The global smart grid networking market is likely to have a huge escalation in coming period. The rise in smart grid deployments is the main reason that has driven the growth of the global market.
Smart Grid Networking Market
Global Smart Grid Networking Market: Overview
Smart grid networking offers a 2-way communications between various elements of a utility grid allowing quality network management by communications between the network elements to offer information from the various stages such as transmission, generation, and distribution.
|Historic Years||2018 - 2022|
|Forecast Years||2023 - 2030|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2023 to 2030|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
Global Smart Grid Networking Market: Growth Factors
The global smart grid networking market is likely to have a huge escalation in coming period. The rise in smart grid deployments is the main reason that has driven the growth of the global market. In addition to this, push for interoperability and standardization is powering the growth of the global market. Besides this, change out of legacy telephone company connections is also fueling the growth of global smart grid networking market. Moreover, the IEC 61850 rule is eventually replacing distributed network protocol (DNP3) for substation communications. This plays a vital role in the elevation of the global market. Additionally, growing awareness among consumers about the advantages of smart grid networking is one of the main factors powering the growth of the global smart grid networking market. Further, unique communications standards being used in a variety of ways in smart grid is also driving the global smart grid networking market growth. In addition to this, dependability upon public cellular networks for grid communications is also powering the growth of the global market.
On the contrary, lack of better energy management is hampering the growth of global smart grid networking market. Moreover, increased fragmentation of market plays a vital role in the decrement of the global market. Further, the high cost of ownership of smart grid networks is one of the main reasons hindering the growth of the global smart grid networking market.
Global Smart Grid Networking Market: Segmentation
On the basis hardware, the global smart grid networking market is mainly classified as controllers, cables, smart meter communication modules, routers, switches, and other hardware.
Based on software, the global market is bifurcated into IP address management, network performance monitoring management, network device management, network traffic management, network security management, network configuration management, and other software.
On the basis of service, the global market for smart grid networking is divided into network planning, consulting, network risk and security assessment, design and integration, support services, network maintenance and other services.
Global Smart Grid Networking Market: Regional Analysis
Regionally, the global market for smart grid networking is bifurcated into North America, Middle East and Africa, Asia-Pacific, and Europe. The rise in smart grid deployments is boosting the global market in North America. Push for interoperability and standardization has elevated the global market in the Asia Pacific countries such as India, China, and Japan. Additionally, change out of legacy telephone company connections is escalating the global market in European countries such as the U.K., France, and Germany.
Global Smart Grid Networking Market: Competitive Players
Some of the key players in the global market for smart grid networking are Cisco, ABB, Fujitsu, Mitsubishi Electric, Huawei, GE, Siemens AG, and Schneider Electric.
Global Smart Grid Networking Market: Regional Segment Analysis
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