The global utility communication market is expected to be valued at USD 23,699.9 million by 2023 with a CAGR of 15.50% during the forecast period (2018–2023). The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. The report covers segmentation and the market dynamics for a better glimpse of the market in the coming years.
Utility Communication Market Prominent Players:
ABB (Switzerland), Emerson (USA), Schneider Electric (France), Siemens (Germany), Rockwell Automation (US), General Electric (USA), Honeywell International Inc. (US), Yokogawa (Japan), Toshiba (Japan), Hitachi (Japan), Azbil Corporation (Japan), and Metso Corporation (Finland).
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Utility Communication Market Scenario
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.
Extensive research of the utility communication market segments the market by component, application, and end-use.
On the basis of technology, the utility communication market can be segmented into wired and wireless technologies.
On the basis of utility type, the utility communication market comprises of public utility, and private utility.
Geographic analysis of the utility communication market spans across Asia-Pacific, Europe, North America, Middle East & Africa, and South America.
Asia-Pacific is leading the market with its market value at USD 3,953.4 million in 2018. The regional market value can go up to USD 8501.1 million by 2023 with an impressive 16.44% CAGR during the forecast period. Due to increasing investments in (transmission & distribution) T&D infrastructure for growing power demand, many communication products in utilities are deployed to enhance the electrical system.
Europe has the second largest market share in the utility communication market. Europe has an efficient digital global economy, significant investments, and new technological developments in utility communication network. For instance, European Regional Development Fund (ERDF) and Cohesion invested 22.42 billion for ICT during the year 2014-2020. An additional investment of up to USD 280.13 billion is anticipated during the year 2014-2020, which drives the demand for utility communication market. The regional market has a value of USD 2,903.3 million in 2018, which is expected to scale and exceed to USD 5,895.5 million by 2023 at a 15.12% CAGR during the forecast period.
China is leading in Asia-Pacific with a value of USD 1,012.6 million in 2018, and expected to increase to USD 2,649.2 million by 2023 at a CAGR of 17.39% during the forecast period. As per World Energy Outlook 2017 report, increasing investment for power plants and T&D network worth of USD 15.3 billion and USD 35.7 billion, respectively would drive the demand for utility communication in China. Hence, an increase in the use of industrial automation in utilities and increasing smart grid investments, drive the demand for utilities communication products.
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