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Global Smart Grid Networking Market Overview:
The global smart grid networking market was valued at US$ X.X billion in 2016, and is expected to reach US$ XX.X billion at a high double-digit CAGR of XX% over the forecast period.
A smart grid is an electrical grid which includes a network of transmission lines, substations, and transformers that delivers electricity from the power plant to various sectors. Smart grid networks are designing and delivering solutions for reliable communication systems, distribution measurement, fault detection and network automation.
This further allows quality network management through communication between the network elements to monitor information from the various stages such as power transmission, generation, and distribution. Smart grid networking systems enable analysis and mapping of energy consumption patterns of its customers, thus, helping in load forecasting and peak demand management, along with risk determination. These also have the ability to predict future energy demands by end-users such as homes, offices, and industries.
Rise in smart grid deployments is a major factor driving growth of the global smart grid networking market. In addition, increasing awareness among consumers about the advantages of smart grid networking, push for interoperability and standardization, and reliability upon public cellular networks for grid communication are some other factors boosting demand for smart grid networking in the global market.
However, high ownership costs, lack of better energy management, and increase in fragmentation of the market are major factors expected to restrain growth of the global smart grid networking market over the forecast period.
North America is expected to account for largest share in terms of revenue in the global smart grid networking market owing to increasing smart grid deployments in countries in the region. The market in Asia Pacific is expected to witness fastest growth rate over the forecast period, owing to rising demand for interoperability and standardization in the region.
Global Smart Grid Networking Market Segmentation:
Global smart grid networking market segmentation by hardware:
- Others (switches, and smart meter communication modules)
Global smart grid networking market segmentation by software:
- IP address management
- Network device management
- Network traffic management
- Network security management
- Network configuration management
Global smart grid networking market segmentation by service:
- Network planning
- Network risk and security assessment
- Design and integration
- Network maintenance
Global smart grid networking market segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- ABB Ltd.
- Cisco Systems, Inc.
- Fujitsu Limited
- General Electric Company
- Huawei Technologies Co Ltd.
- Itron, Inc.
- Mitsubishi Electric Corporation
- Schneider Electric S.E.
- Siemens AG
- IBM Corp.
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