Utility Communication Market Analysis
The global Utility Communication Market Size is predicted to touch USD 23,699.9 million at 15.50% CAGR over the estimated years (2018-2023). Utility communication is used to measure network performance, deliver information in real-time and monitor and control the grid equipment. Today various forms of utility communication technologies are used in oil and gas utilities as well as transmission and distribution networks such as mesh, microwave and radio communication, WiMax, ethernet, power line carrier, fiber optics and more.
There are ample factors that are boosting the growth of the utility communications market. These factors as stated by the Market Research Future (MRFR) report include the growing use of mobile devices and smart grids, strict regulatory needs for power utilities, modification in the billing practice in the power utility companies, and changing utility billing system. On the contrary, high initial investments and less capital accessible with some small utilities for adopting advanced communication technologies are factors that may deter utility communications market growth over the estimated years
Global Utility Communication Market Segmentation
MRFR report offers a wide segmental analysis of the utility communications market on the basis of technology and utility type.
Based on technology, the utility communications market is segmented into wireless technology and wired technology. Of these, wired technology will have the largest share in the market over the estimated years. It is predicted to touch USD 15,023.4 million by 2023.
Based on utility type, the utility communications market is segmented into private utility and public utility. Of these, the public utility will domineer the market over the estimated years and is expected to touch USD 17, 654.0 million at 15.44% CAGR by 2023.
Regional Analysis
By region, the utility communications market covers growth opportunities and latest trends across the Middle East and Africa, North America, South America, Europe and the Asia Pacific.
Of these, Asia Pacific will have precedence over others in the market over the estimated years. It is likely to touch USD 8501.1 million at 16.44% CAGR. The factors that are driving the market growth here include growing investments in transmission and distribution, and increasing investment as well as the expansion of key competitors in the market. In March 2018, Schneider Electric in France opened in Singapore their East Asia and Japan headquarters.
The utility communications market in Europe will have the second major share over the estimated years. This region has the latest technological innovations in the utility communication network, significant investments, and effective digital global economy. Cohesion and the European Regional Development Fund invested for ICT about 22.42 billion during the period 2014-2020. Also, an additional investment of about USD 280.13 billion is predicted during the period 2014-2020 that will propel the demand for the utility communication market. The market in this region recorded USD 2903.3 million in 2018 and is predicted to scale as well as surpass USD 5895.5 million at 15.12% CAGR over the estimated years.
China is the chief contributor in the APAC region, having a value of USD 1012.6 million in 2018 and predicted to surpass USD 2649.2 million at 17.39% CAGR over the estimated years. As per the 2017 report of World Energy Outlook, growing investment for T&D network and power plants worth USD 35.7 billion and USD 15.3 billion will boost the market growth in China. Thus, an increase in the utilization of industrial automation in utilities coupled with smart grid investments will push the demand for utility communication products.
Key Players
Leading players profiled in the global utility communications market include General Electric (US), Black & Veatch Holding Company (US), Digi International, Inc. (US), Itron Inc. (US), Motorola Solutions, Inc (US), Siemens (Germany), Schneider Electric (France), Trilliant Incorporated (US), RAD (Israel), Landis+Gyr (Switzerland), Ericsson (Sweden), ABB (Switzerland) and others.
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