A recent report from Navigant Research analyzes the global market for smart grid networking and communications technology, including global market forecasts for shipments, average selling prices, and revenue through 2023.

As grid operators deploy smart grid technology to create a greener, more efficient, and more reliable power system, communications networks are expanding rapidly and in new ways. With demand increasing, the market for smart grid networking and communications technology is being driven by a growing number of competitors with a widening range of solutions and equipment. Click to tweet:According to a recent report from Navigant Research, worldwide revenue for smart grid communications networking hardware is expected to reach $3.2 billion annually by 2020, before leveling off in subsequent years.

“The smart grid continues to mature, and communications technologies are also evolving in response,” says Richelle Elberg, senior research analyst with Navigant Research. “Whereas 5 years ago vendors and utilities were consumed with simply enabling grid communications, today they are focused on technology that is anticipated to enable a truly integrated system that links existing legacy technology with new technology from a variety of vendors.”