Market Overview
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 Smart Grid Networking Market is an emerging and promising market that will see major trends of growth in the coming years. Smart grids are advanced networks of electricity supply that not only improve the supply of electricity to households but also help in better communication between the supplying company and the customers. Smart grids are the future of urban communities. The planning and creation of smart cities with uninterrupted electricity supply is a major driver of growth for the market.
Smart cities around the world are switching to smart grids that are advanced in electricity supply management and utility tracking. This has given an opportunity to grid operators and large scale suppliers to create new smart grids. Moreover, the evolution of the telephonic grid and telecommunications is also an influence on the smart grid sector. The growing demand for smart grid technology also arises from the awareness among customers and citizens. The standardization of communication and networking, as well as the interoperability of such smart grids, is a driver of growth in the Smart Grid Networking Market.
The upgradation of public cellular networks to the Smart Grid Network is a major necessity and driver of the market. A large section of citizens depends on the public cellular network. This brings forth the opportunity of the mass establishment of Smart grids around the world. The Smart Grid Networking Market is set to grow at a rate of 10 percent over the next few years. The Smart Grid Network Market projects a moderate growth rate that will bring about profits and progress for the companies in the sector. However, the lack of better energy management is affecting the market in a negative way. Despite the market restraints, the market will grow uniformly over the forecast period.
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Competitive Landscape
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-
Trilliant Holdings, Inc. (U.S.), Mitsubishi Electric (Japan), ABB Group (Switzerland), Schneider Electric SE (France), Fujitsu (Japan), Huawei Technologies Co. Ltd. (China), Siemens AG (Germany), Itron (U.S.), Cisco Systems, Inc. (U.S.), General Electric Company (U.S.)
Market Segments
The Smart Grid Networking Market is divided into different market segments based on different criteria. The different criteria for market segmentation are software, hardware and services. The segments are further divided into Routers, Switches, Controllers etc. The software segment is further divided into Support and network maintenance, design and integration, Consulting and network planning etc.
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Regional Analysis
The Smart Grid Networking sector is dispersed over different regions of the world. The regional analysis is based on different primary markets of the sector. The major markets are North America, Europe and Asia. All other countries of the world come under the Rest of the World Sector. Most major players of the market are present in the three major markets of the sector. The Asia Pacific region emerges as the leader of regional markets in terms of revenue and expansion.
