Utility Communication Market worth USD 33.65 Billion by 2027, registering a CAGR of 15.82% - Report by Market Research Future (MRFR)

New York, Aug. 09, 2021 (GLOBE NEWSWIRE) -- Utility Communication Market Overview: According to a comprehensive research report by Market Research Future (MRFR), Utility Communication Market Research Report, Technology, Utility Type and Region - Forecast till 2027” the market is projected to be worth USD 33.65 Billion by 2027, registering a CAGR of 15.82% during the forecast period (2021 - 2027), The market was valued at USD 11.95 Billion in 2020.

The utility communication market is growing rapidly, mainly due to the high adoption of IoT and its many features. Utilities need advanced communication systems to provide highly essential services for the supply of electric power, natural gas, and water, requiring a high level of reliability. Interruptions in these services can have serious consequences, especially in the event of natural disasters or other types of emergencies.

With the rising uptake of digital communications and control systems to efficiently manage electricity transmission and distribution systems, the market is projected to grow exponentially over the next few years.

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Competitive Analysis

List of the Key Companies Profiled in the Utility Communication Market Research Report are:

  • Schneider Electric (France)
  • Emerson (USA)
  • ABB (Switzerland)
  • Rockwell Automation (US)
  • General Electric (USA)
  • Siemens (Germany)
  • Toshiba (Japan)
  • Hitachi (Japan)
  • Honeywell International Inc. (US)
  • Metso Corporation (Finland)
  • Yokogawa (Japan)
  • and Azbil Corporation (Japan)

The global market of utility communication appears to be highly competitive. Well-established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain a competitive advantage in this market. 

Many key players have found investing rapidly in developing solutions that can help optimize asset planning and information management, asset condition monitoring, program performance management, investment functions, and others.

For instance, on August 05, 2021, the Coldwater Board of Public Utilities (CBPU) announced that its fiber internet nears completion communication. This high-speed project, the Gig-City Michigan fiber internet to homes and businesses for Coldwater, was going slowly. 

However, the entire fiber system under construction through a contract with Aspen Wireless is speeding up, tested, and running. The bottleneck now is the end connections, and CBPU expects the project to complete by October this year.

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The energy and utility industry is growing rapidly and also witnesses vast adoption of communications to enable digital engagement channels to exceed customer expectations. Additionally, socioeconomic pressures and technology innovations boost the utility communications market share. Also, factors such as the spurring rise in renewable, distributed generation, and smart grids required by regulatory frameworks push the utility communication market growth further. 

Utility communication is proving to be cost-effective in meeting regulatory requirements for carbon emission reductions. Other factors fuelling the market increase include smart energy generation, management initiatives, and the growing demand for renewable power generations & their distributions. Resultantly, the utility communication market perceives a wide uptake and demand.  

The adoption of futuristic digital technology, including IoT (Internet of Things) and big data, alongside major investments by key players, mainly concentrating on the importance of utility communication and its advantage, favor the market. Utilities are increasingly looking for solutions that can support a variety of applications and fully integrate them into future operational plans. 

Furthermore, the proliferation of advanced metering infrastructure (AMI) systems employing a wide range of communications technologies, such as radio frequency (RF) mesh, power line communications (PLC), and cellular, propels the growth of utility communication market. 

COVID 19 Impacts

Like most industries, the utility communications industry was severely hit by the onset of COVID 19. Companies in the sector faced different challenges, including the fall in demand. Resultantly, the market value was affected exponentially. However, the market value is gradually picking up with various business and industrial activities returning to normalcy.

Considering opportunities in the market, industry players are forming strategic partnerships with all financing partners involved in the refinancing and the shareholders. Major industry players are also seen investing substantially to improve their existing product lines with innovative technologies. 

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The market is segmented into technology types, utility types, and regions. The technology type segment is sub-segmented into wired (optical fiber, Ethernet, power line communication, others) and non-wired (mobile networks, RF mesh, microwave & radio communications, others). The utility type segment is sub-segmented into public and private utilities.

Among these, the public utilities segment dominates the utility communications market. Public utilities are increasing their focus on technology upgrades to remain competitive in the utility communications market. The region segment is sub-segmented into North America, Europe, Asia Pacific, and the-rest-of-the-world.

Regional Analysis 

North America dominates the utility communication market worldwide. The integrated utility communication transformation helps to reinvent by leveraging mobility, analytics, cloud technologies, and others in the region. 

Besides, governments of many countries in the region are issuing directives to public utility commissions to take immediate action to improve electric reliability. These directives build upon the reforms that foster the utility communications market size, increasing power generation capacity, and ensure the reliability of power grids.

Segmentation of Market covered in the research:

Information by Technology [Wired (PLC, Optic Fibre, and Ethernet) & Wireless (RF Mesh and Mobile Network)], Utility Type (Public and Private), Region (North America, Europe & Asia-Pacific)

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