Newark, NJ, Nov. 16, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global utility communication market is expected to grow from USD 15.6 billion in 2020 and reach USD 33.4 billion by 2028, growing at a CAGR of 10% during the forecast period 2021-2028.
The exponential growth of utility communication networks has been fueled by the growth of renewable energy and dispersed resources. During the projected period, smart city projects throughout the world are expected to see greater use of utility communication, in addition to renewable resource generation. Most nations are working on advanced metering infrastructure (AMI), which comprises the installation of smart meters and other electronic equipment that enable two-way communication and data transmission between end-users and utilities. Wrong billing, power theft and fraud, late payments, and meter reading expenses are all factors impacting the transition from standard meters to smart meters. Over the projection period, these factors are expected to drive demand for utility communication. The utility business, on the other hand, is heavily regulated, which is a key impediment to the market's expansion.
Utility communication refers to a combination of technologies and equipment that are used to coordinate many components of a complex utility distribution system. It keeps track of grid equipment and manages it, as well as measuring network performance and providing real-time data. For the effective operation of contemporary power systems, advancements in IT systems led to the creation of automated distribution networks for utilities (power, energy, etc.). Because of the need for automation, the utility communication industry is predicted to rise significantly soon all over the world. This communication technology enables the safe and efficient transport of utilities like electricity and gas. Because of the difficulties in managing numerous advanced metering infrastructure platforms, many utilities are having difficulty extracting value from existing systems. Increased demand for utility communication networks has resulted from a sudden surge in power consumption without equivalent increases in generation and transmission capacity throughout the world.
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Growing investment in smart grids, network upgrades, a focus on improving grid reliability, increasing operational efficiency, and reducing outage time, as well as government measures to encourage the use of smart grid technology, are driving the market. The market's growth is being stifled by costly installation and maintenance costs, as well as a lack of standards and compatibility. Market expansion is predicted to be fueled by an increase in the number of smart city projects, rising acceptance of wireless communication technologies like as 5G, and the replacement of old communication networks. Oil price volatility, reduced demand for oil, supply chain interruptions owing to COVID-19, and the danger of cyber-attacks and natural disasters are all threats to the market.
Key players operating in global utility communication market include ZTE Corporation, Cisco Systems, Inc., Texas Instruments, Inc., Omicron Electronics Black & Veatch Holding Company, ABB, Ltd., Fujitsu, Schneider Electric, Motorola Solutions, Inc., GMBH, Power System Engineering, Inc., General Electric, Valiant Communications Milsoft Utility Solutions, Inc., Siemens Ag, and DIGI International, Inc. To gain a significant market share in the global utility communication market, the key players are now focusing on adopting strategies such as joint-venture, mergers & acquisitions, recent developments, collaborations, product innovations, and partnership. ABB and Motorola Solutions are some of the key manufacturers operating in utility communication market.
- ABB will debut the Tropos TRO600 range, a next-generation wireless communication solution, in September 2020. It combines public and private communication technologies for high performance and dependability in mining, oil and gas, utilities, and smart cities, including 3GPP, 2G, 3G, 4G LTE, and wireless mesh.
- Motorola Solutions will release the APX NEXT XE, a next-generation Project 25 (P25) radio with Internet capabilities designed exclusively for firefighters, in September 2020. It blends mission-critical voice communications with data applications, bringing together radio voice control, messaging, mapping, and important new collaborative tools to increase situational awareness.
Hardware segment dominated the market and held the largest market share of 60.9% in the year 2020
Based on component, the global utility communication market is segmented into Hardware and Software. Hardware segment dominated the market and held the largest market share of 60.9% in the year 2020. The market is likely to be driven by an increasing focus on components to perform several activities, including distribution system control. To keep costs down, manufacturers are increasingly attempting to build hardware components with a high level of system integration and a simple design.
Transmission & distribution segment dominated the market and held the largest market share of 33.1% in the year 2020
Based on application, the global utility communication market is segmented into Oil and Gas Utilities, Transmission & distribution and Others. Transmission & distribution segment dominated the market and held the largest market share of 33.1% in the year 2020. The market is likely to be driven by rising electricity consumption and the replacement of old power infrastructure. To monitor and detect defects in their electrical networks and equipment, T&D operators rely on automated systems. Many utility companies prioritize optimizing communication network investment while maintaining dependable and secure data transfer.
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Residential segment dominated the market and held the largest market share of 39.15% in the year 2020
Based on end-user, the global utility communication market is segmented into Residential, Industrial and Commercial. Residential segment dominated the market and held the largest market share of 39.15% in the year 2020. The utility communication industry is likely to be driven by growth in the residential power sector. Smart meters are being installed on a big scale in developed regions like as Asia Pacific and North America, which is fueling market expansion.
Regional Segment of Utility communication Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global utility communication market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia Pacific region holds the largest market share of 35.16% in the year 2020. In Asia Pacific, which is also the world's most populous area, there is a significant need for power. Countries like China, Japan, and South Korea are spending heavily in grid expansion projects to improve the stability and resilience of distribution grids, which is expected to fuel demand for utility communication systems and related services in the future years. Furthermore, the smart grid market in Asia Pacific is predicted to expand significantly in the future years. To address the region's expanding energy demands, Asia Pacific is also working toward renewable energy on a huge scale.
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About the report:
The global utility communication market is analysed based on value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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