Global Utility
Communication Market Analysis
The
Global
Utility Communications Market is predicted to touch USD 23,699.9
million at 15.50% CAGR over the estimated years (2018-2023). Utility
communication is used to measure network performance, deliver information in
real-time and monitor and control the grid equipment. Today various forms of
utility communication technologies are used in oil and gas utilities as well as
transmission and distribution networks such as mesh, microwave and radio
communication, WiMax, ethernet, power line carrier, fiber optics and more.
There
are ample factors that are boosting the growth of the utility communications
market. These factors as stated by the Market Research Future (MRFR) report
include the growing use of mobile devices and smart grids, strict regulatory
needs for power utilities, modification in the billing practice in the power
utility companies, and changing utility billing system. On the contrary, high
initial investments and less capital accessible with some small utilities for
adopting advanced communication technologies are factors that may deter utility
communications market growth over the estimated years
Global Utility
Communication Market Segmentation
MRFR
report offers a wide segmental analysis of the utility communications market on
the basis of technology and utility type.
Based
on technology, the utility communications market is segmented into wireless
technology and wired technology. Of these, wired technology will have the
largest share in the market over the estimated years. It is predicted to touch
USD 15,023.4 million by 2023.
Based
on utility type, the utility communications market is segmented into private
utility and public utility. Of these, the public utility will domineer the
market over the estimated years and is expected to touch USD 17, 654.0 million
at 15.44% CAGR by 2023.
Regional Analysis
By
region, the utility communications market covers growth opportunities and
latest trends across the Middle East and Africa, North America, South America,
Europe and the Asia Pacific.
Of
these, Asia Pacific will have precedence over others in the market over the
estimated years. It is likely to touch USD 8501.1 million at 16.44% CAGR. The
factors that are driving the market growth here include growing investments in
transmission and distribution, and increasing investment as well as the
expansion of key competitors in the market. In March 2018, Schneider Electric
in France opened in Singapore their East Asia and Japan headquarters. This unit
is likely to aid in the utility communication products’ production and
distribution in the APAC region to develop solutions for utilities that will
offer products and solutions such as industrial and metering automation
solutions for utilities, energy management, and electrical systems and
equipment. The region’s strategic developments will boost up the utility
communication products’ demand in the APAC region that is predicted to fuel the
utility communication market.
The
utility communications market in Europe will have the second major share over
the estimated years. This region has the latest technological innovations in
the utility communication network, significant investments, and effective
digital global economy. Cohesion and the European Regional Development Fund
invested for ICT about 22.42 billion during the period 2014-2020. Also, an
additional investment of about USD 280.13 billion is predicted during the
period 2014-2020 that will propel the demand for the utility communication market.
The market in this region recorded USD 2903.3 million in 2018 and is predicted
to scale as well as surpass USD 5895.5 million at 15.12% CAGR over the
estimated years.
China
is the chief contributor in the APAC region, having a value of USD 1012.6 million
in 2018 and predicted to surpass USD 2649.2 million at 17.39% CAGR over the
estimated years. As per the 2017 report of World Energy Outlook, growing
investment for T&D network and power plants worth USD 35.7 billion and USD
15.3 billion will boost the market growth in China. Thus, an increase in the
utilization of industrial automation in utilities coupled with smart grid
investments will push the demand for utility communication products.
Key Players
Leading
players profiled in the global utility communications market include General
Electric (US), Black & Veatch Holding Company (US), Digi International,
Inc. (US), Itron Inc. (US), Motorola Solutions, Inc (US), Siemens (Germany),
Schneider Electric (France), Trilliant Incorporated (US), RAD (Israel), Landis+Gyr
(Switzerland), Ericsson (Sweden), ABB (Switzerland) and others.
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More: https://www.sharepresentation.com/mrfr1234/utility-communication-market-2020-growth-forecast
