The smart grid communications global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Smart Grid Communications Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Smart Grid Communications Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Smart Grid Communications Market Overview
Market Drivers –
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.
Market Trends –
Major companies operating in the robotic total stations market are focused on the development of technologically advanced solutions, such as ultra-powerful ultrasonic technologies, to enhance efficiency and accuracy in various applications. Ultra-powerful ultrasonic technology refers to the integration of advanced ultrasonic sensors with exceptional sensitivity, range, and accuracy to enhance the performance and capabilities of robotic total stations used in surveying, construction, and engineering applications. For instance, in February 2021, Sokkia Co. Ltd., a Japan-based company that specializes in manufacturing measurement instruments for surveying, construction, and industrial measurement purposes, launched the iX-1200 and iX-600 models, new robotic total stations which are professional-level tools designed for surveying and layout tasks in the building construction and infrastructure industries. Additionally, it features ultra-powerful ultrasonic technology, a compact design, high-speed advanced ultrasonic motors, and easy-to-use software integration for efficient tools to streamline surveying processes, also these advancements enhance productivity, accuracy, and quality control in surveying and construction tasks.
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
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Regional Insights –
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.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Smart Grid Communications Market Report Structure
3. Smart Grid Communications Market Trends And Strategies
4. Smart Grid Communications Market – Macro Economic Scenario
5. Smart Grid Communications Market Size And Growth
…..
27. Smart Grid Communications Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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