The global utility communication market accounted for US$ US$ 10,730.4 Mn in 2019 and is expected to grow at a CAGR of 16.3% during 2020-2027 to reach US$ 35,138.1 Mn by 2027. The increased use of smart grids and mobile devices and escalating the demand for personalized communication networks due to modifications in billing process are among the factors driving the utility communication market worldwide. However, vulnerability to cyber attacks may restrain the future growth of utility communication market. Despite these limitations, increasing investments in smart communication infrastructure by utilities is anticipated to offer ample growth opportunities for the utility communication market during the forecast period.
At present, the utility communication is facing an increasingly changing operating environment with the mounting economic risks and operational problems, along with rising consumer expectations from their utilities. Meanwhile, technological advancements make it simpler and cheaper to implement utility networking. Sophisticated IT and analytics systems are expected to exploit the data accessible by connected devices in order to enhance grid stability, health, durability, and operational efficiency, and the improvements in these all uplift the return on networking investment by the utilities. Thus, the business model for utility communication is evolving with time, and connectivity is likely to be a critical foundational element in this process with the escalating importance of digitization.
The market for utility communication has been segmented into technology, utility type, and geography. The utility communication market, based on technology, is sub-segmented into wired and wireless. The wired segment is expected to hold the prime market share in the utility communication market during the forecast period. The utility communication market, based on utility type, is further segmented into private and public. The public utility type led the utility communication market and is anticipated to continue its dominance during the forecast period. The utility communication market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). APAC held the lion’s share in 2019 and is expected to continue its dominance till 2027.
The overall utility communication market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the utility communication market. It also provides the overview and forecast for the global utility communication market based on all segments provided with respect to five major reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the utility communication market. A few players present in the utility communication market are ABB Ltd., Ericsson, Fujitsu Ltd., General Electric Company, Honeywell International Inc., Omicron Electronics GMBH, Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, and Tejas Networks Ltd.