The global demand for smart grid communications market is projected to witness significant growth over the forecast period. This surge in demand can be attributed to several key factors such as increasing government investments coupled with high energy efficiency offered by smart grid communications technology. This technology ensures efficient scheduling and dispatch of power along with proper grid discipline. A smart grid enables new applications such as automated metering infrastructure (AMI), outage management, distribution automation, automatic load shedding, along with the ability to manage alternative energy sources. The same wireless smart grid communications network that supports these applications can also enable mobile workforce applications in the field.
Smart grids concept has been adopted by several nations for addressing the electricity-based distribution infrastructure and transmission problems. The smart grid communications market is projected to grow simultaneously with the global growth of smart grids implementation. communications system forms the prime component for any smart grid infrastructure as the maximum of smart grid functions take place on a real-time basis.
The networks offer necessary infrastructure allowing utilities in managing smart grid devices from a central location. These technologies offer enhanced utilization of the existing power utilities through two way communications along with facilitating data management, which is projected to elevate the smart grid communications market. Varied technological advancements have led to the usage of wireless technologies, mobile devices, and field-based sensors used for supporting Supervisory Control And Data Acquisition (SCADA) systems replacing the machine-to-machine technology. These advanced features allow traditional power grid to offer high efficiency and reliability.
This technology offers high-security levels along with information storage which is expected to positively elevate market growth. It also helps in reducing carbon emission along with reducing the operational errors, which is further expected to impel the smart grid communications market. Replacement of aging electrical infrastructure along with slow response time offered by traditional switches is projected to impel market growth. Further, increasing energy consumption is anticipated to impel the smart grid communications market.
Varied technological advancements in the communications technologies along with long term profit is expected to offer lucrative opportunities for market growth. However, high installation costs and lack of interoperability of standards may hinder market growth over the forecast period.
The smart grid communications market can be categorized by technology as wired and wireless communications system. Wireless communications systems are preferred over wired systems owing to the high level of flexibility. Additionally, these systems have low infrastructural requirements and can reach comparatively remote areas as compared to wired communications systems. However, these communications systems are prone to fluctuations and attenuations during transmission, causing significant noise. Further, these systems require additional interfacing hardware along with power storage devices including batteries. Infrastructural information required to implement a smart grid includes acquiring and transmitting the data from the electrical appliances and sensors to the smart meters, and further sending the acquired data to the utility centers through wireless or wired mediums.
North America is expected to be the dominant region for the smart grid communications market owing to the availability of highly advanced technological infrastructure. Asia Pacific is projected to be an emerging region for the smart grid communications market owing to the increasing demand for smart grids in the region. Key players in the smart grid communications market include Sensus, Tropos Network. Inc, Viola Systems, ABB Ltd, Cooper Power System LLC, Verizon Communications Inc, International Business Machines Corporation, and Infrax Systems Inc. ABB Ltd. offers Tropos GridCom, which is a standardized distribution network architecture for the smart grid. It enables utilities to make a private communication foundation to aggregate multiple applications across various service territories. Tropos GridCom customers include Avista, Burbank Water & Power (BWP), and Silicon Valley Power (SVP). Avista will use ABB’s technology for its smart circuits project in the Spokane area for distribution automation. The company will be able to quickly detect faults in its distribution network to improve system reliability and reduce energy losses. This enhances the utility’s ability to integrate distributed renewable generation resources.
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In order to ensure business continuity amidst the COVID-19 crisis, business organizations, especially in highly affected countries are allowing their employees to work from home. The increase in people working from home has led to a surge in demand for online video viewing, downloading, and communication through video conferencing, all of which are leading to increased network traffic and data usage. COVID-19 shall accelerate the demand for agile and flexible work styles and further push the adoption of communication services that tend to improve work-life balance. On the flip side, telecom regulators worldwide have postponed their plans of 5G spectrum auction amidst the global pandemic. This is expected to have an impact on the commercialization of commercial 5G standalone deployments and revenue generated through 5G services. The ongoing pandemic has forced telecom operators worldwide to test their network resiliency and revisit their planned investments, especially in 5G technology. The report will account for Covid19 as a key market contributor.