Global Smart Grid Networking Market Size by Hardware (Cables, Controllers, Router, Switches), by Software (IP Address, Network Traffic Management, & Other), by Services (Consulting, Network Planning, Design and Integration), And by Geography With Market Forecast 2016-2024

Global Smart Grid Networking Market 

Market Overview

In today’s scenario of Internet of things-driven economy, smart grid networking is a fit right into it. Creating smart cities, electric vehicles and other developments require not only continuous supply of electricity but also collecting data about utility usages across the city/country and supplying it efficiently. Smart grids are the solution to cater these developments in a modern economy.

Goldstein Research analyst forecasts the smart grid networking market size is set to reach USD 16.4 billion by 2024, registering a CAGR of 9.8% over the forecast period.

Covered In This Global Smart grid networking Market Report

The report covers the present ground scenario and the future growth prospects of the smart grid networking market for 2016-2024 along with the statistics of the deployment and development of smart grid technology, equipment and services. We calculated the market size and revenue share on the basis of revenue generated from major players and sales of smart grid networking from major players across the globe.

Global Smart Grid Networking Market Segmentation

By Hardware

• Cables
• Controllers
• Router
• Switches
• Smart meter communication modules
• Other hardware

By Software

• Network performance monitoring management
• IP Address
• Network traffic management
• Network device management
• Network configuration management
• Network security management
• Other software

By Services

• Consulting
• Network planning
• Design and integration
• Network risk and security assessment
• Network maintenance and support services
• Other services

Based on Geography

• North America (U.S. & Canada) Smart grid networking Market
• Latin America (Brazil, Mexico, Argentina & Rest of Latin America) Smart grid networking Market
• Europe (The U.K., Germany, France, Italy, Spain, Poland, Sweden & RoE) Smart grid networking Market
• Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia) Smart grid networking Market
• Middle East & Africa (GCC, South Africa, North Africa, RoMEA) Smart grid networking Market

On the basis of market segmentation, hardware of smart grid networking is expected to reach USD 4.8 billion. Smart meter communication module, is in the ever increasing demand which will rise from current 29% market penetration in 2016 to 48% till 2024, as it collects real time energy consumption information and helps in monitoring and supplying the energy efficiently.

Smart grid networking market Outlook 2016-2024, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the smart grid networking market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

Trends, Drivers and Challenges

According to our global market study on the basis of extensive primary and secondary research:  “The current trend is different regions are choosing their own strategies and priorities for adopting the smart grid technologies for the development of their economy. There is wide area monitoring and control, use of ICT technology, integrating renewable energy resources, transmission enhancements, and development of advance metering infrastructure. There is use of IEC 61850 over the distributed network protocol (DNP3) to simplify the exchange of data between the two communicating ends.”

According to the report, major driving factor for expansion of smart grid networking market is the need to have clean and green energy revolution and to meet the current and future demands of power with the global development.

Further, the report state that the major challenge is there has not been advanced technological research over the smart grid-related security vulnerabilities. There is need for risk management of smart grid cyber security. Cyber hacking of smart grid networking can lead to shut down of power being used in critical defense mechanisms or the pattern of using energy in sensitive operations can be monitored and tracked down.  In Europe in October, 2016 in eastern Finland, resident of two apartment buildings were left in the cold for about a week, as the computers controlling heat and warm water system were attacked and disabled.

Global Market Analysis

On the basis of geographical region, the North America has highest growth in the smart grid networking with spending USD 7 billion in 2016, with Mexico and Canada at 1st and 2nd position respectively in the overall smart grid ranking, followed by UK, India and Australia. But Asia-Pacific total spending on smart grid market is USD 81 billion in 2016. In Asia-Pacific, over the recent past countries such as Japan, Australia, and South Korea have shown considerable strides in their efforts to smarten their utility network systems.

Key Players

Our global smart grid networking Market report comprises of the following companies as the key players: Cisco, ABB, Fujitsu, Mitsubishi Electric, Huawei, GE, Siemens AG, Schneider Electric.

Other high-flying vendors in the market are: Itron, SEL, Silver Spring, Ohoku Electric Power Co., TEPCO, Hokuriku Electric Power Co., Kyushu Electric Power Co.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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Key questions answered in this Smart grid networking Market report

• What is the total market size by 2024 and what would be the expected growth rate?
• What is the revenue of smart grid networking sale in 2015-16 and what would be the expected demand over the forecast period?
• What are the key market trends?
• What are the factors which are driving this market?
• What are the major barriers to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities for the existing and entry level players?
• What are the recent developments and business strategy of the key players?

We can provide two hour complimentary interaction with our analyst after the purchase of this market report. Details are imparted within the report.