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The global smart grid communications market 2019-2023 is expected to post a CAGR of close to 12% during the forecast period, according to the latest market research report by Technavio.
One of the key factors driving the growth of the market is the rise in the installation of smart energy meters. 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 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. The increased installation of smart energy meters has led to the generation of huge volumes of meter data, which will boost the need for smart grid communications.
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 global smart grid communications market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over the forecast period.
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. Moreover, 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 well-equipped to handle the intermittent power supply, which will result in its high adoption among various end-users.
“Countries such as China, India, and the US are integrating renewable energy sources into smart grid communications to support energy-saving practices. For instance, the US government is working on reducing carbon emissions by 83% by 2050. In addition, countries such as Japan are offering incentives in the form of zero interest rate loans to finance renewable energy projects,” says a senior analyst at Technavio.
Global smart grid communications market: Segmentation analysis
This market research report segments the global 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).
APAC led the market in 2018, followed by North America, Europe, South America, and MEA respectively. The dominance of APAC can be attributed to the increasing government initiatives and the implementation of smart grid communication projects in emerging countries.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
