According to a new market study entitled “Smart Grid Networking Market to 2027 – Global Analysis and Forecasts by Hardware (Controllers, Cables, Routers, Others); Software (IP address management, Network traffic management, Network security management, Network device management, Network configuration management); Service (Network planning, Network risk and security assessment, Design and integration, Network maintenance) and Geography- Global Analysis and Forecasting, “explains the report, explaining the key drivers of this growth and highlighting key market players and their evolution. The report factors this growth and also highlights the major players in the market and their developments.
The smart grid networking is the bi-directional flow of electricity and information. These networking solutions are useful for utility operators in forecasting the expected electricity demand for commercial, residential, and industrial purposes during peak hours. With the growing number of industries and consumers, power demand is expected to rise exponentially in the future and it will in turn create the need for efficient networking. Besides, shifting focus towards consumption of renewable energy across the globe is resulting in rapid replacement of traditional grids with smart grids and deployment of smart grid networking.
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The smart grid networking market is anticipated to grow in the forecast period owing to driving factors such as increasing focus on renewable energy generation coupled with high demand for peak-hour electricity. Also, environmental concerns associated with non-renewable energy generation are likely to favor the growth of the smart grid networking market. However, associated high cost and cyber security are some challenges faced by the market during the forecast period. On the other hand, ongoing major upgradation of projects for installation of smart grids offer substantial opportunities for market players.
Leading Smart Grid Networking Market Players: ABB Group, Cisco Systems, Inc., Fujitsu Limited, General Electric Company, Huawei Technologies Co., Ltd., Itron Inc., Mitsubishi Electric Corporation, Nokia, Schneider Electric, Siemens AG.
The global smart grid networking market is segmented on the basis of hardware, software, and service. Based on hardware, the market is segmented as controllers, cables, routers, and others. On the basis of the software, the market is segmented as IP address management, network traffic management, network security management, network device management, and network configuration management. The market on the basis of the service is classified as network planning, network risk and security assessment, design and integration, and network maintenance.
The report analyzes factors affecting Smart Grid Networking market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South & Central America after evaluating political, economic, social and technological factors affecting the Smart Grid Networking market in these regions.
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The reports cover key developments in the Smart Grid Networking market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved the way for the expansion of business and customer base of market players. The market players from Smart Grid Networking market are anticipated to lucrative growth opportunities in the future with the rising demand for Smart Grid Networking in the global market.
Reason to Buy
– Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Smart Grid Networking Market
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– Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
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This post was originally published on Commerce Gazette