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

Technavio has announced its latest market research report titled Smart Grid Communications Market by Solution and Geography - Forecast and Analysis 2020-2024

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Read the 120-page report with TOC on "Smart Grid Communications Market Analysis Report by  Solution (WAN, FAN, and HAN) and Geography (APAC, North America, Europe, South America, and MEA), and the Segment Forecasts,2020-2024". Gain competitive intelligence about market leaders. Track key industry opportunities, trends, and threats. Information on marketing, brand, strategy and market development, sales, and supply functions. https://www.technavio.com/report/report/smart-grid-communications-market-industry-analysis

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.

  • General Electric Co. - The company offers smart grid solutions which are designed to redefine energy realities around the world.

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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)

  • APAC - size and forecast 2019-2024
  • North America - size and forecast 2019-2024
  • Europe - size and forecast 2019-2024
  • South America - size and forecast 2019-2024
  • MEA - size and forecast 2019-2024

Solution Outlook (Revenue, USD bn, 2019-2024)

  • WAN  - size and forecast 2019-2024
  • FAN  - size and forecast 2019-2024
  • HAN  - size and forecast 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!

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Smart Grid Communications Market Scope

Report Coverage

Details

Page number

120

Base year

2019

Forecast period

2020-2024

Growth momentum & CAGR

Accelerate at a CAGR of 11%

Market growth 2020-2024

USD 1.65 billion

Market structure

Fragmented

YoY growth (%)

9.13

Performing market contribution

APAC at 42%

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

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.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Content

Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Five Forces Summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Solution

  • Market segments
  • Comparison by Solution
  • WAN - Market size and forecast 2019-2024
  • FAN - Market size and forecast 2019-2024
  • HAN - Market size and forecast 2019-2024
  • Market opportunity by Solution

Customer landscape

  • Customer landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2019-2024
  • North America - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography
  • Volume drivers – Demand led growth
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • 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
  • Xylem Inc.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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