The utility communication global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Utility Communication Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The utility communication market size has grown strongly in recent years. It will grow from $20.91 billion in 2023 to $22.96 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to grid modernization initiatives, demand response programs, cybersecurity concerns, customer engagement programs, regulatory compliance requirements, globalization of utility operations.
The utility communication market size is expected to see rapid growth in the next few years. It will grow to $34.86 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to increased interconnectivity, rise in distributed energy resources, smart city initiatives, focus on environmental sustainability, grid decentralization. Major trends in the forecast period include adoption of 5g technology, integration with iot devices, global collaboration on standards, artificial intelligence in grid management, data analytics for predictive maintenance.
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Scope Of Utility Communication Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Utility Communication Market Overview
Market Drivers –
Rising demand for smart grids is expected to propel the growth of the utility communication market going forward. A smart grid is an electrical grid integrated with automation, communication, and information technology systems that can monitor power flows from points of supply to consumption and regulate the power flow or limit the load in real-time to match the supply. The rising 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 give real-time information about operations between utilities and consumers. For instance, in September 2022, according to statistical data published by the International Energy Agency (IEA), a France-based intergovernmental organization, the investment in electricity grids increased by 6% in 2021, with $292 billion invested in 2020 and $309 billion spent in 2021. Therefore, the rising demand for smart grids is driving the growth of the utility communication market.
Market Trends –
Technological advancements have emerged as key trends gaining popularity in the utility communication market. The market is witnessing the implementation of advanced technologies such as IoT (internet of things), Web 2.0, real-time monitoring, and two-way communications between utilities and consumers. Such advancements enable key players to gain a competitive edge in the market. For instance, in March 2021, Itron Inc., a US-based technology company that offers products and services on energy and water resource management, launched the eHZ-B Smart Meter, a residential smart meter for utilities. The smart meter is designed with advanced features to assist utilities in safely transitioning to a low-carbon, reliable, and affordable energy supply, as well as equip utilities to safely migrate to a smart and interconnected distribution network. It interacts with multi-vendor systems and uses transport layer security (TLS) encryption to connect with the Smart Meter Gateway (SMGw). eHZ-B protects digital transmission with built-in next-generation encryption while maintaining a continuous pulse on the electrical grid.
The utility communication market covered in this report 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
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Regional Insights –
Asia-Pacific was the largest region in the utility communication market share in 2023. The regions covered in the utility communication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the utility communication market report are Schneider Electric SE, Siemens Aktiengesellschaft, General Electric Company, DIGI International Inc., ZTE Corporation, Cisco Systems Inc., Black & Veatch Holding Company, Valiant Communications Limited, ABB Ltd., Omicron Electronics GmbH, Hitachi Energy Ltd., Motorola Solutions Inc., Milsoft Utility Solutions Inc., Honeywell International Inc., Rockwell Automation Inc., Texas Instruments Incorporated, Power Systems Engineering Inc., Fujitsu Limited, Xylem Inc., Itron Inc., Trilliant Holding Inc., Nokia Corporation, RAP Data Communications Ltd., SmartMark Communications LLC, Smarter Grid Solutions Ltd., Robert Bosch GmbH, LG Corporation, Mitsubishi Corporation, Emerson Electric Co., Yokogawa Electric Corporation, Inductive Automation LLC, AVEVA Group plc, Tatsoft LLC, Advantech Co. Ltd., Mitsubishi Electric Corporation
1. Executive Summary
2. Utility Communication Market Report Structure
3. Utility Communication Market Trends And Strategies
4. Utility Communication Market – Macro Economic Scenario
5. Utility Communication Market Size And Growth
…..
27. Utility Communication Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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