From GE to IBM, Schneider Electric to ABB, there is a whole host of companies working in the smart grid space to make it, well, smarter, as well as more efficient, resilient and reliable.
The developments in smart grid systems, including smart appliances, smart meters, smart substations and synchro phasors, has come a long way in recent years, bringing many critical improvements in the realm of energy production. Emergen Research states that the global smart grid market is expected to reach US$122.97bn by 2027. Here’s just a handful of companies contributing to this boom.
10. Itron
Market cap: US$3.28 billion
Energy and water company Itron forecasts 80% of electricity across North America. Founded in 1977 with efficiency at its core, it still works on this mission today, working to develop smart cities and smart solutions for sustainability. The company's smart grid solutions deliver real, quantifiable benefits and have proved pivotal to validating the case for smart grid investment. Itron's grid management solution provides utilities with a unified platform for managing the ever increasing complexity of the smart grid.
9. Hitachi
Market cap: US$74.37bn
Boasting a significant presence in the smart grid sector, Hitachi provides a range of solutions and technologies aimed at enhancing electrical grids. Working across comprehensive smart grid technologies — including grid automation, energy storage systems and renewable energy integration — the brand leverages IoT and AI for real-time monitoring and predictive maintenance. As a multinational conglomerate with more than 100 years of history behind it, the Japanese company — which subsidiary Hitachi Energy specialises in power grids, electrification products and automation solutions — boasts a diverse range of products shaping the future of energy distribution.
8. ABB
Market cap: $78.99bn
Swedish–Swiss multinational corporation with different arms of the business including Electrification, Motion, Process Automation and Robotics & Discrete Automation, ABB is developing innovative smart grid projects to improve power distribution reliability, meter reading accuracy and efficiency through conservation voltage. For example, the company offers smart substation control and protection software, substation automation systems and products and power distribution systems. As well as this, ABB also offers technology for smart grid deployments for the likes of smart meters, EVs, solar and wind power integration and demand response systems.
7. Schneider Electric
Market cap: $112.16bn
A recognised leader in smart grid solutions, Schneider Electric provides digital grid solutions so utilities companies can digitise, optimise and automate, which, in turn, provides grid flexibility, resilience and risk mitigation. Working toward ‘Grids of the Future’, Schneider Electric works to create a more sustainable future thanks to its broad, end-to-end software and services for managing. Arguing for the swift adoption of smart grids for accelerated energy transition off the back of COP28 in Dubai and Enlit Europe 2023 in Paris, Frédéric Godemel, Schneider Electric's EVP of Power Systems and Services, highlighted the energy transition's key challenge-enhancing network output and efficiency while integrating renewables without parallel emissions growth. Godemel and Schneider Electric are advocating for governments, policy makers and industry leaders alike to embrace grid digitalisation swiftly, citing it as essential for meeting net-zero goals.
6. Honeywell
Market cap: US$133.34bn
“Honeywell’s expertise and connected services reduce risk and provide added resources to level the playing field for all utilities so they can focus on their core business,” said Nitin S. Kulkarni, former President of Smart Energy, Honeywell Home and Building Technologies during his time in the role. Its services simplify the management of technical smart grid networks and enable improved electricity service and reliability for their customers thanks to its decades of expertise in smart metering technology, which it pairs with grid innovations and edge to cloud intelligence to meet the ever-changing needs of the sector and its customers.
5. Siemens
Market cap: US$140.96bn
Coming in at number five in this week’s Top 10 is Siemens, a prominent player in developing innovative solutions to enhance the efficiency, reliability and sustainability of smart grids. As the largest industrial manufacturing company in Europe, its comprehensive suite of technologies and solutions to enhance resilience and flexibility, as well as sustainability, means Siemens plays a significant role in shaping the future of smart grids.
Siemens is developing technology to advance energy intelligence, opening up opportunities in smart grid development and management. As proven experts in electrification, Siemens’ portfolio of connected hardware and software provides solutions for all manner of customers accessing the grid.
4. General Electric
Market cap: US$144.12bn
A company playing a significant role in reshaping and modernising the energy landscape, GE’s products range from generation to transmission and end use, optimising efficiency, reliability and security of the electrical grid. With wind, solar and biomass generation welcome additions to the smart grid according to GE, its technologies enable integration of renewable energy to the grid.
GE acknowledges that although renewable energy is growing, delivering that power presents an even bigger challenge. The company says modernising the power grid is a way of mitigating those challenges.“The grid is the largest industrial system built by mankind,” says Vera Silva, Chief Strategy and Technology Officer of GE Vernova and former CTO of GE Renewable Energy’s Grid Solutions unit. “It’s a massive spider web with zillions of components, from hardware to digital software, monitoring devices and communications infrastructures that orchestrate the operation of the grid and help balance supply and demand.”
3. IBM
Market cap: US$167.7bn
IBM holds a significant position in the smart grid market. With presence in more than 175 countries worldwide, IBM supports smart grid uptake and development in a multitude of ways, such as through the Maximo Application Suite. Using AI, IoT and analytics, Maximo optimises performance, extends asset lifecycles and reduces operational downtime and costs, supporting utilities in making smarter, more data-driven decisions. This, the company says, allows for the optimisation of energy production with the help of the latest smart grid technologies.
2. Cisco
Market cap: US$203.9bn
Cisco’s networking and technology solutions are instrumental in creating the communication backbone for smart grid systems. With a focus on connectivity, security and data management, Cisco’s technologies align with the evolving needs of utilities seeking to deploy intelligent and resilient electrical grids. Its software platform — Connected Grid Network Management System — supports utilities transforming their operations for the smart grid with unified network management. The operations include distribution automation, smart metering, and grid endpoint device management. Cisco has seen an 11% revenue increase from last year.
1. Oracle
Market cap: US$307.05bn
As a global technology company known for providing database management systems, cloud services and enterprise software solutions, Oracle’s various technologies and solutions support the development and management of smart grids. Its technologies have proven instrumental to supporting utilities as they implement and manage smart grid initiatives and continue to adapt and evolve it to ensure it is future-proof. For example, one of its programmes, Oracle Utilities Smart Grid Gateway (SGG), is designed as a messaging broker to communicate with meters and other devices using a common interface.
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