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Utility Communication Market is projected to be worth USD 25.04 Billion by 2027, registering a CAGR of 4.95% during the forecast period (2021 - 2027), The market was valued at USD 11.95 Billion in 2020.The utility communications market is exploring and achieving greater heights in the global economy.
The report covers segmentation and the market dynamics for a better glimpse of the market in the coming years. The Utility Communication Market 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.
However, the growth of utility communication market can be hindered during the forecast period as it has high initial investments.
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Competitive Analysis
ABB is focused on product development in order to integrate its digital Global Utility Communication Market 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.
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.
Regional Analysis
Geographic analysis of the utility communication market size spans across Asia-Pacific, Europe, North America, Middle East & Africa, and South America.
Asia-Pacific is leading the market with its market value at USD 3,953.4 million in 2018. The regional market value can go up to USD 8501.1 million by 2023 with an impressive 16.44% CAGR during the forecast period. Due to increasing investments in (transmission & distribution) T&D infrastructure for growing power demand, many communication products in utilities are deployed to enhance the electrical system. In addition, increasing investment and expansion of the major competitors in utilities communication market drives the market in Asia-Pacific. For instance, March 2018, Schneider Electric (France) opened its new East Asia & Japan headquarters in Singapore. This unit would help in the production and distribution of utility communication products in Asia-Pacific for developing solutions for utilities, which would provide solutions and products, such as electrical systems & equipment, energy management, metering & industrial automation solutions for utilities. Such strategic developments in the region would increase the demand for utility communication products in Asia-Pacific, which is expected to drive the utility communication market.
China is leading in Asia-Pacific with a value of USD 1,012.6 million in 2018, and expected to increase to USD 2,649.2 million by 2023 at a CAGR of 17.39% during the forecast period. As per World Energy Outlook 2017 report, increasing investment for power plants and T&D network worth of USD 15.3 billion and USD 35.7 billion, respectively would drive the demand for utility communication in China. Hence, an increase in the use of industrial automation in utilities and increasing smart grid investments, drive the demand for utilities communication products.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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