Global Utility Communication Market Analysis: Major Industry Players, Lucrative Segments And Top Geographies
17 May, 2023
The global utility communication market is expected to grow from $19.04 billion in 2022 to $20.94 billion in 2023 at a compound annual growth rate (CAGR) of 10.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The utility communication market is expected to grow to $30.82 billion in 2027 at a CAGR of 10.1%.
Global Utility Communication Market Key Driver
Rising demand for smart grids is expected to drive the growth of the utility communication market in the future. A smart grid is an electrical grid that is integrated with automation, communication, and information technology systems that can monitor power flows from points of supply to consumption and regulate or limit the load in real-time to match the supply. The increasing demand for operational efficiency has favored the demand for smart grids. Smart grids enable the use of distributed smart sensors, distributed power generation, real-time measurements and metering infrastructure, and monitoring systems to provide real-time information about operations between utilities and consumers.
Get a sample of the global utility communication market reportGlobal Utility Communication Market Segments
The global utility communication market is segmented:
1) By Technology: Wired, Wireless
2) By Utility: Public, Private
3) By Components: Hardware, Software
4) By Application: Transmission and Distribution, Oil and Gas
5) By End-User: Residential, Commercial, Industrial
6) By Geography: The regions covered in the utility communication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, Asia-Pacific accounts for the largest share in the global utility communication market.
Major Utility Communication Industry Players
Schneider Electric, Siemens AG, General Electric, DIGI International Inc., ZTE Corporation, Cisco Systems Inc., Black & Veatch Holdings Company, Valiant Communications, ABB Limited, Omicron Electronics GmbH, Hitachi Energy Limited, Motorola Solutions Inc., Telefonaktiebolaget LM Ericsson, Milsoft Utility Solutions, Honeywell Internationals Inc., Rockwell Automations Inc., Texas instruments, and Power Systems Engineering.
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Utility Communication Market Overview
Utility communications are the processes involved in establishing two-way communications between the utility and end users across all deployed networked data points. These networks improve transmission reliability and resilience by providing and controlling real-time situational information.
Utility Communication Global Market Report 2023 provides data on the global utility communication market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The utility communication market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.