Press release
A Deep Dive into Smart Grid Communications Market 2025: Key Drivers, Growth Factors, and Projections 2025-2034
Smart Grid Communications Market
The increasing need for renewable energy is projected to fuel the future growth of the smart grid communications market. This type of energy alludes to power obtained from naturally renewable sources such as sunlight, wind, water, and geothermal heat, providing sustainable alternatives to traditional fossil fuels. Factors such as enhanced public perception and advocacy for renewable energy, environmental issues, energy security, and corporate sustainability objectives drive the rising demand for renewable energy. Renewable energy systems extensively depend on smart grid communications for efficient integration into the existing electric grid, operational optimization, resilience enhancement, and support in transitioning towards a reliable and sustainable energy future. For example, in December 2023, the Department of Energy Security and Net Zero, a UK government entity, reported that renewable electricity production hit 30.1 TWh in Q3 2023, representing a 6.8% surge compared to the same timeframe in 2022. Consequently, the upward trend in renewable energy demand is spearheading the expansion of the smart grid communications market.
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What is the future CAGR of the smart grid communications market, and how will it impact industry expansion?
Recent years have seen a swift expansion in the size of the smart grid communications market. It is projected to escalate from $13.18 billion in 2024 to $14.81 billion in 2025, showcasing a compound annual growth rate (CAGR) of 12.4%. Factors such as breakthroughs in telecommunications, a surge in the requirement for energy efficiency, regulatory mandates and standards, growing worries regarding grid complexity and reliability, and reductions in costs due to technological innovations have all contributed to the growth observed in the historic period.
A considerable expansion is projected for the smart grid communications market in the forthcoming years. With an estimated compound annual growth rate (CAGR) of 13.3%, the market size is predicted to reach $24.43 billion by 2029. Factors influencing this growth during the forecast period include the increasing adoption of renewable energy sources, a growing emphasis on initiatives to modernize the grid, an escalating demand for real-time data analytics and grid optimization, as well as a surge in the deployment of electric vehicles and energy storage systems. Emerging cybersecurity issues and the necessity for a solid communication structure further contribute to this growth. The forecast period will also witness major trends such as the integration of 5G, edge computing implementation, the establishment of interoperability standards, escalating utilization of artificial intelligence (AI) and machine learning, and the strengthening of cybersecurity measures.
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What are the most significant trends transforming the smart grid communications market today?
Major players in the smart grid communications market are concentrating their efforts on producing innovative products, such as powerline communication devices, in order to support the growing industry needs and enhance their market revenue. Powerline communication devices are those that utilize existing electrical wiring to convey data, voice, and video signals. For instance, Qualcomm Technologies Inc., a firm based in the United States that specializes in wireless telecommunication solutions, introduced the QCA7006AQ, a state-of-the-art powerline communication device, in May 2022. This device is designed to effortlessly blend with smart grid communications, specifically in relation to electric vehicle (EV) charging stations. The QCA7006AQ is compatible with vehicle-to-grid (V2G) systems, allowing for the most effective charging periods, and reduces peak-load power generation and distribution. This coordination ensures that energy is managed efficiently and assists in maintaining a balance of energy demand on the grid. The CCS (Combined Charging System) standard supports smart-grid charging applications, enabling customers to select the most favourable charging periods and extract power from their EVs as needed, simultaneously managing the surging demand for EV charging and decreasing peak-load power generation and distribution. In addition to HomePlug GreenPHY, the QCA7006AQ offers firmware that allows for optional HomePlug AV support, delivering a 200 Mbps PHY rate and 95 Mbps UDP throughput over Ethernet.
Which key market segments comprise the smart grid communications market and drive its revenue growth?
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
Subsegments:
1) By Wired: Power Line Communication (PLC), Fiber Optic Communication, Ethernet Communication, Copper Wire Communication (Coaxial Cables)
2) By Wireless: Cellular Networks (4G, 5G), Wi-Fi, Zigbee, Long Range Wide Area Network (LoRaWAN), Radio Frequency (RF) Communication, Satellite Communication, Low Power Wide Area Network (LPWAN), Bluetooth
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North America was the largest region in the smart grid communications market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart grid communications market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Who are the leading players fueling growth in the smart grid communications market?
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
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What Is Covered In The Smart Grid Communications Global Market Report?
•Market Size Forecast: Examine the smart grid communications market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the smart grid communications market for a structured understanding.
•Key Players Overview: Analyze major players in the smart grid communications market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the smart grid communications market.
•Segment Contributions: Evaluate how different segments drive overall growth in the smart grid communications market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the smart grid communications market.
•Industry Challenges: Identify potential risks and obstacles affecting the smart grid communications market.
•Competitive Landscape: Review strategic developments in the smart grid communications market, including expansions, agreements, and new product launches.
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