The smart grid networking market isn’t just growing, it is accelerating. Rise in smart grid deployments is one major factor driving the growth of smart grid market. Also, increasing need for better energy management is another major factor responsible for driving the growth of smart grid networking market.
ABB Group, Cisco Systems, Inc., Mitsubishi Electric, Fujitsu, General Electric Company, Huawei Technologies Co. Ltd., Itron, and Schneider Electric are a few major players in the global Smart Grid Networking Market. Increasing deployment of smart grids will create opportunities for traditional energy and open market for new players. Also, the growing demand for process automation and increasing need for remote monitoring of applications is set to drive the growth of the smart grid networking market. Increasing traction of smart grid as a service applications is one major factor responsible for fueling the growth of global smart grid networking market.
The software segment in the smart grid networking market comprises of network performance monitoring management, IP address management, network traffic management, network device management, network configuration management, network security management, and others. The network performance monitoring management sub-segment of the global smart grid networking market is expected to grow at a significant rate during the forecast period. This is owing to the increasing demand for real time monitoring of power consumption and energy management. Also, the growing trend of adopting smart and enery efficienct management systems is one major factor driving the growth of smart grid networking market.
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North America region holds the largest share of the market across the globe followed by Europe, and Asia Pacific region. The U.S. and Canada are dominating the North American market due to rising technological enhancements and growing adoption of artificial intelligence in the region. Moreover, the region has a well-established infrastructure, which allows faster implementation of advanced technologies. Additionally, the growing adoption of smart grid deployment is another major factor driving the growth of smart grid networking market in the region.
The global smart grid networking market is expected to grow at a CAGR of approximately 10% during the forecast period 2017-2023.
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.
Smart Grid Networking Market Segmentation
The global smart grid networking market is segmented on the basis of hardware, software and service.
However, the hardware segment is classified into cables, controllers, routers, smart meter communication modules, switches and others. Increasing demand for smart meter communication modules is driving the growth of smart grid networking market. This owing to the efficiency being offered by smart meetrs that help in recording the power consumption in real time. Power saving and network stabilization are major factors responsible for driving the growth of smart grid networking market.
Market Research Analysis
North America is estimated to account for the largest share of the market, whereas Europe market is projected to grow at the fastest rate during the forecast period. The market in North America is witnessing a rapid growth due to technological advancements and rise in smart grid deployments across different industry verticals in this region. The U.S. holds the majority of market share both in terms of revenue as well as owing to the increased demand for better energy management.
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- 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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