Increase In Demand Analysis: The Global Smart Grid Networking Market Size is projected to reach 17.3 Billion USD by 2027, growing at a CAGR of 12% During 2021-2027. In this study, 2020 has been considered as the base year and 2021 to 2027 as the forecast period to estimate the market size for Smart Grid Networking.
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The smart grid networking market is expected to witness a robust growth in coming years owing to rising utility of better transmission and distribution networks. Moreover, various technological developments have helped businesses support provide innovative networking solutions to the customers. This is yet another reason that is projected to influence the growth of global smart grid networking market in the forecast of 2021 to 2027. Also, development of transmission and distribution networks into an interactive network is also one of the major factors that are expected to support the growth of global smart grid networking market in coming years.
Governments worldwide are undertaking many initiatives to meet the future electricity demands and focusing on reducing carbon footprint by promoting the use of renewable energy sources to produce energy. The increasing need for efficiency and stability of the electric grid is expected to offer lucrative opportunities for the smart grid market during the forecast period. However, the high installation costs of the smart grid act as a restraint for installing the smart grid systems.
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Smart cities are developed urban areas that create sustainable economic growth and high quality of life by excelling in several fields, such as technology, mobility, environment, living standard, and government regulations. More than 100 smart city projects are going on across the world, presenting a huge opportunity for technology companies, utility service providers, and consulting service providers. In smart cities, key services pertaining to utilities, safety, transportation, and healthcare segments are managed more efficiently and intelligently with proper utilization of resources and the adoption of advanced technologies such as IoT and smart energy meters. Traditional power grid models cannot provide the same level of efficiency to citizens and find it difficult to meet the requirements for energy monitoring, real-time data gathering, and smart billing, which are generated due to modernization.
Smart cities are likely to significantly depend on a robust smart grid platform to create a centrally planned and controlled infrastructure. Favorable conditions such as developed ICT infrastructure and better internet access are likely to result in widespread adoption of smart grids in smart cities. APAC is witnessing rapid urbanization. Developed and developing countries in the region are constantly focusing on adopting smart city technologies. To support smart grid technology, developing countries, such as China, India, and Brazil, are expected to build a new infrastructure, which will enable private and public sectors to create cost-effective, innovative technology solutions.
The deployment of smart grid technologies has led to the generation of vast volumes of highly complex data. The data is related to consumer information, utility consumption, transmission logs, etc. It is highly unstructured and needs to be processed to gain vital insights. The continuous generation of data from various nodes of networks is creating challenges for smart grid solution providers to store and manage this data efficiently. The unmanaged data can raise multiple threats, and it might eventually become difficult to gain valuable insights from the data. The respective authorities need to create high-volume data centers, as well as deploy analytical solutions without increasing the cost.
A major challenge for utility providers is to understand the social, economic, and environmental value of the smart grid information and develop a solution that is likely to aggregate the data and correlate the information generated by the smart grid.
COVID-19 Impact on Smart Grid Networking Sales
- Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Smart Grid Networking market.
- Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
- Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
- Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Smart Grid Networking market 2021 onwards. This trend will however continue through the course of the report’s assessment period
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Recent report on the Smart Grid Networking market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the Smart Grid Networking market analyzes the scenario for the period of 2017 to 2027, wherein, 2021 is the base year and 2020 is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study. The report also provides the compound annual growth rate (CAGR) of the global Smart Grid Networking market for the forecast period of 2021–2027. This data can help readers interpret quantitative growth aspects of the global market during the forecast period. It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global market across the globe.
The report analyzes the historical and present-day scenario of the global Smart Grid Networking market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global market in order to identify opportunities for stakeholders.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the Smart Grid Networking market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the market.
The report delves into the competition landscape of the global Smart Grid Networking market. Key players operating in the market have been identified and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the Smart Grid Networking market that are profiled in this report.
Y-o-Y growth comparison, volume and revenue comparison, and market share comparison of various market segments are provided in the report. The Smart Grid Networking market is analyzed at both regional and country levels.
Major Players Covered in this Report
The updated market research report on Smart Grid Networking market allows the buyers and manufacturers to stay updated with the current market trends, ongoing happenings, and a clear picture on the market scenario. List of key players included in the research report will help the market vendors to know their market position and plan more operational strategies to gain topmost position among other players. The report offers crucial company information on each market player, such as company profile, financial information, and recently adopted growth strategies. This will help other existing players and the new entrants to plan strategies and establish their presence in the market.
The major players in the smart grid networking space are ABB, Cisco, Mitsubishi Electric, Fujitsu, GE, Huawei, Schneider Electric, and Siemens AG.
The report is divided into major categories comprising product, application, regions and others. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Every segment is studied thoroughly in order to offer a better picture to the buyers and stakeholders to benefit from. Information like highest prevailing product, highly demanded product by the application segment and end users are rightly mentioned in the Smart Grid Networking report.
Technology Application Area
Advance Metering Infrastructure (AMI)
Other Technology Application Areas
A unique research methodology has been utilized to conduct a comprehensive research on the growth of the global Smart Grid Networking market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global Smart Grid Networking market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.
Key Questions are
- What are the key factors influencing the Smart Grid Networking market in each region?
- How much value will the global market generate by the end of the forecast period?
- What will be the CAGR of the global market between 2021 and 2027?
- What would be the Y-o-Y growth trend of the global market between 2021 and 2027?
- What is the future scope and current trends in technologies of the global market?
- What is the revenue of the global market based on segments?
- Which key strategies are used by top players of the global market?
- Which are the leading companies in the global market?
- What are the essential strategies by key stakeholders in the market to expand their geographic presence?
- What are the major advancements witnessed in the global market?
Why should you invest in this report?
If you are aiming to enter the global Smart Grid Networking market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Smart Grid Networking are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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