Utility Communications Market Overview
The global utility communication market can attain a strong growth rate of 15.50% during the forecast period (2018-2023), notes Market Research Future (MRFR). Utility Communication Market Report by Technology [Wired (PLC, Optic Fibre, and Ethernet) & Wireless (RF Mesh and Mobile Network)], Utility Type (Public and Private), Region (North America, Europe, & Asia-Pacific) - Forecast till 2023
The report covers segmentation and the market dynamics for a better glimpse of the market in the coming years. The utility communication is the groundwork for two-way communication between the utility and the end-users through all the data points deployed across the network. Utility communication helps monitor and control grid equipment, measures electric network performance, and delivers information in real-time to control centers. The attention to utility communications due to an increase in investments by utilities in modernizing their network in order to meet the demand for reliable power are projected to drive the utility communication market in the coming years.
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Primary Drivers and Top Restraints
The digital revolution has been welcomed with open arms by individuals and businesses alike. Digital transformation involves the use of technology that brings improvement to the performance of enterprises. In today’s time, digital devices, as well as social networks, are extensively used in an attempt to elevate the engagement between businesses, government, civil society along with friends and family. With the worldwide digital transformation market advancing at a fast pace, accelerates the need for transformation of traditional firms via digital technology. Digital transformation has not only led to the innovation of products like Utility Communication but has also given rise to the implementation of such products in their infrastructure. A detailed analysis report of COVID-19 impact on Utility Communication Market Size is provided with the report.
The smart grid system has an important part in the energy & power utility communication industry. A smart grid affects the information and communications technology (ICT) which helps smoothen the flow of real-time information inside the power utility, among the power utility and the suppliers and partners. With the high aptitude to sustain the quality of power, power utilities now maintain regulatory compliance, in addition to reducing the negative impact of issues to bring down costs.
Industrialization-wise, there is a connection between the business components of the utility industry, the energy demands, and the sustainability needs of the environment all over the world. This connection is fueling the demand as well as the implementation of a new kind of power system. Hence, it can be assumed that the surging use of smart grid systems within the utility communication industry can benefit the Utility Communication Market, given its widespread use in a variety of industries, particularly the energy and power industry.
Global Utility Communications Market Segmentation
The worldwide market for utility communication has been segmented with respect to technology and utility type.
Considering the technology segment, the utility communication market consists of wired and wireless technologies.
In terms of the utility type, the utility communication market includes private utility and public utility. The communication technology across the globe has noted several breakthroughs, which is prompting public utilities to work on upgrading their technologies to expand their share in the market. In addition, public utilities have gained prominence in the market since they receive subsidies, favorable policies, and funds from the government to provide services and amenities like electricity, water, sewage treatment, and transportation to the public.
Regional Insight
The geographical distribution of the utility communication market includes Asia Pacific (APAC), Middle East & Africa, North America, South America, and Europe.
APAC happens to be the top-performing market for utility communications, with its value estimated at USD 3,953.4 million in 2018. The market can touch a valuation of USD 8501.1 million by 2023 and can even achieve an impressive growth rate of 16.44% during the review period. With the sizeable investments in transmission & distribution (T&D) infrastructure given the rising power demand, a number of communication products in utilities are used for improving the electrical system. Besides, stiff competition between renowned competitors in the utility communication market can lead the region to a better position in the years ahead. To illustrate, in March 2018, Schneider Electric (France) launched its new East Asia & Japan headquarters in Singapore. The regional market is led by China, which was valued at USD 1,012.6 million in 2018, and can reach a valuation of USD 2,649.2 million by 2023. The market in China has the potential to achieve a growth rate of 17.39% during the forecast period. The market in China has tasted success on the back of the rising use of industrial automation in utilities along with the growing smart grid investments.
Europe comes second in the global utility communication market, thanks to substantial investments along with the latest technological advancements in utility communication network. Citing a reference, the European Regional Development Fund (ERDF) and Cohesion had made an investment of USD 22.42 billion for ICT for the period of 2014-2020. A further investment of close to USD 280.13 billion can be expected from 2014 to 2020, which is bound to work in favor of the utility communication market in the region. The Europe market was valued at USD 2,903.3 million in 2018 and cross the valuation of USD 5,895.5 million by 2023. Furthermore, the market is projected to obtain a growth rate of 15.12% during the conjectured timeframe.
Leading Players
The top players enlisted in the MRFR report that are shaping the global utility communications market include Schneider Electric (France), Landis+Gyr (Switzerland), RAD (Israel), Black & Veatch Holding Company (US), ABB (Switzerland), Siemens (Germany), Itron Inc. (US), Digi International, Inc. (US), Trilliant Incorporated (US), Ericsson (Sweden), General Electric (US), Motorola Solutions, Inc (US), to mention a few.
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