Utility Communication Market to Register a Stout Growth by End 2027
The utility communication market was valued at US$ 10,730.4 million in 2019 and is projected to reach US$ 35,138.1 million by 2027; it is expected to grow at a CAGR of 16.3% during 2020–2027.
Market Overview:
Utility communication is a collection of technologies and tools used to organize various components of a complicated delivery system. It tracks and manages the grid facilities, tests network output, and provides information in real-time. Advancements in IT systems led to the creation of automated delivery networks for utilities (power, energy, etc.) to allow efficient operations of modern power systems. This communication network allows for the effective and well-regulated transfer of resources such as power. The utility communication network is a double-sided communication channel that connects various data points through the system. To prevent an environment of fractured communications networks, utilities across the world are investing heavily to develop the infrastructure for reliable communication. Its system supports demand response (DR), delivery automation (DA), and advanced metering system (AMI), powered by legislative mandates, government grants, and high energy inefficiency costs. The global market size for IoT is increasing significantly; this suggests that the scope of utility communication with respect to Industry 4.0 and IoT is rising. The demand for utility communications is growing subsequently with the increasing development of technology as the utilities seek to follow a progressive mode of data transmission. The utility connectivity deals mainly with data transmission and networking technologies. However, data privacy issues might hamper the market growth during the forecast period.
Further, surge in renewable energy generation and distributed capital has resulted in the rapid growth of utility communication systems. Most countries focus on introducing advanced metering infrastructure (AMI), which involves the installation and usage of smart meters and other electronic devices that allow for two-way communication and data transmission between end users and utilities. The move from conventional metes to smart meters is driven by factors such as incorrect billing, theft and power misuse, late payments, and meter reading costs.
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The report segments the global Utility Communication market as follows:
Global Utility Communication Market – By Technology
Wired
Optical Fiber
PLC
Ethernet
Others
Wireless
Global Utility Communication Market – By Utility Type
Private Utility
Public Utility
Global Utility Communication Market – By Geography
North America
U.S.
Canada
Mexico
Europe
France
Germany
UK
Italy
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia
South Korea
Rest of Asia-Pacific
Middle East & Africa
South Africa
Saudi Arabia
UAE
Rest of Middle East & Africa
South America
Brazil
Argentina
Rest of South America
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Utility Communication Market to 2027 - COVID-19 Impact and Global Analysis and Forecasts by Technology (Wired and Wireless); Utility Type (Private Utility and Public Utility)
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