Dublin, April 04, 2024 (GLOBE NEWSWIRE) -- The "Global Industrial Utility Communication Market by Technology (Wired, Wireless), Component (Hardware, Software, Services), End-use Industry( Power Generation, , AC Transmission, Oil & Gas, Transportation), and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global industrial utility communication market is projected to experience substantial growth, expanding from USD 3.1 billion in 2023 to reach USD 4.2 billion by 2028. This remarkable growth, registering a Compound Annual Growth Rate (CAGR) of 6.0%, is primarily driven by the surging demand for real-time data analytics, remote monitoring, and control in industrial operations, powered by the widespread adoption of smart technologies and automation.
In the face of increasing data volumes and the necessity for low-latency operations, wired technologies within this sector are witnessing a significant growth trajectory. Offering unmatched reliability and stability, wired communication is critical in contexts where uninterrupted data transmission is of the essence, particularly in high-demand, real-time monitoring applications.
Within the market's components, hardware is highlighted as the fastest growing segment, in line with a 6.0% CAGR. Growing industrial reliance on the Industrial Internet of Things (IIoT) and the evolution of Industry 4.0 continues to dictate the necessity for sophisticated hardware components. Such components form the critical infrastructure enabling robust connectivity and seamless communication across diverse industrial settings.
When zooming in on specific industry applications, the end-use sectors of EV charging and water/wastewater management showcase rapid expansion, outperforming others with a CAGR of 6.2%. Developments in the EV charging industry reflect the accelerating electric vehicle adoption globally, necessitating advanced communication frameworks for managing infrastructure. Concurrently, the water/wastewater sector underscores the need for smart utility communication solutions vital for enhancing operational efficiency and improving resource management.
North America, being home to a highly developed industrial infrastructure, represents the second-largest region in the market. This is attributed to the region's rapid adoption of advanced technologies and a robust focus on innovation, delivering a solid foundation for the expansion of sophisticated communication systems across diverse industrial verticals.
An extensive series of primary interviews with key industry stakeholders has contributed to a comprehensive market analysis. With diverse company types and designations spanning multiple regions including North America, Europe, Asia Pacific, Middle East & Africa, and South America, the research encapsulates a diverse array of perspectives.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 311 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $3.1 Billion |
| Forecasted Market Value (USD) by 2028 | $4.2 Billion |
| Compound Annual Growth Rate | 6.0% |
| Regions Covered | Global |
Premium Insights
- Growing Adoption of Smart Grid Technologies Along with Growing Industrialization to Drive Market
- Power Generation to be Fastest-Growing End-use Industry Segment During Forecast Period
- Asia-Pacific to be Fastest-Growing Industrial Utility Communication Market During Forecast Period
- Hardware to be Fastest-Growing Component Segment During Forecast Period
- Wired to be Faster-Growing Technology Segment During Forecast Period
Market Dynamics
Drivers
- Growing Adoption of Smart Grid Technologies
- Growing Demand for Automation and Industrial Wireless Communication Systems
- Increasing Adoption of Cloud-based Utility Communication Solutions to Drive Market
Restraints
- High Cost of Deployment and Maintenance
- Lack of Standards and Interoperability
Opportunities
- Rising Number of Upcoming Smart City Projects in Developing Regions
- Aging Utility Infrastructure
Challenges
- Security Concerns and Cybersecurity Threats
Company Profiles
Key Players
- General Electric
- Siemens
- Schneider Electric
- Hitachi Energy Ltd.
- Fujitsu
- Motorola Solutions, Inc.
- Telefonaktiebolaget Lm Ericsson
- Nokia
- Itron Inc.
- Cisco Systems, Inc.
- Emerson Electric Co.
Other Players
- Zte Corporation
- Landis+Gyr
- Ribbon Communications Operating Company, Inc.
- Trilliant Holdings Inc.
- Milsoft Utility Solutions
- Valiant Communications
- Black & Veatch Holding
- Rad
- Sensus, a Xylem Brand
- Digi International Inc.
- Eaton
- Honeywell International Inc.
- Azbil Corporation
- Rockwell Automation
- Huawei Technologies Co. Ltd.
- Sierra Wireless
- Cradlepoint, Inc.
- Westermo - a Ependion Company
- 4Rf Limited
- Mimomax
- Freewave Technologies, Inc.
- Cambium Networks, Ltd.
- Xetawave, LLC.
- Racom
- Schweitzer Engineering Laboratories, Inc.
- Belden Inc.
- Moxa Inc.
- Ziv
- Digitalplatforms S.P.A.
For more information about this report visit https://www.researchandmarkets.com/r/1fbl0u
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