Active Network Management Market
Internet of Things (IoT) devices integration in smart cities infrastructure has acted as a key growth factor of the global market.
PORTLAND , PORTLAND, OR, UNITED STATE, August 24, 2022 /EINPresswire.com/ — Rise in need for efficient power management solutions and increase in demand for smart energy planning in smart cities projects have boosted the growth of the global active network management market.
However, lack of infrastructure for efficient power distribution network in under developed regions hinders the market growth. On the contrary, surge in renewable energy generation would open new opportunities in the future.
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By application, the automation segment held the largest share in 2020, accounting for nearly two-fifths of the global active network management market, due to benefits including improved power distribution, easy availability of the services, and low upstream and downstream time.
However, the grid asset monitoring segment is expected to register the highest CAGR of 17.8% during the forecast period. This is due to rise in demand for smart metering, operational utility applications, and substation automation.
By industries, the transportation segment would showcase the highest CAGR of 18.4% from 2021 to 2030, due to adoption of active network management solutions to optimize the metro and rail transportation systems.
However, the energy and utility segment held the largest share in 2020, contributing to more than two-fifths of the global active network management industry, due to surge in applications for security infrastructure management and group-based configuration systems.
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By region, the market across North America held the lion’s share in 2020, accounting for around two-fifths of the market, due to surge in demand for automation solution and rise in adoption of active network management solutions.
However, the global active network management market across Asia-Pacific would showcase the highest CAGR of 19.1% from 2021 to 2030, owing to rise in investment on electricity generation for several industry verticals including energy & utility, transportation, construction, and government.
Covid-19 scenario:
• The Covid-19 pandemic presented several challenges and disruption in manufacturing and supply chain operations. This negatively affected the market.
• The consumer demand for active network management decreased during the pandemic as people are now focused on removing non-essential expenses from their budgets.
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