Utility Communication Market Overview
Utility Communication Market is projected to be worth USD 25.04 Billion by 2027, registering a CAGR of 4.95% during the forecast period (2022 - 2030).
The utility communication market is expected to witness significant growth in the coming years due to several factors. One of the primary drivers of this growth is the increasing demand for reliable and efficient communication networks in the utility industry. The integration of advanced technologies such as smart grids and advanced metering infrastructure (AMI) is also expected to boost market growth.
Moreover, the increasing need for energy management and conservation, coupled with the growing adoption of renewable energy sources, is driving the demand for advanced communication systems in the utility sector. The increasing focus on reducing carbon emissions and achieving energy efficiency targets is expected to further fuel market growth.
Additionally, government initiatives and regulations aimed at promoting the deployment of smart grids and advanced communication systems in the utility sector are expected to drive the market growth. The increasing adoption of cloud computing, IoT, and big data analytics in the utility industry is also expected to create new growth opportunities for the utility communication market.
Overall, the utility communication market is expected to experience steady growth in the coming years, driven by the increasing demand for advanced communication systems in the utility industry, the adoption of advanced technologies, and government initiatives aimed at promoting energy efficiency and conservation.
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Segmental Analysis
Extensive research of the utility communication market segments the market by component, application, and end-use.
On the basis of technology, the utility communication market can be segmented into wired and wireless technologies. The wired technology segment is dominating the market with a value of USD 7,010.5 million in 2018 and can go up to USD 15,023.4 million by 2023. Meanwhile, the wireless segment is also expected to have a CAGR of 14.09% during the forecast period.
On the basis of utility type, the utility communication market comprises of public utility, and private utility. The public utility segment is in the leading position and is valued at USD 8,572.9 million in 2018, which can go up to USD 17,654.0 million by 2023. The segment is expected to beat the market at 15.44% CAGR during the forecast period.
Competitive Analysis
Prominent players profiled in the utility communications market are ABB (Switzerland), Ericsson (Sweden), Landis+Gyr (Switzerland), RAD (Israel), Trilliant Incorporated (US), Schneider Electric (France), Siemens (Germany), Motorola Solutions, Inc (US), Itron Inc. (US), Digi International, Inc. (US), Black Veatch Holding Company (US), and General Electric (US).
ABB is focused on product development in order to integrate its digital utility communication products with global techniques in its power grid division. For instance, in April 2018, the company introduced more than 210 solutions and services of the ABB Ability, under its power grid division to energize and automate the industry digital solution. This development would help the company, explore the untapped opportunities in Africa in order to fulfil the electricity demand of the region. Other key strategies adopted by the company are that of mergers acquisitions.
General Electric aims to concentrate on research and development activities across all its product lines and services for digital communication within utilities to improve its market share, globally. For instance, the company designed the product Lentronics JunglePAX, a packet switched networking solutions, which was especially developed for electric utility operations for easy integration and efficient service. Additionally, the company is also focused on contracts and agreements, a part of its inorganic strategy, in order to gain the interest in utilities communication network for efficient and reliable operation, across the globe.
