Smart Grid Communications Market Trends, Segmentation, Demand, Industry Growth And Expansion 2024-2033

Overview and Scope

Smart grid communications refer to the integrated communication networks and technologies that allow real-time, two-way communication between various components of the electrical grid, such as utility providers, consumers, and distributed energy sources. The goal of smart grid communications is to improve the electrical grid’s efficiency, reliability, and resilience by providing improved monitoring, control, and optimization capabilities.

Sizing and Forecast

The smart grid communications market size has grown rapidly in recent years. It will grow from $11.50 billion in 2023 to $12.73 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to advancements in telecommunications, increasing demand for energy efficiency, regulatory mandates and standards, rising grid complexity and reliability concerns, technological innovations and cost reductions.

The smart grid communications market size is expected to see rapid growth in the next few years. It will grow to $19.21 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to increasing integration of renewable energy sources, growing emphasis on grid modernization initiatives, rising demand for real-time data analytics and grid optimization, expanding deployment of electric vehicles and energy storage systems, emerging cybersecurity threats and the need for robust communication infrastructure. Major trends in the forecast period include 5G integration, edge computing, interoperability standards, increased use of artificial intelligence (AI) and machine learning, enhanced cybersecurity measures.

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Segmentation & Regional Insights

The smart grid communications market covered in this report is segmented –

1) By Type: Wired, Wireless

2) By Solution: Wide Area Network (WAN), Home Area Network (HAN), Field Area Network (FAN)

3) By Application: Command And Control, Communications, Computers, Surveillance And Reconnaissance

4) By End-User: Media And Entertainment, Banking, Financial Services, And Insurance (BFSI), Healthcare, Transportation, Public Sector, Energy And Utilities, Other End Users

North America was the largest region in the smart grid communications market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart grid communications market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth

The rise in demand for renewable energy is expected to propel the smart grid communications market going forward. Renewable energy refers to energy derived from naturally replenishing sources such as sunlight, wind, water, and geothermal heat, offering sustainable alternatives to conventional fossil fuels. Demand for renewable energy is increasing due to several factors, such as growing public awareness and support for renewable energy, environmental concerns, energy security, and corporate sustainability goals. Renewable energy systems rely heavily on smart grid communications to efficiently integrate into the current electricity grid, optimize operations, improve grid resilience, and assist in the transition to a more sustainable and reliable energy future. For instance, in December 2023, according to the Department of Energy Security and Net Zero, a UK-based government department, renewable electricity generation reached 30.1 TWh in the 3rd quarter of 2023, marking a 6.8% increase compared to the corresponding period in 2022. Therefore, the rise in demand for renewable energy is driving the growth of the smart grid communications market.

Key Industry Players

Major companies operating in the smart grid communications market are Verizon Communications Inc., Siemens AG, General Electric Company, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Tantalus Systems Corp., Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Fujitsu Ltd., Eaton Corporation PLC, TE Connectivity Ltd., Emerson Electric Co., Xylem Inc., Honeywell International Inc., Itron Inc., Landis+Gyr, QinetiQ Group PLC, S&C Electric Co., Trilliant Holdings Inc., Infrax Systems Inc., Cooper Electric, Tropos Networks, Silver Spring Networks

The smart grid communications market report table of contents includes: