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Utility Communication Market Worth $23.2 Billion by 2026

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Utility Communication Market Worth $23.2 Billion by 2026

April 30
01:36 2021
Utility Communication Market Worth $23.2 Billion by 2026
The global utility communication market size is projected to reach USD 23.2 billion by 2026, at a CAGR of 4.4%, from an estimated USD 18.7 billion in 2021.

According to the new market research report Utility Communication Market  by Technology Type(Wired and Wireless), Utility Type, Component(Hardware and Software), Application (Oil & Gas Network, T&D), End User (Residential, Commercial, and Industrial) and Region- Global Forecast to 2026″, published by MarketsandMarkets™, the Utility Communication Market  size is expected to grow from an estimated USD 18.7 billion in 2021 to USD 23.2 billion by 2026, at a CAGR of 4.4%, during the forecast period. The key drivers for the Utility Communication Market include growing investment in smart grids modernization of electricity networks; focus on improving grid reliability, increasing operating efficiency, reducing outage length; consolidating trend of digitalization oilfield communication; and government initiative to support deployment of smart grid technologies.

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By end user, the residential segment is the largest contributor in the Utility Communication Market during the forecast period.

The residential segment is estimated to lead the Utility Communication Market. Asia Pacific was the largest market for residential end user segment in 2020. Increasing focus on energy efficiency is expected to drive the Utility Communication Market. The other key drivers for the growth of the Utility Communication Market for the residential sector are the introduction of mandates and regulations in support of utility communications at residential facilities. Countries such as Australia, China, Japan, the UK, France, and Italy have mandated the installation of utility communications at residential buildings.

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154 – Tables

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By technology type, the wired segment is expected to be the largest contributor during the forecast period.

The wired segment is estimated to lead the Utility Communication Market during the forecast period. Wired segment mainly includes optic fiber, Ethernet, powerline carrier, SONET/SDH, MPLS-IP, and MPLS-TP. Optic fiber and Ethernet are the most preferred medium for networking in utility communication. Optic fiber offers higher bandwidth support and speed, which helps in providing high performance, reliability, and improved coverage. The market for wired segment is driven by the versatility, speed and reliability offered by the segment. Asia Pacific is estimated to hold the largest share of the Utility Communication Market, followed by North America because of the increasing need to upgrade aging infrastructure are expected to drive the market for Utility Communication Market.

By utility type, the public segment is expected to be the largest contributor during the forecast period.

The public held the largest share of the Utility Communication Market, by utility type in 2020. The growth of the public segment is driven by the tailor utility policies, programs, and practices to serve the priorities of the local community. The market for the public segment in Asia Pacific is expected to grow at the 4.3% CAGR during the forecast period.

Asia Pacific is expected to be the largest and fastest-growing market during the forecast period.

Asia Pacific accounted for the largest share of the global Utility Communication Market in 2020. The region has been segmented, by country, into China, Japan, India, Australia, South Korea, Malaysia, and Rest of Asia Pacific. Rest of Asia Pacific mainly includes Thailand, Vietnam, Indonesia, and Singapore. There is a high demand for electricity in Asia Pacific, which is also the most populated region in the world. Countries such as China, Japan, and South Korea are continuously investing in grid expansion projects to increase the reliability and resilience of distribution grids, which is likely to drive the demand for utility communication solutions and related services in the coming years. Besides, the smart grid market in the Asia Pacific region is expected to grow substantially in the coming years. The region is expected to invest about USD 9.8 billion in the development of smart grid infrastructure between 2018 and 2027. Asia Pacific is also moving toward clean energy on a large scale to meet the growing energy needs of the region.

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Major economies such as China, Japan, and India have ambitious solar and wind-based renewable power generation targets. According to the Renewable Energy Policy Network (REN21), China accounted for 45% of the total global investment (nearly USD 126.6 billion) in renewable power generation projects in 2017., followed by India, with an investment of USD 10.7 billion. Investments in infrastructure modifications are driven by the country’s aging power infrastructure. All these investments are likely to drive the market for utility communication solutions and services in Asia Pacific.

Some of the prominent players operating in the Utility Communication Market are ABB (Switzerland), Schneider Electric (France), Siemens (Germany), General Electric (US), and Motorola Solutions (US).

About MarketsandMarkets™:

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
Email: [email protected]
Content Source: https://www.marketsandmarkets.com/PressReleases/utility-communication.asp

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