. As competition intensifies, companies are differentiating themselves through smart grid innovation, service offerings, and scalable solutions, ensuring continued growth in the evolving energy landscape.

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 experience significant growth, driven by increasing investments in smart grid infrastructure.
Advancements in artificial intelligence (AI) and machine learning (ML) will enhance predictive maintenance and real-time grid management.
The integration of renewable energy sources will accelerate the adoption of distributed energy resources (DERs) and microgrid solutions.
Federal and state-level policies will continue to support grid modernization initiatives through funding and regulatory incentives.
The expansion of electric vehicle (EV) charging infrastructure will increase the demand for smart grid solutions and energy storage systems.
Cybersecurity measures will become a top priority as digital grid management systems become more interconnected.
Utilities will increasingly adopt blockchain and IoT technologies to improve grid transparency and efficiency.
The deployment of advanced metering infrastructure (AMI) will improve energy monitoring and consumer engagement.
Strategic collaborations and mergers among key players will drive technological advancements and market consolidation.
The focus on sustainability and grid resilience will shape future investments, ensuring a stable and efficient power distribution network.

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

Frequently Asked Questions

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

The market was valued at USD 14,956.16 million in 2024 and is projected to reach USD 55,196.42 million by 2032, growing at a CAGR of 17.73%.

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.

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