Smart Grid Communications Market - 42% of Growth to Originate from APAC | Evolving Opportunities with General Electric Co. & Cisco Systems Inc. | Technavio
NEW YORK , May 18, 2022 /PRNewswire/ -- The global smart grid communications market size is expected to grow by USD 1.65 billion from 2019 to 2024 at a CAGR of 11% as per the latest market report by Technavio. 42% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for smart grid communications in APAC. Market growth in this region will be faster than the growth of the market in other regions. The increasing government initiatives and smart grid implementation projects in countries such as China, Australia, South Korea, India, and Japan will facilitate the smart grid communications market growth in APAC over the forecast period
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Smart Grid Communications Market: Vendor Analysis
The smart grid communications market is fragmented and the vendors are deploying growth strategies such as focusing on quality, performance, price, and innovation to compete in the market. The smart grid communications market report also offers information on several market vendors, including ABB Ltd., Cisco Systems Inc., Eaton Corporation Plc, Fujitsu Ltd., General Electric Co., Honeywell International Inc., Siemens AG, S&C Electric Co., Schneider Electric SE, and Xylem Inc. among others.
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Smart Grid Communications Market: Drivers & Challenges
The key factors driving growth in the smart grid communications market is the benefits of smart grids over conventional power grids. Conventional power grids are limited to one-way interaction, where the power flow was from the power plant to the consumer. In contrast, smart grids are sophisticated electricity delivery systems as it is the integration of intelligent electronic devices (IEDs) to the current grid equipment. IEDs facilitate bi-directional data communication, wherein both electricity and information can be exchanged in both directions (between power utilities and consumers). In addition, the combination of distributed intelligence and telecommunication technologies helps utilities to improve the stability of the grid, allows consumers to monitor and manage their energy consumption, and enables the integration of renewable energy sources. Moreover, smart grids aid in real-time data collection during the transmission and distribution process, thereby making monitoring, generation, consumption, and maintenance more efficient. This helps in reducing unplanned outages.
However, the high installation costs will be a major challenge for the smart grid communications market during the forecast period. As the smart grid industry is in its nascent stage, most utilities are unaware of the costs they might incur while installing smart grid networking solutions. The eventual costs of a smart grid build-out may, therefore, be influenced by new technologies that have yet to be deployed or current technologies that may be modified. For instance, the replacement value of the US electric grid comprising power plants, transformers, wires, and poles is more than $4.5 trillion. Furthermore, the deployment of new generation sources such as wind and rooftop solar, as well as the emergence of end-users such as electric vehicle manufacturers, are expected to increase infrastructural requirements. This will lead to an increase in the capital expenditure required for smart grid installation. Large public utilities can recover the money invested because they have a large consumer base. However, small utilities find it difficult to invest and recover their capital. Therefore, the high installation costs of smart grids pose a threat to the growth of the global smart grid communications market.
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Smart Grid Communications Market: Segmentation Analysis
Geography Outlook (Revenue, USD bn, 2019-2024)
Solution Outlook (Revenue, USD bn, 2019-2024)
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The competitive scenario provided in the Smart Grid Communications Market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc.Don't wait, Make a strategic approach & boost your business goals with our Smart Grid Communications Market Forecast Report - Buy Now!
Table of Content
Five Forces Analysis
Market Segmentation by Solution
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