Smart Grid Networking Market – Observe High Growth by 2024

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Global Smart Grid Networking Market: Overview

Smart grid networking offers a 2-way communications between various elements of a utility grid allowing quality network management by communications between the network elements to offer information from the various stages such as transmission, generation, and distribution.

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Global Smart Grid Networking Market: Growth Factors

The global smart grid networking market is likely to have a huge escalation in coming period. The rise in smart grid deployments is the main reason that has driven the growth of the global market. In addition to this, push for interoperability and standardization is powering the growth of the global market. Besides this, change out of legacy telephone company connections is also fueling the growth of global smart grid networking market. Moreover, the IEC 61850 rule is eventually replacing distributed network protocol (DNP3) for substation communications. This plays a vital role in the elevation of the global market. Additionally, growing awareness among consumers about the advantages of smart grid networking is one of the main factors powering the growth of the global smart grid networking market. Further, unique communications standards being used in a variety of ways in smart grid is also driving the global smart grid networking market growth. In addition to this, dependability upon public cellular networks for grid communications is also powering the growth of the global market.

On the contrary, lack of better energy management is hampering the growth of global smart grid networking market. Moreover, increased fragmentation of market plays a vital role in the decrement of the global market. Further, the high cost of ownership of smart grid networks is one of the main reasons hindering the growth of the global smart grid networking market.

Global Smart Grid Networking Market: Segmentation

On the basis hardware, the global smart grid networking market is mainly classified as controllers, cables, smart meter communication modules, routers, switches, and other hardware.

Based on software, the global market is bifurcated into IP address management, network performance monitoring management, network device management, network traffic management, network security management, network configuration management, and other software.

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On the basis of service, the global market for smart grid networking is divided into network planning, consulting, network risk and security assessment, design and integration, support services, network maintenance and other services.

Global Smart Grid Networking Market: Regional Analysis

Regionally, the global market for smart grid networking is bifurcated into North America, Middle East and Africa, Asia-Pacific, and Europe. The rise in smart grid deployments is boosting the global market in North America. Push for interoperability and standardization has elevated the global market in the Asia Pacific countries such as India, China, and Japan. Additionally, change out of legacy telephone company connections is escalating the global market in European countries such as the U.K., France, and Germany.

Global Smart Grid Networking Market: Competitive Players

Some of the key players in the global market for smart grid networking are Cisco, ABB, Fujitsu, Mitsubishi Electric, Huawei, GE, Siemens AG, and Schneider Electric.

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