Report : Asia Pacific Active Network Management Market Forecast to 2031 - Regional Analysis - by Component (Software and Services), Industry (Energy and Utilities, Transportation, Oil and Gas, Manufacturing, and Others), Application (Grid Asset Management, Real-Time Monitoring, and Automation), and Organization Size (Small and Medium Enterprises and Large Enterprises)
At 18.3% CAGR, Asia Pacific Active Network Management Market is Projected to be Worth US$ 1,087.60 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific active network management market was valued at US$ 283.33 million in 2023 and is expected to reach US$ 1,087.60 million by 2031, registering a CAGR of 18.3% from 2023 to 2031. Growth in renewable energy generation and rising deployment of IoT/connected devices across energy and utilities are among the critical factors attributed to the Asia Pacific active network management market expansion.
The global energy landscape is undergoing a substantial transformation, with renewable energy sources playing a crucial role in meeting the world's increasing energy demands. As the renewable energy sector continues to flourish, it has created a ripple effect, driving the growth of the Active network management market. Active network management solutions enable efficient management and integration of renewable energy sources into existing power grids, ensuring a reliable and stable supply of electricity. Renewable energy has experienced remarkable growth over the past decade, driven by factors such as declining costs, government incentives, and growing environmental concerns. Solar and wind power are among the leading contributors to the renewable energy mix, with their capacity increasing significantly year after year. This surge in renewable energy installation has created the need for advanced management systems to optimize and balance the intermittent nature of these energy sources.
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. Thus, such developments in the renewable energy sector hold immense potential for businesses and economies worldwide.
On the contrary, high deployment cost hampers the growth of Asia Pacific active network management market.
Based on component, the Asia Pacific active network management market is bifurcated into software and services. The software segment held 72.1% share of the Asia Pacific active network management market in 2023, amassing US$ 204.34 million. It is projected to garner US$ 798.54 million by 2031 to expand at 18.6% CAGR during 2023-2031.
In terms of industry, the Asia Pacific active network management market is segmented into energy & utilities, transportation, oil & gas, manufacturing, and others. The energy & utilities segment held 33.7% share of the Asia Pacific active network management market in 2023, amassing US$ 95.42 million. It is estimated to garner US$ 398.36 million by 2031 to expand at 19.6% CAGR during 2023-2031.
By application, the Asia Pacific active network management market is segmented into grid asset management, real-time monitoring, and automation. The grid asset management segment held 50.5% share of Asia Pacific active network management market in 2023, amassing US$ 143.01 million. It is predicted to garner US$ 512.25 million by 2031 to expand at 17.3% CAGR during 2023-2031.
In terms of organization size, the Asia Pacific active network management market is bifurcated into small & medium enterprises and large enterprises. The large enterprises segment held 68.3% share of the Asia Pacific active network management market in 2023, amassing US$ 193.53 million. It is estimated to garner US$ 723.15 million by 2031 to expand at 17.9% CAGR during 2023-2031.
Based on country, the Asia Pacific active network management market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China held 37.2% share of Asia Pacific active network management market in 2023, amassing US$105.31 million. It is projected to garner US$ 435.90 million by 2031 to expand at 19.4% CAGR during 2023-2031.
Key players operating in the Asia Pacific active network management market are ABB Ltd, Cisco Systems Inc, International Business Machines Corp, Oracle Corp, Siemens AG, and ZIV Automation, among others.
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