The global smart grid networking market is projected to reach USD 17 billion at a CAGR of over 10% by the end of the forecast period 2017-2023.
The global smart grid networking market is projected to witness a rapid growth during the forecast period owing to increasing demand for energy management systems and increasing adoption of smart grid deployments. Moreover, increasing demand for smart grid networking solutions and services across various uindustry verticals is driving the growth of the global smart grid networking market.
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The global smart grid networking market by geography is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The North American market is expected to witness a significant growth and hold the largest share of the global market during the forecast period. The U.S. and Canada are anticipated to drive the growth of the smart grid networking market in North America region owing to the presence of a large number of established key players such as General Electric Company, Itron and Trilliant Holdings, Inc. in this region. Due to the sustainable and well-established economies in the region, the market is likely to show immense growth in the coming future. Additionally, North America also has a well-established infrastructure, which allows higher penetration of devices and ultimately ensures better connectivity. The growth of the market is also attributed to the increasing focus on business organizations towards better energy management and growing adoption of smart grid networking solutions by enterprises. In the global smart grid networking market, Asia Pacific is anticipated to witness a relatively faster adoption at the highest CAGR during the forecast period as compared to other regions owing to the increasing implementation of energy management systems and wireless mesh networks in order to provide real time control power and data supply across different countries in the region.
Taste the market data and market information presented through more than 30 market data tables and figures spread over 100 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “Smart Grid Networking Market Research Report-Forecast to 2023”.
Smart Grid Networking Market Segmentation
The global smart grid networking market is segmented on the basis of hardware, software and service.
However, the hardware segment is classified into cables, controllers, routers, smart meter communication modules, switches and others. Increasing demand for smart meter communication modules is driving the growth of smart grid networking market. This owing to the efficiency being offered by smart meetrs that help in recording the power consumption in real time. Power saving and network stabilization are major factors responsible for driving the growth of smart grid networking market.
Some of the prominent players in the global smart grid networking market: ABB Group (Switzerland), Cisco Systems, Inc. (U.S.), Mitsubishi Electric (Japan), Fujitsu (Japan), General Electric Company (U.S.), Huawei Technologies Co. Ltd. (China), Itron (U.S.), Schneider Electric SE (France), Siemens AG (Germany) and Trilliant Holdings, Inc. (U.S.) among others.
Market Research Analysis
North America is estimated to account for the largest share of the market, whereas Europe market is projected to grow at the fastest rate during the forecast period. The market in North America is witnessing a rapid growth due to technological advancements and rise in smart grid deployments across different industry verticals in this region. The U.S. holds the majority of market share both in terms of revenue as well as owing to the increased demand for better energy management.
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