The 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 uindustry 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.
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.
The global smart grid networking market is segmented by hardware, software and service. Based on hardware, the market is segmented into cables, controllers, routers, smart meter communication modules, switches and others. Based on software, the market is segmented into network performance monitoring management, IP address management, network traffic management, network device management, network configuration management, network security management and others. Based on service, the market is segmented into consulting, network planning, design and integration, network risk and security assessment, network maintenance & support, and others.
The global smart grid networking market is studied in Asia Pacific, North America, Europe, and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia Pacific is projected to grow at the fastest rate during the forecast period. The growth of the market in North America is attributed to technological advancements and increased adoption of smart grid networking applications across various industry verticals.
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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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