Smart grid communication market worth US$29bn by 2023

The smart grid communication technology market will continue to grow according to a new report. Market value by 2023 is estimated at US$29 billion

Global revenue from smart grid communication technology is expected to grow to US$29 billion between 2014 and 2023, according to a new report released by Navigant Research.

Analysing the global market for smart grid communication and networking technology, the report finds the demands upon communication networks is growing and changing rapidly.

The security of networks is one of the key challenges for smart grid communication technology as the increased connectivity of critical grid infrastructure creates potential vulnerabilities.

Another finding from the report is that the market for smart grid communication and networking technology includes a growing number of competitors with a multitude of solutions and equipment.

However, even as new or upgraded solutions are launched, the market is moving toward a smaller number of standards for most major applications: advanced metering infrastructure (AMI), distribution automation (DA), and substation automation (SA), finds Navigant Research.

Smart grid communication vendors

Large players in the DA market include Silver Spring, Itron and Sensus.

In August 2015, Brazilian electricity supplier CPFL Energia has confirmed plans to extend its smart grid programme to include distribution automation technology.

CPFL awarded Silver Spring Networks the task of adding a distribution automation programme to its IPv6 mesh networking platform.

Meanwhile, in April 2015, US meter manufacturer Sensus released its new 4G/LTE radio module for utility distribution automation devices that use 4G AT&T GSM/GPRS cellular networks.

And in early last year, Itron expanded its DA offering with Cisco’s new IR500 industrial router, which will enable seamless integration with Itron’s OpenWay smart grid solution to deliver plug-and-play distribution automation capabilities.