Smart Grid Communications Market Expansion Continues, with Forecast Valuation of $22 Billion by 2029

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Smart Grid Communications Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size of smart grid communications has seen a remarkable growth in the preceding years. Its growth projection indicates an increase from $13.18 billion in 2024 to $14.65 billion in 2025, indicating a Compound Annual Growth Rate (CAGR) of 11.2%. Factors such as advancements in the telecommunications sector, rising demands for energy efficiency, regulatory rulings and standards, increased complications and reliability issues in grids, technological innovations, and cost reductions have significantly contributed to the growth during the historical period.

Smart Grid Communications Market Size Forecast: What's the Projected Valuation by 2029?
The size of the smart grid communications market is anticipated to witness significant surge in the coming years, escalating to a whopping $22 billion by 2029 at a compound annual growth rate of 10.7%. The projected growth during the forecast period can be credited to the rise in incorporation of renewable energy, increased focus on grid modernization strategies, surge in requirement for real-time data analysis and grid optimization, extensive deployment of electric vehicles and energy storage systems, the emergence of cybersecurity risks, and the pressing need for a sturdy communications infrastructure. The forecast period will also see prominent trends such as the integration of 5G, advent of edge computing, introduction of interoperability standards, wider application of artificial intelligence and machine learning, and reinforced cybersecurity precautions.

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What Are the Drivers Transforming the Smart Grid Communications Market?
The smart grid communications market is anticipated to be driven by the growing demand for renewable energy. This category of energy comes from naturally renewable sources such as sunlight, wind, water, and geothermal heat, providing eco-friendly alternatives to traditional fossil fuels. Factors like increasing public awareness and support, environmental concerns, energy security, and corporate sustainability goals, are fueling the demand for renewable energy. Smart grid communications are critical to renewable energy systems as they help incorporate into the existing electric grid, enhance operations, bolster grid resilience, and facilitate a shift towards a more dependable and sustainable energy future. For example, in December 2023, the Department of Energy Security and Net Zero, a government department from the UK, reported that there was an increase of 6.8% in renewable electricity generation in 3rd quarter of 2023, reaching 30.1 TWh, compared to the same period in 2022. Thus, the growing demand for renewable energy is fostering the expansion of the smart grid communications market.

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What Long-Term Trends Will Define the Future of the Smart Grid Communications Market?
Key players in the smart grid communications market are concentrating their efforts on the creation of innovative products, such as powerline communication devices, to fulfil growing industry demands and increase their market revenue. Powerline communication devices are those that use existing electrical networks to send data, voice, and video signals. For example, in May 2022, Qualcomm Technologies Inc., an American company specializing in wireless telecommunication solutions, introduced the QCA7006AQ, a cutting-edge powerline communication apparatus tailored to blend effortlessly with smart grid communication systems, particularly concerning electric vehicle (EV) charging stations. The QCA7006AQ is compatible with vehicle-to-grid (V2G) systems, facilitating ideal charging durations and reducing peak-load power production and dispatch. This synchronization results in effective energy management and aids in evening out energy demands on the grid. The CCS (Combined Charging System) standard supports smart-grid charging applications, providing customers with the ability to select the best charging times and utilize energy from their EVs as necessary, thus addressing the growing need for EV charging and minimizing peak load power creation and distribution obligations. Alongside HomePlug GreenPHY, the QCA7006AQ features firmware that provides optional HomePlug AV support, delivering a 200 Mbps PHY rate and 95 Mbps UDP throughput over Ethernet.

Which Segments in the Smart Grid Communications Market Offer the Most Profit Potential?
The smart grid communicationsmarket 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), Healare, 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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Which Firms Dominate the Smart Grid Communications Market by Market Share and Revenue in 2025?
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

Which Regions Offer the Highest Growth Potential in the Smart Grid Communications Market?
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.

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