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Utility Communication Market Analysis 2023-2032: Technology Scouting, Latest Trends, Global Outlook And Major Players | Schneider Electric, Siemens AG, General Electric, DIGI International Inc., ZTE Corporation
Utility Communication Market
The Business Research Company's Utility Communication Global Market Report 2023 identifies Rising demand for smart grids as the major driver for the Utility Communication Market's growth in the forecast period. A smart grid is an electrical grid integrated with automation, communication, and information technology systems that can monitor power flows from points of supply to consumption and regulate the power flow or limit the load in real-time to match the supply. The rising demand for operational efficiency has favored the demand for smart grids. Smart grids enable the use of distributed smart sensors, distributed power generation, real-time measurements and metering infrastructure, and monitoring systems to give real-time information about operations between utilities and consumers.
The global utility communication market is expected to grow from $19.04 billion in 2022 to $20.94 billion in 2023 at a compound annual growth rate (CAGR) of 10.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the utility communication market is expected to grow to $30.82 billion in 2027 at a CAGR of 10.1%.
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Major competitors in the utility communication market are Schneider Electric, Siemens AG, General Electric, DIGI International Inc., ZTE Corporation, Cisco Systems Inc., Black & Veatch Holdings Company, Valiant Communications, ABB Limited, Omicron Electronics GmbH, Hitachi Energy Limited, Motorola Solutions Inc., Telefonaktiebolaget LM Ericsson, Milsoft Utility Solutions, Honeywell Internationals Inc., Rockwell Automations Inc., Texas instruments, and Power Systems Engineering.
A key trend in the Utility Communication Market includes technological advancement. The market is witnessing the implementation of advanced technologies such as IoT (internet of things), Web 2.0, real-time monitoring, and two-way communications between utilities and consumers. Such advancements enable key players to gain a competitive edge in the market. For instance, in March 2021, Itron Inc., a US-based technology company that offers products and services on energy and water resource management, launched the eHZ-B Smart Meter, a residential smart meter for utilities. The smart meter is designed with advanced features to assist utilities in safely transitioning to a low-carbon, reliable, and affordable energy supply, as well as equip utilities to safely migrate to a smart and interconnected distribution network.
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The Utility Communication Market is segmented -
By Technology: Wired, Wireless
By Utility: Public, Private
By Components: Hardware, Software
By Application: Transmission and Distribution, Oil and Gas
By End-User: Residential, Commercial, Industrial
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Utility Communication Market.
The Business Research Company's "Global Utility Communication Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Utility Communication Market Include:
1. Executive Summary
2. Utility Communication Market Characteristics
3. Utility Communication Market Trends And Strategies
4. Utility Communication Market - Macro Economic Scenario
5. Utility Communication Market Size And Growth
……
26. Africa Utility Communication Market
27. Utility Communication Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Utility Communication Market
29. Utility Communication Market Future Outlook and Potential Analysis
30. Appendix
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