Press release
Utility Communication Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | Schneider Electric SE, Siemens Aktiengesellschaft, General Electric Company, DIGI International Inc
Utility Communication Market Size
The Business Research Company offers in-depth market insights through Utility Communication Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The utility communication market size has grown strongly in recent years. It will grow from $20.91 billion in 2023 to $22.96 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to grid modernization initiatives, demand response programs, cybersecurity concerns, customer engagement programs, regulatory compliance requirements, globalization of utility operations..
The utility communication market size is expected to see rapid growth in the next few years. It will grow to $34.86 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to increased interconnectivity, rise in distributed energy resources, smart city initiatives, focus on environmental sustainability, grid decentralization.. Major trends in the forecast period include adoption of 5g technology, integration with iot devices, global collaboration on standards, artificial intelligence in grid management, data analytics for predictive maintenance..
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Market Segmentation:
The utility communication market covered in this report is segmented -
1) By Technology: Wired, Wireless
2) By Utility: Public, Private
3) By Components: Hardware, Software
4) By Application: Transmission and Distribution, Oil and Gas
5) By End-User: Residential, Commercial, Industrial
Major Driver - Utility Communication Market Soars With The Rising Demand For Smart Grids
Rising demand for smart grids is expected to propel the growth of the utility communication market going forward. 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. For instance, in September 2022, according to statistical data published by the International Energy Agency (IEA), a France-based intergovernmental organization, the investment in electricity grids increased by 6% in 2021, with $292 billion invested in 2020 and $309 billion spent in 2021. Therefore, the rising demand for smart grids is driving the growth of the utility communication market.
Competitive Landscape:
Major companies operating in the utility communication market report are Schneider Electric SE, Siemens Aktiengesellschaft, General Electric Company, DIGI International Inc., ZTE Corporation, Cisco Systems Inc., Black & Veatch Holding Company, Valiant Communications Limited, ABB Ltd., Omicron Electronics GmbH, Hitachi Energy Ltd., Motorola Solutions Inc., Milsoft Utility Solutions Inc., Honeywell International Inc., Rockwell Automation Inc., Texas Instruments Incorporated, Power Systems Engineering Inc., Fujitsu Limited, Xylem Inc., Itron Inc., Trilliant Holding Inc., Nokia Corporation, RAP Data Communications Ltd., SmartMark Communications LLC, Smarter Grid Solutions Ltd., Robert Bosch GmbH, LG Corporation, Mitsubishi Corporation, Emerson Electric Co., Yokogawa Electric Corporation, Inductive Automation LLC, AVEVA Group plc, Tatsoft LLC, Advantech Co. Ltd., Mitsubishi Electric Corporation
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https://www.thebusinessresearchcompany.com/report/utility-communication-global-market-report
Top Trend - Technological Advancements Propel The Utility Communication Market
Technological advancements have emerged as key trends gaining popularity in the utility communication market. 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. It interacts with multi-vendor systems and uses transport layer security (TLS) encryption to connect with the Smart Meter Gateway (SMGw). eHZ-B protects digital transmission with built-in next-generation encryption while maintaining a continuous pulse on the electrical grid.
The Table Of Content For The Market Report 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
…..
27. Utility Communication Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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