The global smart grid communications market is expected to grow at a significant CAGR during the forecast period (2024-2031). Smart grid is a modern idea for ensuring grid quality and efficiency in electricity scheduling and dispatch. The term smart grid refers to an infrastructure that can be connected with the power grid through modern communications and automated control technology. Many developed countries have implemented smart grid technology to address the growing difficulties related to electrical distribution and transmission companies and distribution and transmission facilities.
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Smart grid technology improves the electrical system’s efficiency, security, and dependability. Along with the smart grid network, efficient communication systems must be established to create and establish a smart grid system. Owing to the increased adoption of smart grid technologies over traditional equipment, both the smart grid communication and smart grid systems markets are likely to grow at the same time. As the bulk of smart grid tasks take place in real-time, communication networks are an essential part of any smart grid architecture.
The fact that every electrical utility setting on a smart grid system must be thoroughly assessed for communication to improve the smart grid’s performance, which is a major driver for the global smart grid communications market. With the adoption of more complex technologies and their integration with the smart grid, a considerable volume of data is generated, which must be carefully examined to plan load scheduling for producing stations. As a result, an effective communication system is built that allows for the secure and cost-effective sharing of data throughout the power grid and data center, which is boosting the adoption of smart grid communication systems to store information in real-time. Many companies and organizations must upgrade their aging electrical infrastructure. Owing to the sluggish reaction time and high cost of replacing a smart grid communication system, businesses are hesitant to upgrade their existing electrical infrastructure that is hindering the demand for smart grid communication systems.
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Market Coverage
- Segment Covered-
o By Type
o By Application
o By End-User
- Competitive Landscape: IBM Corp., ABB Ltd., Schneider Electric SE, Cisco Systems, Inc., and Itron Inc., among others.
Global Smart Grid Communications Market – Segmentation
By Type
- Wired
- Wireless
By Application
- Command & Control
- Communications
- Computers
- Surveillance & Reconnaissance
By End-User
- Media and Entertainment
- BFSI
- Healthcare
- Transportation
- Public Sector
- Energy and Utilities
- Others
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