Utility Communications Market Overview
The
global utility communication market can attain a strong growth rate of 15.50%
during the forecast period (2018-2023), notes Market Research Future (MRFR). Utility
Communication Market Report 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) - Forecast
till 2023
The report covers segmentation and the market
dynamics for a better glimpse of the market in the coming years. The utility
communication is the groundwork for two-way communication between the utility
and the end-users through all the data points deployed across the network. Utility
communication helps monitor and control grid equipment, measures electric
network performance, and delivers information in real-time to control centers.
The attention to utility communications due to an increase in investments by
utilities in modernizing their network in order to meet the demand for reliable
power are projected to drive the utility communication market in the coming
years.
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Primary Drivers
and Top Restraints
The
digital revolution has been welcomed with open arms by individuals and
businesses alike. Digital transformation involves the use of technology that
brings improvement to the performance of enterprises. In today’s time, digital
devices, as well as social networks, are extensively used in an attempt to
elevate the engagement between businesses, government, civil society along with
friends and family. With the worldwide digital transformation market advancing
at a fast pace, accelerates the need for transformation of traditional firms
via digital technology. Digital transformation has not only led to the
innovation of products like Utility Communication but has also given rise to
the implementation of such products in their infrastructure.
The
smart grid system has an important part in the energy & power utility
communication industry. A smart grid affects the information and communications
technology (ICT) which helps smoothen the flow of real-time information inside
the power utility, among the power utility and the suppliers and partners. With
the high aptitude to sustain the quality of power, power utilities now maintain
regulatory compliance, in addition to reducing the negative impact of issues to
bring down costs.
Industrialization-wise,
there is a connection between the business components of the utility industry,
the energy demands, and the sustainability needs of the environment all over
the world. This connection is fueling the demand as well as the implementation
of a new kind of power system. Hence, it can be assumed that the surging use of
smart grid systems within the utility communication industry can benefit the Utility
Communication Market, given its widespread use
in a variety of industries, particularly the energy and power industry.
Global Utility
Communications Market Segmentation
The
worldwide market for utility communication has been segmented with respect to
technology and utility type.
Considering
the technology segment, the utility communication market consists of wired and
wireless technologies.
In
terms of the utility type, the utility communication market includes private
utility and public utility. The communication technology across the globe has
noted several breakthroughs, which is prompting public utilities to work on
upgrading their technologies to expand their share in the market. In addition,
public utilities have gained prominence in the market since they receive
subsidies, favorable policies, and funds from the government to provide
services and amenities like electricity, water, sewage treatment, and
transportation to the public.
Regional Insight
The
geographical distribution of the utility communication market includes Asia
Pacific (APAC), Middle East & Africa, North America, South America, and
Europe.
APAC
happens to be the top-performing market for utility communications, with its
value estimated at USD 3,953.4 million in 2018. The market can touch a
valuation of USD 8501.1 million by 2023 and can even achieve an impressive
growth rate of 16.44% during the review period. With the sizeable investments
in transmission & distribution (T&D) infrastructure given the rising
power demand, a number of communication products in utilities are used for
improving the electrical system. Besides, stiff competition between renowned
competitors in the utility communication market can lead the region to a better
position in the years ahead. To illustrate, in March 2018, Schneider Electric
(France) launched its new East Asia & Japan headquarters in Singapore. The
regional market is led by China, which was valued at USD 1,012.6 million in
2018, and can reach a valuation of USD 2,649.2 million by 2023. The market in
China has the potential to achieve a growth rate of 17.39% during the forecast
period. The market in China has tasted success on the back of the rising use of
industrial automation in utilities along with the growing smart grid
investments.
Europe
comes second in the global utility communication market, thanks to substantial
investments along with the latest technological advancements in utility
communication network. Citing a reference, the European Regional Development
Fund (ERDF) and Cohesion had made an investment of USD 22.42 billion for ICT
for the period of 2014-2020. A further investment of close to USD 280.13
billion can be expected from 2014 to 2020, which is bound to work in favor of
the utility communication market in the region. The Europe market was valued at
USD 2,903.3 million in 2018 and cross the valuation of USD 5,895.5 million by
2023. Furthermore, the market is projected to obtain a growth rate of 15.12%
during the conjectured timeframe.
Leading Players
The
top players enlisted in the MRFR report that are shaping the global utility
communications market include Schneider Electric (France), Landis+Gyr
(Switzerland), RAD (Israel), Black & Veatch Holding Company (US), ABB
(Switzerland), Siemens (Germany), Itron Inc. (US), Digi International, Inc.
(US), Trilliant Incorporated (US), Ericsson (Sweden), General Electric (US),
Motorola Solutions, Inc (US), to mention a few.
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