The smart grid home area network (HAN) market is set to expand at a CAGR of 18.9% during 2022 to 2032. The market holds a value of USD 51.25 billion in 2022 while it is likely to reach a value of USD 289.41 billion by 2032.
| Attributes | Details |
|---|---|
| Market Size (2022E) | USD 51.25 Billion |
| Market Size (2032F) | USD 289.41 Billion |
| Value CAGR (2022 to 2032) | 18.9% |
The smart grid home area network (HAN) delivers behavioral energy efficiency, technology-enabled dynamic pricing, and deterministic direct load control. The rising demand for high bandwidth, two-way, end-to-end communications. This involves the reduction of time required while providing high-end performance as a satisfactory return.
The easy installation processes of smart grids and meters set up the technology standard while it encloses the network within the premises of its bandwidth. The customization available for limiting the devices and control systems has made it the smart grid home area network’s (HAN) first choice for small businesses.
Growing supply-side deployment of smart grid solutions, government initiatives towards energy management, and smart cities expanding wireless network connection bandwidths, growing demand for cloud-based solutions are expected to drive the growth of the smart grid home area network market during 2022 to 2032.
This effective communication is another property that benefits the network users as the network holds higher flexibility around computers, printers, game systems and tablets, smartphones, and other smart devices.
Electricity is the most widely used form of energy across the globe. Generation of electrical energy is the major source of carbon dioxide emission, as it relies on fossil fuels, followed by transportation, and is thus a significant contributor to climate change.
In order to cater to growing demand for electricity and reduce the impact on the environment, electric systems need to be efficient and effective enough to conserve and reduce the electricity wastage. Smart grid solutions offer a comprehensive approach to meet the aforementioned challenges.
Smart grid systems offers demand response capabilities in order to balance electrical consumption with supply as well as potential to integrate new technologies. HAN is a subsystem within the smart grid primarily oriented towards the demand-side management.
Smart grid home area network is basically a network of signal-controlled appliances, consumer devices, and energy management devices. This enables connected devices to send and receive signals from meter, displays and other home management devices.
Growing supply-side deployment of smart grid solution, government initiatives towards energy management and smart cities, increasing wireless network connection speeds, growing demand for cloud based solutions are expected to drive the growth of smart grid home area network market during the forecast period.
In addition, consumer privacy and security is another factor that can hinder the growth of the market. In addition, rising energy prices and increasing sophisticated conservation solutions are anticipated to drive the smart grid home area network market to a certain extent.
Integration of various product solutions to existing metering systems, interoperability between various solutions provided by manufacturers, lack of consumer awareness in developing regions are certain challenges that can hinder the growth of smart grid home area network market.
Smart grid home area network market is segmented on the basis of solution type, and region. On the basis of solution type, the smart grid home area network can be segmented into hardware, software and services. On the basis of region, smart grid home area network market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan (APEJ), Japan and Middle East and Africa (MEA).
The smart grid home area network market in North American dominates among all the other regions. The smart grid home area network market in Eastern Europe and Asia Pacific are expected to pose most lucrative opportunity during the forecast period due to growing government initiatives towards smart cities and the growing awareness among the consumers about energy management.
The smart grid home area network market in Middle East and Africa and Latin America are among the potential markets but are listed after Asia Pacific and Eastern Europe.
Key vendors of smart grid home area network include Control4, Cisco Systems, GE Energy, Silver Spring Networks, Tendril Networks, Honeywell International, Inc., icontrol Networks, Inc., Energate Inc., Calico Energy Services, and Onzo Ltd.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The market is likely to register a CAGR of 18.9% through 2032.
The market is currently valued at USD 51.25 Billion in 2022.
The market is likely to grow to a valuation of USD 289.41 Billion by 2032
North America is likely to be a leading market during the forecast period.
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Smart Grid Home Area Network (HAN) Market
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