Aging infrastructure and the need for higher reliability and resiliency will force economies to embrace a digital network, Says Frost & Sullivan
SAN ANTONIO, 28 October 2021 / CNW / – The recent analysis by Frost & Sullivan, Growth opportunities for the global digital network (sensors, meters and communications), notes that technological advancements and country focus on climate change policies are accelerating the growth of the global digital network market. Aging infrastructure, the need for increased reliability and resilience, increasing distributed resources and falling costs for digital solutions will also force economies to adopt a digital network. As a result, the market is likely to collect $ 9.21 billion in turnover by 2030 of $ 8.15 billion in 2020, a slight increase to a moderate compound annual growth rate of 1.2%. However, the COVID-19 pandemic has slowed the expansion of the market in the short to medium term. Despite this, the industry will likely surpass 2019 levels by 2026 as plans to roll out disrupted digital networks gradually gain momentum and new projects begin.
China will remain the largest market in terms of revenue potential for digital network solutions until 2030. The country’s decision to replace first generation meters is one of the main reasons it will dominate the global digital network market . North America will be the second market due to the increase in deployments of second generation meters. Likewise, driven by the deployment of smart meters, Europe will take third place, followed by Asia Pacific (excluding China), where electrification initiatives, the growth of renewable energies and electric vehicles (EVs) are driving the adoption of the digital grid.
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“The integration of technologies such as digital network equipment, virtual power plants (VPP), distributed energy resource management system (DERMS), demand response (DR), 5G, Big Data and blockchain will have strategic implications for the future growth of the network space, “mentioned Rajalingam Arikaarampalayam Chinnasamy, Director of Energy Industry and Environment at Frost & Sullivan. “This will increase competition between traditional network equipment manufacturers and start-ups. As a result, network equipment companies will focus on offering Internet of Things (IoT) compatible network equipment to capture a significant market, addressing the challenges of autonomous digital network. solution providers. “
Chinnasamy added: “Global trends, such as changing business models, which include Software as a Service (SaaS), Smart Metering as a Service (MaaS), Infrastructure as a Service (IaaS) and outcomes-as-a-service (OaaS) – and the growth in adoption of big data analytics in the digital network space will open up new revenue streams for businesses. In addition, smart meters in as network intelligence devices will play a central role in an essential asset for network intelligence, to the benefit of utilities and prosumers. “
To exploit the growth opportunities of the digital network, participants should focus on:
The IoT to enable the integration of T&D equipment and the network to strengthen resilience: Manufacturers of electrical equipment must adapt their product offerings to synchronize with future industry preferences.
Mergers and acquisitions (M&A) between strategic competitors to take advantage of market synergies: Companies should partner with data analytics experts to develop use cases for ecosystem providers.
Business models as a service to enable a superior customer experience: Collaborate with cloud providers to build cloud-hosted applications that can quickly develop new features for predictive maintenance and energy-efficient solutions.
Digital marketing for a transformed sales process: Suppliers can use big customer data to react quickly to changing market trends, leveraging an innate understanding of the consumer psyche.
Global digital network growth opportunities (sensors, meters and communications) is the latest addition to Frost & Sullivan’s Energy & Environment research and analysis available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous stream of growth opportunities for success in the unpredictable future.
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SOURCE Frost & Sullivan
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