Global Smart Grid Communications Market 2019-2023
About this market
The increasing government initiatives will drive the smart grid communications market growth in the forthcoming years. Increasing government initiatives will further increase the deployment of smart grid technologies. Several countries have been viewing smart grid technology as a strategic infrastructural investment to aid the achievement of long-term economic prosperity and carbon emission reduction targets. Such initiatives will further boost the smart grid communications market growth during the forecast period. Technavio’s analysts have predicted that the smart grid communications market will register a CAGR of nearly 12% by 2023.
The rise in the installation of smart energy meters
One of the growth drivers of the global smart grid communications market is the rise in the installation of smart energy meters. The increased development of smart metering mechanisms is expected to propel the growth of the smart grid communications market during the forecast period.
High installation costs
One of the challenges in the growth of the global smart grid communications market is the high installation costs. The high costs associated with the implementation of advanced smart grid technologies and networking solutions will hinder the growth of the market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the smart grid communications market during 2019-2023, view our report.
The market appears to be moderately fragmented and with the presence of several market players. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
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