Global Utility Communication Market Analysis
According to Verified Market Research, the Global Utility Communication Market was valued at USD 10,144.00 Million in 2018 and is expected to witness a growth of 14.3% from 2019-2026 and reach USD 29,713.87 Million by 2026.
What is Utility Communication Market?
With the growing scope as well as demand for utilities comes the need for utility communication. Utility communication is essentially a communication system that can warrants a not only safe but also reliable and secure transmission of voice, data and video across LANs and WANs continuously.
Utility communication is the groundwork on which communication between the data points of the utility can occur. There are several kinds of utility communications that must serve the functions of being able to be installed, even in more hazardous areas while at the same time offer availability and safety. Some of the most widely used services are Supervisory Control and Data Acquisition, also known as SCADA, which is used for the monitoring of information over an Ethernet interface, and smart grid.
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Global Utility Communication Market Outlook
The digital revolution is being embraced by individuals and businesses alike. Digital transformation can be defined as the use of technology of in order to improve the performance or reach of enterprises. Nowadays, digital devices and social networks are increasingly being used in order to increase the engagement between government, businesses, civil society as well as friends and family. With the global digital transformation market expected to grow at such a rapid pace, the requirement for the successful transformation of traditional firms through digital technology is growing. Digital transformation has led to not only the innovation of products such as Utility Communication, but also of the implementation of these products within their infrastructure.
The smart grid system play a vital role in energy & power utility communication industry. A smart grid influences information and communications technology (ICT) to intersect and permit the flow of real-time information within the power utility, between the power utility and its suppliers and partners, and between the power utility and its business and domestic customers. Smart grids and their applications depend on a vigorous communications network that is protected, highly ascendable and always accessible. With an augmented aptitude to maintain power quality, power utilities can also ensure regulatory compliance and minimize the adverse impact of problems to reduce costs.
In terms of industrialization, there is a conjunction taking place between the business realities of the utility industry, the energy demands of modern society, and the sustainability requirements of the environment in which we live. This conjunction is driving the development and implementation of a new type of power system. Thus, it can be suggested that growing use of smart grid systems in the utility communication industry is driving the overall growth rate of the global utility communication market due to its widespread application in various industries especially energy and power industry.
The communication infrastructure forms the backbone of all smart factory concepts. Ensuring its secure and reliable operation is therefore the prerequisite for successful realization of the Industry 4.0 vision. On the basis of technology, the utility communication market is segmented into wired and wireless technology. Wireless technology provides a seamless data transmission for the utilities in various verticals. The role of modern technologies and third party platforms such as IoT plays a major role for communication technology in industry 4.0.
In spite of making a sustainable progress, the utility communication market still faces several challenges in order to flourish its roots in the global market. The market for utility communication mainly deals with data transmission and communication technology. The role of communication technology holds great importance for the utilities as it offers a seamless workflow and enables remote accession of data. However, data privacy concerns are abstaining the market from flourishing completely.
Global Utility Communication Market Segmentation
The Global Utility Communication Market is classified on the basis of Utility Type, Technology and Region. The gist of breaking down the market into various segments is to gather the information about various aspects of the market.
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On the basis of Utility Type, the market is bifurcated on the basis of Public Utilities and Private Utilities. The Public Utilities in the Utility Communication market held the largest share in the global market as the main purpose of making public utilities as monopoly concerns is to provide services at a reasonable prices and to serve the consumers in a better way. Certain special privileges are also provided to these concerns with a view to improve their functioning. Public utility concerns requires large investments of capital and these investments are more in the form of fixed assets.
On the basis of technology, Global Utility Communication Market has been segmented into wireless and wired technology. The utility communications network is the groundwork for two-way communications between all of the data points across the utility. It helps in monitoring and controlling grid equipment, measuring network performance and delivering information in real-time. This can be performed by using wireless technology. Thus, market for wireless technology was expected to be the fastest over the forecast period.
Global Utility Communication Market Competitive Landscape
The “Global Utility Communication Market” study report offers a valuable insight with an emphasis on global market including some of the major players such as Cisco Systems, Inc., Texas Instruments, Inc., Black & Veatch Holding Company, ABB, Ltd., Motorola Solutions, Inc., ZTE Corporation, Omicron Electronics GMBH, Power System Engineering, Inc., Fujitsu, Schneider Electric, General Electric, Milsoft Utility Solutions, Inc., Siemens Ag, Valiant Communications and DIGI International, Inc. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above mentioned players globally.
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