Global Smart Grid Communication Technologies Market: Overview
Smart grid concepts are being increasingly looked upon as the most reliable ways of handling most power transmission- and distribution-related issues common to the present day complex electricity girds, thanks to intermittent renewable energy sources, vast number of geographically distant delivery points, and continuously rising power loads. Smart grids aim to improve the reliability, safety, and efficiency of such complex electrical grids. As communication systems form the core of any smart grid infrastructure, transmitting real-time data between delivery and supply points, the smart grid communications technologies market is expected to develop hand in hand with the global smart grid market.
This report on the global smart grid communication technologies market presents a thorough overview of the present growth dynamics of the market and its key elements. Vast projections about the future growth prospects of the market are also included, based on a careful analysis of factors such as growth drivers, restraints, regulatory scenario, level of competition, and inputs from industry experts. A detailed analysis of the competitive landscape of the market, complete with business profiles of some of the prominent players in the market, is also included in the report.
Global Smart Grid Communication Technologies Market: Trends and Opportunities
Smart grid communication technologies lead to a vast reduction in the overall technical and commercial losses of smart grid operations, allow the real-time monitoring of complex smart grid systems, and bring about a reduction in operational errors. These benefits are key to the increased implementation of effective smart grid communication technologies across the globe and are expected to remain the chief factors to drive the market in the next few years.
However, the high cost and relatively more time associated with the installation of smart grid infrastructure as compared to conventional grids could act as a restraint for market growth, especially across cost-sensitive developing economies. The extra cost burden incurred due to the implementation of smart grids on utilities, leading to a stark reduction in initial profits, could also dampen the growth opportunities of the market to a certain extent. Nevertheless, government incentives in the forms of funds and regulatory reforms advocating the digitization of electric grids for enhanced efficiency and reliability in power transmission and distribution could help the market gain traction across developing economies in the near future.
Global Smart Grid Communication Technologies Market: Geographical and Competitive Dynamics
Presently, the North America and Europe smart grid communication technologies markets collectively account for a massive share in the global market and are expected to retain their positions as the leading contributors to the revenue of the global market in the next few years as well. The technologically advanced grid infrastructure in these regions has presented vast growth opportunities for the smart grid communication technologies market in the past few years. However, these mature markets are expected to lead to stagnant or moderate growth opportunities for the smart grid communication technologies market over the report’s forecast period.
The market is expected to witness promising growth opportunities in developing economies across regions such as Asia Pacific. The vast rise in focus of government bodies on upgradation of conventional grid infrastructures in the region to effectively serve the mounting consumer base and rising power loads is expected to lead to vast growth opportunities for the smart grid communication technologies market over the forecast period. The increased focus on ways to reduce the overall power losses encountered due to outdated grid infrastructures is also expected to drive the market in the region in the next few years.
Some of the key vendors operating in the global smart grid technologies market are Viola Systems, Trilliant Holdings Inc., Sensus, ABB Ltd., Tropos Networks Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.