New York, US, Dec. 12, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Utility Communication Market Report: Information by Technology, Region, and Utility Type- Forecast till 2030”, the global utility communication market is predicted to flourish considerably during the review era from 2022 to 2030 at a healthy growth rate of approximately 4.95%. The reports further project that the market will attain a valuation of around USD 25.04 Billion by the end of 2027.
Utility Communication Market Overview:
Utility communications refer to the preparation process of two-way communications among the utility and end-users across all the implemented data points in the network. It enables access for monitoring and controlling grid equipment, real-time delivery of information, and measuring electric network performance to control centers. The global market enables several utility communications technologies functioning in oil & gas industries in transmitting and distributing networks, such as radio communications, microwave, power line carrier (PLC), mesh, fiber optics, Ethernet, and WiMax. The utility communications market enables a safe, economical, and reliable solution connecting with dependable, efficient, and faster infrastructure, leading to reduce operating costs, the high conservation of energy, and lesser customer complaints. All of these characteristics assist in boosting the growth of the market. The global utility communication market has shown tremendous expansion in the last few years. The main aspect boosting the market's growth is the stringent government regulations supporting utility communications. The constant changes in the billing systems of utilities are also believed to influence the market's growth over the review era.
Utility Communication Market Competitive Analysis
The catalog for the leading participants across the global utility communication market includes players such as:
- Schneider Electric (France)
- Toshiba (Japan)
- ABB (Switzerland)
- General Electric (USA)
- Emerson (USA)
- Honeywell International Inc. (US)
- Rockwell Automation (US)
- Hitachi (Japan)
- Siemens (Germany)
- Metso Corporation (Finland)
- Yokogawa (Japan)
- Azbil Corporation (Japan)
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Furthermore, the increasing smart grid activities across the globe are causing a rise in the use of mobile devices, which in turn is anticipated to accelerate the market's growth over the coming years. Moreover, the advancement in the utility communications market trends catalyze the market potential to greater limits and is anticipated to boost the development of the market over the coming years.
Utility Communication Market USP Covered
Market Drivers
The global utility communication market has shown tremendous expansion in the last few years. The main aspect boosting the market's growth is the stringent government regulations supporting utility communications. The constant changes in the billing systems of utilities are also believed to influence the market's growth over the review era. Furthermore, the increasing smart grid activities across the globe are causing a rise in the use of mobile devices, which is anticipated to accelerate the market's growth over the coming years. Moreover, the advancement in the utility communications market trends catalyze the market potential to greater limits and is anticipated to boost the development of the market over the coming years.
Market Restraints
On the other hand, factors such as the COVID-19 pandemic outbreak and the risk of cyber-attack are likely to limit the market's performance.
Utility Communication Market Report Scope:
| Report Metrics | Details |
| Utility Communication Market Size by 2027 | USD 25.04 Billion |
| CAGR | 4.95% |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Growing Trend Of Digitalization And Smart Cities Investments In Smart Communication Technologies By Utilities |
| Key Market Drivers | Stringent Government Regulations Benefiting Utilities Changing Utility Billing Systems Increasing Smart Grid Activities Leading To The Use Of Mobile Devices |
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COVID-19 Impact
The rise of global health hazards in the form of COVID-19 has ended up causing major damage to the majority of the industry sectors across the globe. Like all the other industry sectors across the globe, the global utility communication market has also faced various unexpected challenges in recent times. The travel limitations and social distancing norms imposed worldwide by the governments led to causing major revenue loss to the market. On the other hand, with global activities returning to normal, the global utility communication market is anticipated to show considerable development over the coming years.
Segment Analysis
Among all the technologies, the wired segment is anticipated to secure the top position across the global utility communication market over the review era. The segment includes power line communication, Ethernet, optical fiber, and others. On the other hand, the non-wired segment is predicted to show the highest growth rate over the assessment era. the segment is further divided into radio communications, microwave, RF mesh, and mobile networks.
Among all the end-users, the public utility segment is predicted to ensure the top spot across the global utility communication market over the evaluation period. The segment's dominance is ascribed to the fact that they function mainly through the state, national, and local government bodies. Public utilities are growing their focus on updating technologies to stay competitive in the global market. It gets favorable policies, funds, and subsidies from the government to help in offering all types of services and amenities such as electricity, transportation, sewage, and water to the public.
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Regional Analysis
The global utility communication market is studied across five major geographies: the Middle East & Africa, Asia-Pacific, North America, Europe, and South America.
As per the MRFR research reports, the Asia-Pacific region is predicted to hold the top position across the global utility communication market over the review era. The region led the market globally in the year 2017. The regional market's growth is ascribed to aspects such as rapid urbanization, major power generation capacities, and escalating manufacturing activities.
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The European regional market for utility communication is anticipated to showcase considerable growth over the coming years. The parameters boosting the regional market's growth include ongoing trends toward digitalization and increasing investments.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
