Utility Communication Market Size Worth $35,138.1 Million, Globally, by 2027 at 16.3% CAGR – Exclusive Report by The Insight Partners – PRNewswire

NEW YORK, Jan. 24, 2022 /PRNewswire/ -- According to the new market research report "Utility Communication Market to 2027 - COVID-19 Impact and Global Analysis and Forecasts by Technology (Wired and Wireless); Utility Type (Private Utility and Public Utility)", published by The Insight Partners, the global utility communication market was valued at US$ 10,730.4 million in 2019 and is projected to reach US$ 35,138.1 million by 2027; it is expected to grow at a CAGR of 16.3% during 20202027.

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Report Coverage

Details

Market Size Value in

US$ 10,730.4 Million in 2019

Market Size Value by

US$ 35,138.1 Million by 2027

Growth rate

CAGR of 16.3% from 2020-2027

Forecast Period

2020-2027

Base Year

2020

No. of Pages

191

No. Tables

79

No. of Charts & Figures

89

Historical data available

Yes

Segments covered

Technology; Utility Type

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Utility Communication Market: Competitive Landscape and Key Developments

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. are among the key players in the global utility communication market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.

In 2020, Verizon collaborated with Honeywell to help utilities speed up and simplify the deployment of new communication-enabled, intelligent sensors and controls for the smart electric grid. Honeywell would be integrating Verizon's Managed Connectivity LTE solutions into smart meters and other edge devices.

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In 2019, Tejas Networks signed an MoU with Bharat Electronics Limited for using Tejas' optical transmission, access, and data-switching products for domestic and export markets.

Utility communication is a communication network that can ensure continuous transmission of voice, data, and video through LANs and WANs. Digital transformation can be described as the use of technology to enhance company efficiency or scope. Digital technologies and social networks are increasingly being used nowadays to improve interaction between government, corporations, civil society, friends, and family. Some of the most commonly used systems are Ethernet network control and data collection, SCADA and smart grid control. The smart grid infrastructure plays a critical role in the communications business of energy & power utilities. A smart grid influences ICT to converge and enable the flow of real-time information within the power utilities; between the power utilities, suppliers, and partners; and between the power utilities, business, and domestic customers. Smart grids and their implementations rely on a robust, secure, highly ascendable and always available communication networks. Owing to the willingness to improve service efficiency, service providers will also ensure regulatory enforcement and mitigate the detrimental effect of cost-cutting problems. Thus, the utility communications network is the basis for two-way communication through the system to all the data points. It assists in tracking and managing grid equipment, measuring network output, and providing real-time information.

In terms of industrialization, there is a correlation between the energy demands of modern society, the economic realities of the utility sector, and the environmental protection standards. This combination forces a new form of a power system to be developed and introduced. The growing usage of smart grid systems in the utility communications industry is driving the global utility communication market's overall growth rate due to its widespread application in various industries, especially the energy & power industry. The contact network forms the foundation of all logical, smart factories. Hence, ensuring its safe and efficient operation is the prerequisite for the successful realization of the Industry 4.0.

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The lockdown of various plants and factories in China affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of various electronic goods. The most striking effect of COVID-19 in the ICT sector was the cancelation of the Mobile World Congress scheduled to take place in Barcelona in February 2020. Companies such as Apple and Microsoft have already announced possible delays in product deliveries and slump in future sales of their products. In addition, the global travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships opportunities. All these factors are anticipated to affect the information and communication technology industry in a negative manner and thus act as restraining factor for the growth of various markets related to this industry in the coming months.

Smart grids facilitate quicker restoration of electricity after power disturbances, and help reduce management and operational costs of utilities; this ultimately lowers power costs for consumers. Moreover, various initiatives advancing the technological landscape pertaining to the energy sector are likely to drive market growth during the forecast period. The US electrical system announced its "Grid 2030" vision in collaboration with the electric utility industry, equipment suppliers, IT operators, federal and state governments, advocacy organizations, colleges, and national laboratories. This vision encompasses the following aspects related to the power sector: generation, transmission, delivery, storage, and final use. It describes the fundamental problems and obstacles in grid modernization, followed by making recommendations for policymakers and industries to assist them in the development of the electric distribution infrastructure of future, such as utility communications. Mobile network connectivity facilitates the management and tracking of the overall power distribution system operations. It enables contact between smart meters and utilities through nodes. The mobile network connectivity also supports the introduction of smart metering systems across a vast area network. Mobile networking or cellular network technologies include communication technologies such as 3G, WiMAX, and LTE. Thus, with the increased use and demand for smart grids and mobile devices, the need for utility communication channels is also increasing.

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Utility Communication Market: Technology

The global utility communication market, based on technology, is segmented into wired and wireless. The wired segment held the largest market share in 2019. Wired network is used to relay different types of electrical signals from one end to the other. Using T1 thread, cable modem, or by some other means, often in wired networks, an internet connection is established. Using a wired network definition, the connection is shared between multiple devices. Power Line Carrier (PLC) communication has gained confidence due to its robustness in access, efficiency, and security with the advancement in its technologies led by PRIME PLC over the past decade, and the latest development of PRIME 1.4 technology.

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Utility Communication Market Size Worth $35,138.1 Million, Globally, by 2027 at 16.3% CAGR - Exclusive Report by The Insight Partners - PRNewswire