New Delhi, June 07, 2023 (GLOBE NEWSWIRE) -- Global utility communication market is flourishing due to an increasing demand for real-time monitoring and control of utility systems, electricity grids, and water networks; the need to improve the resilience and reliability of utility networks in the face of natural disasters and cyber threats; and the deployment of smart grids and the integration of renewable energy sources.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global utility communication market size at USD 16.27 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global utility communication market size to grow at a CAGR of 9.6% to reach a value of USD 30.91 billion by 2029. The increasing demand for smart grid technologies and the need for reliable and efficient communication networks, the growing adoption of IoT and M2M communication technologies, rising investments in the development of advanced communication infrastructure, such as 5G and other wireless technologies, are expected to drive the growth of the global utility communication market during the period in analysis. Additionally, the increasing focus on renewable energy, the need for more sustainable and resilient power grids, and the continuing trend of digitalization and automation in the utilities sector are expected to create new growth opportunities for the global utility communication market.
Opportunity: Growing demand for Utility Communication in various industries
The global viscosity reducing agent market is experiencing growth due to the increasing demand for these agents in various industries. One of the key drivers is the need to improve the efficiency of the transportation and processing of crude oil and petroleum products. The use of Utility Communication such as drag reducing agents in pipelines can result in increased flow rates, reduced energy consumption, and lower maintenance costs. In the paints and coatings industry, Utility Communication are used to improve the application properties and reduce the need for thinning agents, resulting in cost savings and improved performance. The plastics industry also uses Utility Communication to improve the processability of materials, reduce cycle times, and improve product quality. In addition, the growing demand for eco-friendly and sustainable products is driving the use of Utility Communication in water-based formulations. These agents can improve the stability and performance of these formulations and reduce the environmental impact. Now companies offer a range of Utility Communication for various industries and applications and are investing in research and development to improve the performance and sustainability of their products which drive market growth.
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Segmental Information
Global Utility Communication Market – By Application
Based on application, the global utility communication market is segmented into transmission & distribution, oil & gas utilities, and others. During the forecast period, the transmission and distribution segment is expected to witness high growth due to the replacement of ageing power infrastructure and the increased demand for electricity. As power grids become increasingly complex and decentralized, the need for reliable and efficient communication solutions in the transmission and distribution sector has become more important than ever. Companies such as Schneider Electric SE and General Electric Company offer advanced communication solutions for the transmission and distribution sector. Schneider Electric offers its EcoStruxure Grid platform, which provides real-time monitoring and control of power grids, while General Electric's Grid Solutions business offers a range of communication solutions for power grids, including its Multilin Intelligent Electronic Devices and its Advanced Distribution Management System. Moreover, the increasing demand for renewable energy sources is also expected to drive the growth of the transmission and distribution segment, as renewable energy sources require new and advanced transmission and distribution infrastructure. For instance, China is investing heavily in renewable energy infrastructure, with plans to build new transmission lines to connect remote renewable energy sources to the national grid.
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Impact of COVID-19 on the Global Utility Communication Market
The COVID-19 pandemic that started in late 2019 had a negative impact on various sectors globally, including the utility communications market. The World Health Organization declared it a public health emergency due to the high death toll and global spread of the virus across more than 100 countries. The manufacturing, finance, tourism, and import-export sectors all suffered significant losses. The already slow-growing global economy experienced further downward pressure due to the pandemic, highlighting the need for improvement. The viral outbreak increased the risks and challenges faced by the utility communications market, with supply chain disruptions and workforce shortages being a significant challenge. The pandemic also led to a decline in demand for energy services due to business closures and reduced operations, negatively impacting companies in the sector. The slow economy also affected investments and research and development, hindering innovation. Despite the negative impact, the pandemic also led to the adoption of new communication technologies and remote monitoring solutions by companies, enabling them to manage their operations more efficiently and effectively amidst the disruption. The sector also witnessed innovative solutions for remote monitoring and control of energy systems, presenting opportunities for growth and innovation.
Competitive Landscape
The global utility communication market is fragmented, with numerous players serving the market. The key players dominating the global utility communication market include Siemens AG, General Electric Company, ABB Ltd., Schneider Electric SE, Honeywell International Inc., Cisco Systems, Inc., International Business Machines (IBM) Corporation, Motorola Solutions, Inc., Fujitsu Limited, Ericsson AB, Huawei Technologies Co., Ltd., Nokia Corporation, Telefonaktiebolaget LM Ericsson (Ericsson), Alcatel-Lucent S.A. (Nokia), and Itron Inc. The key marketing strategies adopted by the players include facility expansion, product diversification, alliances, collaborations, partnerships, and acquisition to expand their customer reach and gain a competitive edge in the overall market.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the Global Utility Communication Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Utility Communication Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
Recent Developments
- In May 2021 - Cisco acquired Kenna Security, a leading provider of vulnerability management solutions. The acquisition was expected to enhance Cisco's cybersecurity offerings for utilities and other critical infrastructure sectors.
- In April 2021 - Siemens announced that it had successfully implemented an advanced distribution management system (ADMS) for a major European utility. The system is designed to improve the efficiency, reliability, and resilience of the utility's power grid.
- In March 2021 - Nokia partnered with a major European utility to trial a private wireless network for power grid communications. The network is based on Nokia's 5G technology and is designed to provide high-speed, low-latency communication for grid automation and control.
Scope of the Report
| Attribute | Details |
| Years Considered | Historical Data – 2019–2022 |
| Base Year – 2022 | |
| Estimated Year – 2023 | |
| Forecast – 2023–2029 | |
| Facts Covered | Revenue in USD Billion |
| Market Coverage | North America (US, Canada), Europe (Germany, UK, France, Italy, Spain, Belgium, Russia, The Netherlands, Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Vietnam, Rest of Asia Pacific), Latin America (Brazil, Mexico, Argentina, Peru, Rest of Latin America), Middle East & Africa (Saudi Arabia, UAE, Qatar, Kuwait, South Africa, Nigeria, Algeria, Rest of Middle East & Africa) |
| Product/Service Segmentation | Utility Type, Component, Technology, By End User, By Region |
| Key Players | Siemens AG, General Electric Company, ABB Ltd., Schneider Electric SE, Honeywell International Inc., Cisco Systems, Inc., International Business Machines (IBM) Corporation, Motorola Solutions, Inc., Fujitsu Limited, Ericsson AB, Huawei Technologies Co., Ltd., Nokia Corporation, Telefonaktiebolaget LM Ericsson (Ericsson), Alcatel-Lucent S.A. (Nokia), Itron Inc. |
By Utility Type
- Public
- Private
By Component
- Hardware
- Software
By Technology
- Wired
- Wireless
By Application
- Transmission & Distribution
- Oil & Gas Utilities
- Others
By End User
- Residential
- Commercial
- Industrial
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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