ID: MRFR/E&P/2187-CR | January 2019 | Region: Global | 111 pages
The utility communications market is exploring and achieving greater heights in the global economy. The estimated market value by the end of 2023 will reach around USD 23,699.9 million, and in the forecast period of 2018 to 2023, the compound annual growth rate or CAGR is predicted to be 15.50 percent.
Utility communications are the preparation procedure of two-way communications between end-users and the utility across all the deployed data points in the network. It allows access for controlling and monitoring grid equipment, measuring electric network performance, and real-time delivery of information to control centers. The utility communications market enables numerous utility communications technologies operating in oil and gas industries in transmitting and distributing networks, including power line carrier (PLC), fiber optics, WiMax, Ethernet, mesh, microwave, and radio communications. The utility communications market facilitates a secure, reliable, and economical solution that links with faster, efficient, and dependable infrastructure, which leads to lower operating costs, fewer customer complaints, and the high conservation of energy. All these features help to excel in the market growth rapidly.
The utility communications market is growing exponentially over the years, and the strict government regulations supporting utility communications escalate the global market growth. The continuous changes in billing systems of utilities are one of the major driving forces for the utility communications industry. In recent years, smart grid activities are rising, which in turn, result in the utilization of mobile devices. The developments in the utility communications market trends propel the market potential to higher limits and will influence the market greatly in the forecast period.
The report provides detailed information about the overall scenario of the utility communications market. It discusses the impact of COVID19 on the global market and represents insights into market dynamics along with the key players that drive the market growth. The report includes different segmentation of utility communications market share and puts light on the regions that control to shape the utility communications market growth.
The outbreak of COVID19 has caused severe damage to the world, both in health as well as the economy. The industrial and working sector was closed for an uncertain time period which impacted the finances adversely. The global economic growth rate depreciated to a larger extent and will require several years to attain its steady growth. The lockdown measures shut down the industrial operations and delayed many projects, which led to a decrease in the economic growth rate.
Although in the pandemic, every sector faced harsher consequences, the utility communications market was able to sustain itself in a difficult situation. The modern developments and continuous changes in utility communications market trends increase the demand of the market to a greater extent. The rising usage of mobile devices and smart grids will escalate the market growth in the upcoming years.
The utility communications market size is expanding to a greater extent over the years, and various advantages of the market will propel its growth in future. There are several factors that drive the industry growth to the next level. One such factor is the strict regulations of government supporting and benefitting utilities that help in increasing the utility communications market size rapidly. The modern advancements in utility systems and changes in billing systems of utility are a driving force for the utility communications market growth. The smart grid activities are rising day by day, which leads to more utilization of mobile devices. The higher initial investment for the growth of the market is another driving force that will influence the utility communications industry. The continuous developments in utility communications market trends allow the potential of the market to reach an optimum level in the near future.
The utility communications market share has numerous opportunities that will push the market economy growth over the forecast period. The utility communications market allows access to control and monitor equipment, measuring the electric network performance, and deliver real-time information to the control centers. The utility communications are linked with faster, efficient, dependable infrastructure, which makes the utilities have lower operating costs, fewer customer complaints, and higher conservation of energy. All these features will improve the utility communications market growth in the forecast years.
The global utility communications market outlook represents that the ongoing developments and higher initial investments will drive the market potential further. The government has a major role in providing amenities and services to support expanding the utility communications market size. The continuous changes in billing systems of utility and developments of utility communications market trends will propel the future growth of the utility communications market.
The global utility communications market was affected adversely due to the outbreak of the COVID19 pandemic, and it is a major constraint for market growth. The lockdown measures resulted in the closures of many industrial operations and delayed several projects for an uncertain time period. However, the utility communications market was still able to maintain continuous growth as the demand for the utility communications industry kept on increasing day by day. The rising investments in building smart communications infrastructure by utilities increased the demand for utility communications market share.
The utility communications market has many opportunities for growth, but it can be hampered by the challenges involved in the process. There is a significant risk of cyber-attack, and this market is heavily vulnerable to cyber threats. These limitations will be reduced with the advent of new technological developments in the utility communications market trends.
Value Chain Analysis
The market revenue is continuously rising over the years and will surpass the historical growth rate of the utility communications market in the near future. The demand for utility communications is increasing over time which will fuel the market value to a greater extent. The global market analysis projects that in the forecast years, the global utility communications market growth will increase due to the heavy demand for smart communication infrastructure and changing trends.
The global market for utility communications is segmented on the basis of technology type, utility type, and region. The market segmentation on the basis of technology type includes wired and non-wired segments. The wired segment involves optical fiber, Ethernet, power line communication, and others, whereas the non-wired segments consist of mobile networks, RF mesh, microwave and radio communications, and many more. The utility communications market segmentation on the basis of utility type comprises public and private utilities.
The segment of public utilities dominates the utility communications market share in the forecast period as they operate mostly through the state, local, and national government bodies. Public utilities are increasing their focus on upgrading technologies to remain competitive in the utility communications market. It receives subsidies, funds, and favorable policies of government help in providing all sorts of amenities and services like water, sewage, transportation, electricity to the public.
Companies like ABB contributed its ABB Tropos mesh routers, water SaveSource water meters, SuprOS network management to Glendale power and water, a municipal utility system in LOS Angeles, California. The utility communications market segmentation on the basis of the region consists of different regions such as North America, South America, Europe, Asia Pacific, Middle East, and Africa.
The utility communications market analysis is done on several geographical areas such as North America, South America, Europe, Asia Pacific, Middle East, and Africa. The Asia Pacific region holds the largest utility communications market share in the year 2017 and is expected to rise exponentially during the forecast period. The region has major power generation capacities, escalating manufacturing activities, and rapid urbanization, which helps in further growth of utility communications market size.
The European region is expected to hold the second-largest utility communications market share in the forecast years as the area has new technological developments which are driving the utility communications market growth in Europe. As per the European Commission, a large fund of around USD 22.42 billion has been contributed by the European Regional Development Fund from 2014 to 2020. The increasing investments and ongoing trends towards digitalization will expand the utility communications market in Europe.
Competitive Landscape of the market
The major key players of the utility communications market are:
|Market Size||2023: USD 23,699.9 million|
|CAGR||15.50% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology, Utility Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Schneider Electric (France), ABB (Switzerland), Emerson (USA), Rockwell Automation (US), Siemens (Germany), General Electric (USA), Toshiba (Japan), Honeywell International Inc. (US), Hitachi (Japan), Metso Corporation (Finland), Azbil Corporation (Japan), Yokogawa (Japan)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Global utility communication market is predicted to grow at a 15.50% CAGR between 2018- 2023.
The utility communication market is predicted to reach USD 23,699.9 million by 2023.
Asia Pacific will lead the global utility communication market.
Utility communication is of two types- private and public.
Key contenders profiled in the global utility communication market include ABB (Switzerland), Emerson (USA), Schneider Electric (France), Siemens (Germany), Rockwell Automation (US), General Electric (USA), Honeywell International Inc. (US), Yokogawa (Japan), Toshiba (Japan), Hitachi (Japan), Azbil Corporation (Japan), and Metso Corporation (Finland).