Attractive Opportunities for Players in Utility Communication Market

 The global Utility Communication Market is projected to grow from USD 20.2 billion in 2022 to USD 26.1 billion by 2027, at a CAGR of 5.3% according to a new report by MarketsandMarkets™. The Utility Communication Market has promising growth. Growing investment in smart grids; the need for improving grid reliability and operating efficiency and reducing outage length; rising technological advancements in communication technologies; and the need for IoT integration in the operations of the oil & gas industry are driving the growth of the market.

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The wired segment is expected to dominate the Utility Communication Market, by technology, during the forecast period.

 

The wired segment holds the largest share of the Utility Communication Market. The market for wired communication technologies is mainly driven by the advantages offered by them, such as increased security, lack of interference, and high-speed data transmission.

 

The public segment is expected to be the fastest growing Utility Communication Market, by utility, during the forecast period.

 

The Utility Communication Market, by utility, is divided into public and private, wherein the public segment accounts for the largest share, owing to being much more accountable and transparent, operate efficiently by keeping costs down, and deliver reliable power supply.

 

The Asia Pacific region is the fastest growing Utility Communication Market

 

In this report, the Utility Communication Market has been analyzed for five regions, namely, North America, Europe, Asia Pacific, South America and Middle East & Africa. Asia Pacific is a significant contributor to the Utility Communication Market in the current scenario owing to the investments in infrastructure modifications.

 

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Utility Communication Market.

 

Some of the key players include Hitachi Energy Ltd (Switzerland), Schneider Electric (France), Siemens (Germany), General Electric (US), and Motorola Solutions, Inc. (US). The leading players are adopting various strategies to increase their share in the Utility Communication Market.

Utility Communication Market: Increasing Focus on Improving Efficiency of Power Distribution Systems

 According to the new market research report "Utility Communication Market  by Technology Type(Wired and Wireless), Utility Type, Component(Hardware and Software), Application (Oil & Gas Network, T&D), End User (Residential, Commercial, and Industrial) and Region- Global Forecast to 2026", published by MarketsandMarkets™, the Utility Communication Market  size is expected to grow from an estimated USD 18.7 billion in 2021 to USD 23.2 billion by 2026, at a CAGR of 4.4%, during the forecast period. The key drivers for the Utility Communication Market include growing investment in smart grids modernization of electricity networks; focus on improving grid reliability, increasing operating efficiency, reducing outage length; consolidating trend of digitalization oilfield communication; and government initiative to support deployment of smart grid technologies.

The transmission & distribution segment is expected to capture the major share of utility communication market

The transmission & distribution segment held the largest share of the utility communication market, by application in 2020. Increasing demand for electricity and replacement of aging power infrastructure  is expected to drive the market. T&D operators depend on automatic systems to monitor and detect faults in their electrical networks and equipment. Many utility operators focus on maximizing investment in communication networks while ensuring reliable, secure data transmission.

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The residential segment is the largest contributor in the Utility Communication Market.

The residential segment is estimated to lead the Utility Communication Market. Asia Pacific was the largest market for residential end user segment in 2020. Increasing focus on energy efficiency is expected to drive the Utility Communication Market. The other key drivers for the growth of the Utility Communication Market for the residential sector are the introduction of mandates and regulations in support of utility communications at residential facilities. Countries such as Australia, China, Japan, the UK, France, and Italy have mandated the installation of utility communications at residential buildings.

Asia Pacific is expected to be the largest and fastest-growing market during the forecast period.

Asia Pacific accounted for the largest share of the global Utility Communication Market in 2020. The region has been segmented, by country, into China, Japan, India, Australia, South Korea, Malaysia, and Rest of Asia Pacific. Rest of Asia Pacific mainly includes Thailand, Vietnam, Indonesia, and Singapore. There is a high demand for electricity in Asia Pacific, which is also the most populated region in the world. Countries such as China, Japan, and South Korea are continuously investing in grid expansion projects to increase the reliability and resilience of distribution grids, which is likely to drive the demand for utility communication solutions and related services in the coming years. Besides, the smart grid market in the Asia Pacific region is expected to grow substantially in the coming years. The region is expected to invest about USD 9.8 billion in the development of smart grid infrastructure between 2018 and 2027. Asia Pacific is also moving toward clean energy on a large scale to meet the growing energy needs of the region.

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Major economies such as China, Japan, and India have ambitious solar and wind-based renewable power generation targets. According to the Renewable Energy Policy Network (REN21), China accounted for 45% of the total global investment (nearly USD 126.6 billion) in renewable power generation projects in 2017., followed by India, with an investment of USD 10.7 billion. Investments in infrastructure modifications are driven by the country’s aging power infrastructure. All these investments are likely to drive the market for utility communication solutions and services in Asia Pacific.

Some of the prominent players operating in the Utility Communication Market are ABB (Switzerland), Schneider Electric (France), Siemens (Germany), General Electric (US), and Motorola Solutions (US).