Global Smart Grid Market Outlook to 2025,
Dublin, Jan. 19, 2022 (GLOBE NEWSWIRE) — The “Global Smart Grid Market (2020-2025) by Application, End User, Organization Size, Geography, Competitive Analysis and Impact of Covid-19 with Ansoff Analysis” report has been added to from ResearchAndMarkets.com offer.
Global Smart Grid Market was estimated at USD 4.9 Billion in 2020 and is projected to reach USD 14.9 Billion by 2025, growing at a CAGR of 25%.
Key factors such as changing network traffic patterns and adaptation of smart technology across the globe have been a significant driver for the growth of the smart grid market. Additionally, digital transformation in several industry verticals has driven demand for smart grids. Rising internet penetration enables communication, connectivity, and data sharing, one of the factors fueling the growth of the market over the forecast period.
Conversely, the lack of skilled labor needed to handle technical issues and AI-based networking is likely to hamper the growth of the market. Lack of required budget among SMBs and low awareness rate among end users and network administrators pose a challenge for market growth.
- The advent of new technologies, such as 5G, IoT and the cloud, is increasing the complexity of networks
- Growth in data volume and changes in traffic patterns
- Lack of skills and expertise in AI-based networks
- The difficult configuration of the smart grid
- The strong adoption of IoT and Big Data
- Widespread adoption of solutions among highly regulated verticals
- Growth potential in developing countries
- Lack of budget among SMEs
- Lack of awareness among network administrators and end-user companies
By application, information cognition is expected to hold the largest market share. Segmental growth is due to an increasing need for information knowledge for accumulation of complex networking operations data which includes network characteristics, trace route, traffic matrix and others similar features. In addition, information cognition meets the various requirements of seamless wide area coverage, high-capacity access point, low-power massive connections, low latency, high reliability and other scenarios. This has led to the strongest growth in the segment.
By end user, cloud service providers are estimated to hold the highest market share. Cloud service providers are increasing the number of data centers globally to reduce latency, cover a large area, which is increasing the demand for massive integrated network infrastructures among different verticals. Therefore, the network becomes complex to deliver commercial data and other content at high rates.
Depending on the size of the organization, large enterprises are increasingly using smart grid infrastructure due to the growing need for an array of features including traffic monitoring, bandwidth monitoring, application monitoring , network security and capacity planning. Additionally, the ability of large enterprises to invest in smart grids contributes to segmental growth.
Based on geography, North America is expected to dominate the market. Factors attributed to the growth of the market are increasing adoption of smart networking solutions in this region, advanced and innovative technologies, such as deep learning, analytics, and network virtualization. The Asia-Pacific region is also expected to witness a high CAGR during the forecast period. Telecom operators and cloud service providers in this region have started relying on AI-based solutions.
The global smart grid market is further segmented on the basis of application, end user, organization size, and geography.
Some of the companies covered in this report are Cisco Systems, Nokia, Huawei Technologies, Ericsson, Tech Mahindra, Aruba, Loom Systems, Aria Networks, Altran Technologies, Balbix, Netrolix, Darktrace, etc.
The report includes Competitive Quadrant, a proprietary tool to analyze and assess the position of companies based on their industry position score and market performance score. The tool uses various factors to classify players into four categories. Some of these factors considered for analysis are financial performance over the past 3 years, growth strategies, innovation score, new product launches, investments, and market share growth.
- A comprehensive analysis of the market, including the parent industry
- Important market dynamics and trends
- Market segmentation
- Historical, current and projected market size based on value and volume
- Market shares and strategies of the main players
- Recommendations for companies to strengthen their presence in the market
- Cisco Systems
- Huawei technology
- Juniper Networks
- Tech Mahindra
- Colt Technology Services
- Loom systems
- Altran Technologies
- Ennetix Corporation
- Aria Networks
- Extrahop networks
- Misting systems
- Nitro Mobile Solutions
- Dark Trace
- Flowmon Networks
- Boco systems
- Netcracker Technology
For more information on this report, visit https://www.researchandmarkets.com/r/3mchnz
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