June 29, 2020
According to the market report titled ‘Utility Communication Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Technology; Utility Type available with Market Study Report LLC, global utility communication market was valued at USD 10,730.4 Million in 2019 and is expected to reach at USD 35,138.1 Million by 2027, depicting a CAGR of 16.3% during 2020-2027.
Factors such as rising demand for personalized communication networks due to modifications in billing process, and increased use of mobiles phones and smart grids are driving the global utility communication market. Although, the risk of cyber attacks may hamper the growth of market in future. However, despite these limitations, rising investments in smart communication infrastructure by utilities is expected to offer a plethora of growth opportunities over the forecast period.
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Presently, the market is facing a changing operating environment with rising economic risks and problems related to operations, along with growing customer expectations from their utilities. However, technological advancements make it cheap and simple to implement utility networking. Analytics and IT systems are expected to utilize the data that is accessible by connected devices to improve grid stability, durability, operational efficiency, and health. The enhancements in these factors uplift the return on networking investment by the utilities.
Based on technology, the market is segmented into wireless and wired. The wired segment is expected to hold a substantial fraction of the overall market during the forecast period. With respect to the utility type, the market is categorized into public and private. The public utility type segment holds notable position in the market and is expected to continue the same during the forecast period.
Based on the regional overview, the market is divided into Middle East & Africa (MEA), South America (SAM), North America, Europe, and Asia Pacific (APAC). In 2019, APAC held highest market share and is expected to continue its this trend till 2027.
Key players in the global utility communication market are General Electric Company, Tejas Networks Ltd., Omicron Electronics GMBH, ABB Ltd., Fujitsu Ltd., Ericsson, Rockwell Automation, Inc., Schneider Electric SE, Honeywell International Inc., and Siemens AG among others.