BOULDER, Colo.--(BUSINESS WIRE)--A recent report from Navigant Research analyzes the global market for smart grid networking and communications technology, including global market forecasts for shipments, average selling prices, and revenue through 2023.
As grid operators deploy smart grid technology to create a greener, more efficient, and more reliable power system, communications networks are expanding rapidly and in new ways. With demand increasing, the market for smart grid networking and communications technology is being driven by a growing number of competitors with a widening range of solutions and equipment. Click to tweet: According to a recent report from Navigant Research, worldwide revenue for smart grid communications networking hardware is expected to reach $3.2 billion annually by 2020, before leveling off in subsequent years.
“The smart grid continues to mature, and communications technologies are also evolving in response,” says Richelle Elberg, senior research analyst with Navigant Research. “Whereas 5 years ago vendors and utilities were consumed with simply enabling grid communications, today they are focused on technology that is anticipated to enable a truly integrated system that links existing legacy technology with new technology from a variety of vendors.”
At the same time, according to the report, the need for security in these networks has never been greater, as the increased connectivity of critical grid infrastructure creates potential vulnerabilities in a time when cyber-hacking is a growing threat worldwide. A push for interoperability and standardization, particularly around Internet Protocol, will likely help vendors offer robust, highly secure solutions.
The report, “Smart Grid Networking and Communications,” analyzes the global market for smart grid networking and communications technology. The study provides a detailed analysis of market drivers, market challenges, technical considerations, and key infrastructure vendors and service providers associated with communications infrastructure and services for smart grid applications. Global market forecasts for shipments, average selling prices, and revenue, segmented by application, device type, technology, and region, extend through 2023. The report examines spectrum availability and cyber security requirements, as well as regional factors affecting relative shares among the major communications technologies. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals provide services that extend from expert and advisory work through implementation and outsourcing. The firm combines deep technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism to address clients’ needs in highly regulated industries including Construction, Energy, Financial Services and Healthcare. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, “Smart Grid Networking and Communications,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.