Smart energy grid stocks could surge as conservation meets tightening wallets.

The electric grid is arguably one of the most critical pieces of the global infrastructure system. Hence, companies are pouring resources into upgrading this key piece of infrastructure, ushering in the era of smart energy grids.

Companies looking to advance the next-generation grid are a combination of pure and secondary plays that will benefit from the massive expansion in the sector.

As we advance, the global smart meter market is likely to grow at a robust 8.7% through 2027 and was valued at a whopping $20.2 billion in 2021.

Grabbing only a small portion of the market could be instrumental for the firms in growing their revenue and earnings base. Having said that, here are three of the top smart energy grid stocks to wager on at this time.

Duke Energy (DUK)

Duke Energy (NYSE:DUK) is a leader in the energy industry, providing reliable and safe power to millions of customers.

According to its website, the company’s electric utilities serve over 8.2 million customers across Kentucky, Ohio, Florida, and other states.

The company has integrated advanced meters in customer homes that offer instant access to energy usage data. Duke also has “outage reduction” technology installed on its powerlines, so any broken lines are immediately spotted, allowing for rapid repairs.

This commitment to using cutting-edge technology ensures Duke Energy remains at the forefront of integrated energy production and delivery.

The company recently partnered with Amazon Web Services (AWS) to expand its intelligent grid services. AWS will develop cloud technologies to support critical grid-planning solutions effectively.

DUK energy stock remains an excellent long-term play in smart energy, offering healthy upside potential.

Itron (ITRI)

Itron (NASDAQ:ITRI) is a business that has established itself as an invaluable asset for crucial U.S. infrastructure.

Not only does Itron provide energy and water utilities with Smart networks, powerful software, and sensors to measure energy usage, but it also provides an excellent way for these systems to manage their resources more efficiently and reliably.

Itron’s smart grid project, Itron Total Services, is a revolutionary new way for utilities to take advantage of the latest advancements in smart grids.

By using this service suite, which integrates into existing infrastructures easily, utility companies can now benefit from data collection and analysis that previously had been difficult or expensive to access. This system will enable utilities to update electricity use at individual, district, and system levels within a comprehensive suite.

After the third quarter, its order backlog stood at a spectacular $4.2 billion, of which $1.61 billion is due within the next 12 months.

Ideal Power (IPWR)

Ideal Power (NASDAQ:IPWR) is a debt-free fabless power semiconductor company with an impressive B-TRAN product line.

The technology provides revolutionary performance in the form of insulated bipolar transistor replacements capable of handling vast amounts of current. This makes existing systems more efficient, and IPWR has secured its technology with strong intellectual property protection.

Ideal Power’s patented B-TRAN technology revolutionizes energy conversion in various applications. With optimized efficiency, bidirectional capability, and fewer parts, B-TRAN opens the door to unprecedented energy capacity and performance gains while dropping power losses within connected circuits.

B-TRAN remains an exciting opportunity in facilitating smart grids and other technologies to unlock maximum value for investors in IPWR stock.

On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines