LONDON--(BUSINESS WIRE)--The smart grid communications market size is expected to grow by USD 1.67 billion during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The installation of smart energy meters is growing rapidly to facilitate two-way communication between utilities and consumers. Moreover, smart energy meters also record and report usage of data which allows customers to make informed decisions based on real-time power consumption. These factors will result in the high demand for smart grid communication as smart energy metering solutions are an integral part of this system and support the overall objective of managing the power grid. The installation of smart meters is thus the primary step towards the full-scale deployment of smart grids.
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As per Technavio, the integration of renewable energy sources into smart grids will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Smart Grid Communications Market: Integration of Renewable Energy Sources into Smart Grids
Several developed and emerging economies globally are attempting to diversify their energy sources to reduce their dependence on fossil fuel. This is done by increasing renewable energy in their energy supply mix. The integration of renewable energy sources into smart grid communications can also be attributed to the rise in environmental concerns and losses in the existing electricity grid. The smart grid communications incorporated with renewable energy sources are also well-equipped to handle the intermittent power supply, resulting in its high adoption among various end-users.
“Other factors such as the advent of 5G communication technology, and increasing number of smart grid projects will have a significant impact on the growth of the smart grid communications market value during the forecast period,” says a senior analyst at Technavio.
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Smart Grid Communications Market: Segmentation Analysis
This market research report segments the smart grid communications market by solution (wide area network (WAN), field area network (FAN), and home area network (HAN)) and geographical regions (APAC, North America, Europe, South America, and MEA).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. The growth of the smart grid communications market share in APAC can be attributed to factors such as the increasing government initiatives and the implementation of smart grid communication projects in countries such as China, Australia, South Korea, India, and Japan.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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