PUBLISHER: The Insight Partners | PRODUCT CODE: 1498538
PUBLISHER: The Insight Partners | PRODUCT CODE: 1498538
The active network management market size was valued US$ 1.29 Billion in 2023 and is expected to reach US$ 4.51 Billion by 2031; it is estimated to record a CAGR of 16.9% from 2023 to 2031.
The global capacity for generating renewable electricity is expanding at an unprecedented rate, presenting a significant opportunity to achieve the ambitious goal of tripling global capacity by 2030. For instance, in 2023, the addition of renewable energy capacity to energy systems worldwide increased by 50%, reaching a remarkable 510 gigawatts (GW). Notably, solar photovoltaic (PV) accounted for three-quarters of the total capacity added globally. The largest surge in renewable energy growth occurred in China, where the installation of solar PV in 2023 was equivalent to the entire world's installations in 2022. Additionally, China experienced a remarkable 66% year-on-year increase in wind power additions. Europe, the US, and Brazil also witnessed record-breaking growth in their renewable energy capacities. Thus, such developments in the renewable energy sector hold immense potential for businesses and economies worldwide.
Market players are focusing on integrating automated grid solutions into their product portfolio. For instance, in November 2023, Gridspertise, a firm dedicated to supporting distribution system operators in accelerating the digital transformation of electricity grids, revealed two new cutting-edge solutions at Enlit Europe 2023-the major event dedicated to the European energetic scenario. In Paris, the company showcased Globy, its new modular smart meter platform, which offers DSOs maximum flexibility hardware and software and numerous communication modules, and the ecosystem of solutions for Low Voltage Edge Grid Monitoring and Control based on Gridspertise Quantum Edge device technologies-the perfect allies in making low voltage grid more efficient and reliable. Thus, the rising adoption of real-time grid monitoring is expected to offer significant opportunities to the active network management market in the coming years.
Based on application, the market is divided into grid asset monitoring, real-time monitoring, and automation. The grid asset management segment held the largest active network management market share in 2023. Based on application, the market is divided into grid asset monitoring, real-time monitoring, and automation. The grid asset management segment held the largest share in the active network management market in 2023. Further, the geographic scope of the active network management market report focuses covers North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
ABB; Cisco Systems, Inc.; GE Grid Solutions, LLC; IBM Corporation; Camlin Group; Oracle Corporation; Argand Solutions; Siemens AG; Smarter Grid Solutions; and ZIV Automation are among the prominent players profiled in the active network management market report. The active network management market forecast is estimated on the basis of various secondary and primary research findings such as key company publications, association data, and databases.
The overall active network management market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the active network management market analysis. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the market.