|ABB Group (Switzerland)|
|Cisco Systems Inc. (U.S.)|
|Mitsubishi Electric (Japan)|
|General Electric Company (U.S.)|
|Huawei Technologies Co. Ltd. (China)|
|Schneider Electric SE (France)|
|Siemens AG (Germany) and Trilliant Holdings Inc. (U.S.)|
|Market Driving Forces|
|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.|
The Smart Grid Networking Market is projected to register a CAGR of 12.39%. It is estimated that the market will reach around USD 36.4 billion during the forecast period 2022-2030. The major reason for the exponential market growth is speculated that the rising need for better management of energy. Along with that, the growing demand for deploying smart grids is the major factor for the growth of the Smart Grid Networking Industry.
It is estimated that the growing demand for the growth of the SGN Market will help in creating several opportunities. Also, the governments in both underdeveloped and developing countries are supporting the Smart Grid Networking Industry. Several investments by the key players will also support the market and enhance economic growth. Smart Grid Networks help to establish better communication systems, fault detection, and distribution management.
Smart grid technology also doesn't have many harmful effects on nature. It is capable of reducing carbon emissions. Hence, it will have a great opportunity for the market players to take care of the environment as well. Various efforts from across the world to improve the electricity grids with modern equipment are also anticipated to fuel the market growth during the forecast period. The technological advancements in the grids will help to improve the infrastructure and lower the surrounding costs as well.
There are some restraints that can affect the market growth to some rate. However, there are several benefits that will have a positive effect on the market. It also helps to improve the network connectivity and easy data transfer will also uplift the graph. The Smart Grid Networking Industry is divided into various segments such as software, hardware, and service. It is projected that the North American region will hold the largest share in the SGN market during the forecast period.
The coronavirus pandemic began in the early months of 2021 that had a drastic impact. Due to the pandemic, several economies suffered due to the lockdown of months. Especially the health sector was in high demand to control the pandemic. Otherwise, several businesses faced losses due to the continuous lockdown to contain the spread. However, in the future years, if the pandemic is controlled, then progressive steps by the key players will revive the market in the future.
As per the Smart Grid Networking Market Analysis, the market is projected to grow at a significant rate. There are various factors that are promoting the market such as the rising demand for smart grid equipment. Technologies such as EV chargers and many more are also enhancing the market growth. It helps to establish a better network connection and improve the data flow that will also drive the market towards a new level.
There are various driving factors that can improve the market, but there are restraining factors as well. The growth of the Smart Grid Networking Industry is speculated to hinder because of low management of energy. Also, the low availability of electricity in remote areas and underdeveloped countries will hamper the growth.
There are several opportunities that will open the door of the Smart Grid Networking Industry in the future. The rising investments by the key players and supportive government policies will improve the market. The advanced technologies will help to enhance the old infrastructure to provide accurate data.
One of the major challenges for the Smart Grid Networking Business is expensive installation. Also, the use of the other necessary components such as wires, transformers, poles, plants may cost around USD 1 trillion. Along with other factors such as labour costs and complex setting will be a huge challenge. Eventually, these will pile up the overall costs that will be a challenge to reduce.
With the growing need for better infrastructure, the Global Smart Grid Networking Market is anticipated to have substantial growth. It is expected that the Compound Annual Growth Rate (CAGR) of the market will be around 10%. Also, the market value will reach around USD 17 Billion during the forecast period 2017-2023.
Value Chain Analysis
Smart networking will be very in the upcoming period. The modernized solutions are projected to improve the productivity of various industries. Hence, the Smart Grid Networking Market Trends will have a positive outcome on the various sectors across the world. Also, supportive government policies and investments will increase the value of the Smart Grid Networking Business.
Global Smart Grid Networking Market Segments are divided into software, hardware, and service. On the basis of hardware, the Smart Grid Networking Business is further divided into- Routers, Switches, Cables, Smart Meter Communication, Controllers, and others.
On the basis of service, the Smart Grid Networking Industry is further bifurcated into Support and network Maintenance, Security Assessment and Network Risk, Design and Integration, Consulting Network Planning, and others.
On the basis of software, the Smart Grid Networking Business is further segmented into IP Address Management, Network Performance Monitoring Management, Network Security Management, Network Traffic Management, Network Configuration Management, Network Device Management, and others.
The Smart Grid Networking Market Size is divided into North America, Europe, Asia, and the Rest of the World. It is estimated that North America will dominate the market during the forecast period. The growing demand for smart grid networking and the presence of major key players are the major reason.
Also, the Asia-Pacific region is projected to record the highest growth in the upcoming period. The major countries such as China, Japan, and India are the major factors for the propelling growth. Smart Grid Networking Business in this region will help improve the market growth for the target audience such as the consultancy firms, manufacturers, and many more.
After that, the European region will also experience a substantial Smart Grid Networking Market Share. The presence of several renowned key players in the developed countries like France, the UK, Germany, and Switzerland will influence the market positively.
The rest of the world comprises the countries in the Middle East and African region. This region will have the slowest growth due to the low availability of required materials and electricity.
There are various key players in the market that use different strategies to improve market saturation and generate revenue. These tactics and tricks include mergers, acquisitions, partnerships, market analysis, and many more. Some of the Smart Grid Networking Market Top Players are-
The report overview of the SGN Market is as follows-
Report Score and Segmentation
The scope of the report is to give clarity about the Smart Grid Networking Market Trends. It gives information about the opportunities, restraints, competitive landscape, and many more. Along with that, the report also gives information about the key players in the market. The information provided in this report is collected from secondary and primary sources.
|Market Size||USD 36.4 billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Hardware, by Software|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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.)|
|Key Market Opportunities||The global smart grid networking market. Increasing deployment of smart grids will create opportunities for traditional energy and open market for new players.|
|Key Market Drivers||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.|
The software segment consists of network device management, network configuration management, IP address management, network performance monitoring management, network security management, network traffic management, and others.
The projected market growth rate in the years ahead is 12.39%.
Siemens AG (Germany), Schneider Electric SE (France), Mitsubishi Electric (Japan), Trilliant Holdings, Inc. (U.S.), General Electric Company (U.S.), ABB Group (Switzerland), Itron (U.S.), Fujitsu (Japan), Cisco Systems, Inc. (U.S.), Huawei Technologies Co. Ltd. (China), are the prominent companies in the global market.
By 2030, the market size can be USD USD 36.4 billion, as reported by MRFR.
The United States (U.S.) holds the majority of the North American market.