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Market HighlightsThe global smart grid networking market is projected to witness a rapid growth during the forecast period owing to increasing demand for energy management systems and increasing adoption of smart grid deployments. Moreover, increasing demand for smart grid networking solutions and services across various industry verticals is driving the growth of the global Smart Grid Networking Market.
The global smart grid networking market by geography is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The North American market is expected to witness a significant growth and hold the largest share of the global market during the forecast period. The U.S. and Canada are anticipated to drive the growth of the smart grid networking market in North America region owing to the presence of a large number of established key players such as General Electric Company, Itron and Trilliant Holdings, Inc. in this region. Due to the sustainable and well-established economies in the region, the market is likely to show immense growth in the coming future. Additionally, North America also has a well-established infrastructure, which allows higher penetration of devices and ultimately ensures better connectivity. The growth of the market is also attributed to the increasing focus on business organizations towards better energy management and growing adoption of smart grid networking solutions by enterprises. In the global smart grid networking market, Asia Pacific is anticipated to witness a relatively faster adoption at the highest CAGR during the forecast period as compared to other regions owing to the increasing implementation of energy management systems and wireless mesh networks in order to provide real time control power and data supply across different countries in the region.
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The global smart grid networking market is projected to reach USD 17 billion at a CAGR of over 10% by the end of the forecast period 2017-2023.
Key Players
Some of the prominent players in the global smart grid networking market are ABB Group (Switzerland), Cisco Systems, Inc. (U.S.), Mitsubishi Electric (Japan), Fujitsu (Japan), General Electric Company (U.S.), Huawei Technologies Co. Ltd. (China), Itron (U.S.), Schneider Electric SE (France), Siemens AG (Germany) and Trilliant Holdings, Inc. (U.S.) among others.
Global Smart Grid Networking Market: Segmental Analysis
The global smart grid networking market has been segmented on the basis of hardware, software, service, and region.
• By mode of hardware, the global smart grid networking market is segmented into controllers, cables, smart meter communication modules, switches, routers, and others. Among these, the smart meter communication segment holds the largest market share owing to the efficiency being offered by smart meters which helps in recording power consumption in real time.
• By mode of software, the market is segmented into network performance monitoring management, network traffic management, IP address management, network configuration management, network security management, network device management, and others. Among these, the network performance monitoring management segment is estimated to expand at a significant rate during the assessment period owing to the growing demand for real-time monitoring of power consumption and energy management.
• By mode of service, the market is segmented into network planning, network maintenance & support, network risk and security assessment, consulting, design and integration, and others.
Regional Insights
Geographically, the smart grid networking market span across regions namely, North America, Asia Pacific, Europe, and Rest-of-the-World.
Among all the regions, North America has been observed to account for the largest market share owing to the technological advancements and growth in smart grid deployments across industry verticals in this region. The United States holds the majority share in terms of revenue due to rising demand for better energy management.
Asia Pacific is considered to be the fastest growing market owing to the escalating demand for electricity. The increasing demand for standardization and interoperability has elevated the global market in countries such as China, India, and Japan.
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Intended Audience
• Technology Investors
• Research/Consultancy firms
• Government Bodies
• Smart Grid Manufacturers
• Smart Grid Network Providers
• Information Technology (IT) developers
• Consulting service providers
• Technology Providers
• System integrators
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Name: Abhishek Sawant
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Organization: Market Research Future
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Release ID: 447674