Market Analysis 

The global smart grid networking market is predicted to touch USD 17 billion at a 10% CAGR in the forecast period 2020- 2027, states the latest Market Research Future (MRFR) analysis. A smart grid, put simply, is an electrical grid that includes transformers, substations, and a network of transmission lines that delivers electricity to various sectors from the power plant. 

Various factors are fuelling the global smart grid networking market demand. As per the recent MRFR market estimates, such factors include the increase in smart grid deployments, the growing need for better energy management, the push for standardization and interoperability, increasing awareness among consumers regarding the advantages of smart grid networking, the unique communication standards that are used in different ways in smart grid, the modernization of aging grid infrastructure, increasing awareness about carbon footprint management, increasing focus on renewable energy generation, high demand for peak-hour electricity, and environmental concerns related to non-renewable energy generation. The additional factors adding market growth include the ongoing major upgradation of projects to install smart grids, rising utility of better distribution networks and transmission, change of legacy in telephone company connection, increasing peak hours demand of electricity, rising share of renewable energy in electricity, the limitation in capacity expansion, favorable government policies, the creation of smart cities across the world, and a rising number of R&D activities. 

On the contrary, the lack of better energy management, increased fragmentation of market, high cost of ownership of smart grid networks, impact of the COVID-19 pandemic, and cyber security issues may limit the global smart grid networking market growth over the forecast period. 

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Key Players 

The notable players profiled in the global smart grid networking market report include Trilliant Holdings, Inc. (U.S.), Siemens AG (Germany), Schneider Electric SE (France), Itron (U.S.), Huawei Technologies Co. Ltd. (China), General Electric Company (U.S.), Fujitsu (Japan), Mitsubishi Electric (Japan), Cisco Systems, Inc. (U.S.), and ABB Group (Switzerland), among others. 

Market Segmentation 

The MRFR report throws light on an inclusive segmental analysis of the smart grid networking market on the basis of service, software, and hardware. 

By hardware, the global smart grid networking market is segmented into switches, smart meter communication modules, routers, controllers, cables, and others. 

By software, the global smart grid networking market is segmented into network security management, network configuration management, network device management, network traffic management, IP address management, network performance monitoring management, and others. 

By service, the global smart grid networking market is segmented into network maintenance and support, network risk and security assessment, design and integration, network planning, consulting, and others. 

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Regional Analysis 

Based on region, the global smart grid networking market covers the recent trends and growth opportunity across Europe, North America, the Asia Pacific (APAC), and Rest of the World (RoW). Of these, North America will lead the market over the forecast period. Technological advances, increased adoption of smart grid networking applications across different industry verticals, the presence of several leading established players in Canada and the US, the presence of well-established and sustainable economies, the presence of established infrastructure which allows higher penetration of devices and better connectivity, the increasing focus on business organizations towards better energy management, and the increasing adoption of smart grid networking solutions by enterprises are adding to the global smart grid networking market growth in the region. 

In the APAC region, the global smart grid networking market is predicted to have promising growth over the forecast period. Faster adoption of smart grid networking, and increasing implementation of wireless mesh networks and energy management systems to offer real time control power and data supply across various countries are adding to the smart grid networking market growth in the region. 

In Europe, the global smart grid networking market is predicted to have healthy growth over the forecast period for the huge investment in the power supply sector. 

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