Smart Grid Communications Market is estimated to be US$ 141.01 at a CAGR 16.90% during the forecast period

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Published Date: April 2023

The smart grid communications market accounted for US$ 30.09 billion in 2020 and is estimated to be US$ 141.01 billion by 2030 and is anticipated to register a CAGR of 16.90%. A Smart Grid is an electricity network which will cost efficiently integrate the behavior and actions of all users connected thereto – generators, consumers and people that do both – so as to make sure economically efficient, sustainable power grid with low losses and high levels of quality and security of supply and safety. A common element to most definitions is that the application of digital processing and communications to the facility grid, making data flow and knowledge management central to the smart grid. Various capabilities result from the deeply integrated use of digital technology with power grids. Integration of the new grid information is one among the key issues within the design of smart grids. Electric utilities now find themselves making three classes of transformations: improvement of infrastructure, called the strong grid in China; addition of the digital layer, which is that the essence of the smart grid; and business process transformation, necessary to maximize the investments in smart technology. Much of the work that has been happening in electric grid modernization, especially substation and distribution automation, is now included within the general concept of the smart grid.

The report "Smart Grid Communications Market, By Product Type (Wired Communications System and Wireless Communications System), By Application (Residential Sector and Commercial Sector), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2029”

Key Highlights:

In September 2020, Motorola Solutions announced the launch of the APX NEXT XE, next-generation Project 25 (P25) radio with broadband capabilities, specifically built for firefighters. It combines mission-critical voice communications with data applications, bringing together radio voice control, messaging, mapping, and vital new collaboration applications which will help improve situational awareness of these within the field.

Analyst View:

Smart grids are key technologies that specialize in modernizing electricity networks by providing utilities and consumers with the knowledge to manage electricity use efficiently. Global power utilities are increasingly investing in smart grid technologies that enable automatic monitoring and controlling of electricity consumption, development of latest business models, reduced outages, shorter response times during natural hazards, and integration of renewable energy resources like solar PV and wind generation. At the end-user level, smart grids can enable demand flexibility and consumer participation within the energy system operations through distributed generation and storage. Consistent with the Department of Energy (US DoE), in the US, a modernized smart grid is predicted to save lots of consumers USD 20 billion by 2025 on their utility bills. A sensible meter is that the fundamental building block of smart grid technologies. With a system of smart meters in situ, a utility company is in a position to deliver reliable energy and offer products supported customer demand. Therefore, increasing investments in smart grids and therefore the modernization of electricity networks are likely to drive the market within the coming years.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Smart Grid Communications Market, By Product Type (Wired Communications System and Wireless Communications System), By Application (Residential Sector and Commercial Sector), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2030”

Key Market Insights from the report:

The global smart grid communications market accounted for US$ 30.09 billion in 2020 and is estimated to be US$ 141.01 billion by 2030 and is anticipated to register a CAGR of 16.90%. The Global Smart Grid Communications Market on the basis of product type, application, and region.

By Product Type, the market is segmented into Wired Communications System and Wireless Communications System
By Application, the market is segmented into residential sector and commercial sector.
By Region, the Global Smart Grid Communications Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region is expected to be the largest smart grid communication market.

Competitive Landscape:

Key players operating in the global smart grid communications market include, Itron, Landis Gyr, Inc., Echelon Corp., Sensus USA, Inc., Silver Spring Networks, Inc., and ABB, Ltd.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning.
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period.