Press release
Smart Grid Communications Market 2024-2033: Wired for Success - Market Size, Share, and Forecast Overview
Smart Grid Communications Market
The smart grid communications market size is expected to see rapid growth in the next few years. It will grow to $19.21 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to increasing integration of renewable energy sources, growing emphasis on grid modernization initiatives, rising demand for real-time data analytics and grid optimization, expanding deployment of electric vehicles and energy storage systems, emerging cybersecurity threats and the need for robust communication infrastructure. Major trends in the forecast period include 5G integration, edge computing, interoperability standards, increased use of artificial intelligence (AI) and machine learning, enhanced cybersecurity measures.
Market Overview -
Smart grid communications refer to the integrated communication networks and technologies that allow real-time, two-way communication between various components of the electrical grid, such as utility providers, consumers, and distributed energy sources. The goal of smart grid communications is to improve the electrical grid's efficiency, reliability, and resilience by providing improved monitoring, control, and optimization capabilities.
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Renewable Energy Demand Boosts The Smart Grid Communication Market Growth
The rise in demand for renewable energy is expected to propel the smart grid communications market going forward. Renewable energy refers to energy derived from naturally replenishing sources such as sunlight, wind, water, and geothermal heat, offering sustainable alternatives to conventional fossil fuels. Demand for renewable energy is increasing due to several factors, such as growing public awareness and support for renewable energy, environmental concerns, energy security, and corporate sustainability goals. Renewable energy systems rely heavily on smart grid communications to efficiently integrate into the current electricity grid, optimize operations, improve grid resilience, and assist in the transition to a more sustainable and reliable energy future. For instance, in December 2023, according to the Department of Energy Security and Net Zero, a UK-based government department, renewable electricity generation reached 30.1 TWh in the 3rd quarter of 2023, marking a 6.8% increase compared to the corresponding period in 2022. Therefore, the rise in demand for renewable energy is driving the growth of the smart grid communications market.
Competitive Landscape -
Major companies operating in the smart grid communications market are Verizon Communications Inc., Siemens AG, General Electric Company, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Tantalus Systems Corp., Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Fujitsu Ltd., Eaton Corporation PLC, TE Connectivity Ltd., Emerson Electric Co., Xylem Inc., Honeywell International Inc., Itron Inc., Landis+Gyr, QinetiQ Group PLC, S&C Electric Co., Trilliant Holdings Inc., Infrax Systems Inc., Cooper Electric, Tropos Networks, Silver Spring Networks
Launch Of A Next-Generation Powerline Communication Device For Smart Grid Integration In Electric Vehicle Charging Stations
Major companies operating in the smart grid communications market are focused on developing advanced products, such as powerline communication devices, to support expanding industry needs and drive their revenues in the market. Powerline communication devices refer to devices that use the existing electrical wiring to transmit data, voice, and video signals. For instance, in May 2022, Qualcomm Technologies Inc., a US-based developer of wireless telecommunication solutions, launched the QCA7006AQ, a next-generation powerline communication device designed to seamlessly integrate with smart grid communications, particularly in the context of electric vehicle (EV) charging stations. The QCA7006AQ supports vehicle-to-grid (V2G) systems and allows for optimal charging times while minimizing peak-load power generation and delivery. This coordination ensures efficient energy management and helps balance energy demand on the grid. Smart-grid charging applications supported by the CCS (Combined Charging System) standard allow customers to choose optimal charging periods and draw energy from their EVs as needed, thereby meeting the increased demand for EV charging while reducing peak load power generation and distribution requirements. The QCA7006AQ offers firmware that enables optional HomePlug AV support in addition to HomePlug GreenPHY, providing a 200 Mbps PHY rate and 95 Mbps UDP throughput over Ethernet.
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Key Segments -
The smart grid communications market covered in this report is segmented -
1) By Type: Wired, Wireless
2) By Solution: Wide Area Network (WAN), Home Area Network (HAN), Field Area Network (FAN)
3) By Application: Command And Control, Communications, Computers, Surveillance And Reconnaissance
4) By End-User: Media And Entertainment, Banking, Financial Services, And Insurance (BFSI), Healthcare, Transportation, Public Sector, Energy And Utilities, Other End Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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