LONDON--(BUSINESS WIRE)--The global smart grid communications market size is poised to grow by USD 1.65 billion during 2020-2024, progressing at a CAGR of almost 11% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The smart grid communications market is driven by the rise in the installation of smart energy meters. The installation of smart energy meters is growing rapidly to facilitate two-way communication between utilities and consumers. Moreover, smart energy meters also record and report usage of data which allows customers to make informed decisions based on real-time power consumption. These factors will result in high demand for smart grid communication as smart energy metering solutions are an integral part of this system and support the overall objective of managing the power grid. The installation of smart meters is thus the primary step towards the full-scale deployment of smart grids. The increased installation of smart energy meters has led to the generation of huge volumes of meter data, which will boost the need for smart grid communications.
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Report Highlights:
- The major smart grid communications market growth came from the WAN segment, and is expected to witness the fastest growth during the next five years. This is primarily because of the growing number of smart grid projects across regions and the rising demand for increased bandwidth and flexibility and reduced infrastructure complexity.
- APAC was the largest smart grid communications market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the increasing government initiatives and smart grid implementation projects in countries such as China, Australia, South Korea, India, and Japan.
- The global smart grid communications market is fragmented. ABB Ltd., Cisco Systems Inc., Eaton Corporation Plc, Fujitsu Ltd., General Electric Co., Honeywell International Inc., Siemens AG, S&C Electric Co., Schneider Electric SE, and Xylem Inc. are some of the major market participants. To help clients improve their market position, this smart grid communications market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global smart grid communications market 2020-2024 is expected to have positive growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Integration of Renewable Energy Sources into Smart Grids will be a Key Market Trend
Several developed and emerging economies globally are attempting to diversify their energy sources to reduce their dependence on fossil fuel. This is done by increasing renewable energy in their energy supply mix. Moreover, the integration of renewable energy sources into smart grid communications can also be attributed to the rise in environmental concerns and losses in the existing electricity grid. The smart grid communications incorporated with renewable energy sources are well-equipped to handle the intermittent power supply, which will result in its high adoption among various end-users.
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Smart Grid Communications Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist smart grid communications market growth during the next five years
- Estimation of the smart grid communications market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the smart grid communications market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of smart grid communications market vendors
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Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019-2024
Five Forces Analysis
- Five Forces Summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Solution
- Market segments
- Comparison by Solution
- WAN - Market size and forecast 2019-2024
- FAN - Market size and forecast 2019-2024
- HAN - Market size and forecast 2019-2024
- Market opportunity by Solution
Customer landscape
- Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Volume drivers – Demand led growth
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- ABB Ltd.
- Cisco Systems Inc.
- Eaton Corporation Plc
- Fujitsu Ltd.
- General Electric Co.
- Honeywell International Inc.
- Siemens AG
- S&C Electric Co.
- Schneider Electric SE
- Xylem Inc.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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