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Utility Communication Market to Witness Comprehensive Growth by 2027
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The utility communication market was valued at US$ 10,730.4 million in 2019 and is projected to reach US$ 35,138.1 million by 2027; it is expected to grow at a CAGR of 16.3% during 2020–2027.
Utility communication is a collection of technologies and tools used to organize various components of a complicated delivery system. It tracks and manages the grid facilities, tests network output, and provides information in real-time. Advancements in IT systems led to the creation of automated delivery networks for utilities (power, energy, etc.) to allow efficient operations of modern power systems. This communication network allows for the effective and well-regulated transfer of resources such as power. The utility communication network is a double-sided communication channel that connects various data points through the system. To prevent an environment of fractured communications networks, utilities across the world are investing heavily to develop the infrastructure for reliable communication. Its system supports demand response (DR), delivery automation (DA), and advanced metering system (AMI), powered by legislative mandates, government grants, and high energy inefficiency costs. The global market size for IoT is increasing significantly; this suggests that the scope of utility communication with respect to Industry 4.0 and IoT is rising. The demand for utility communications is growing subsequently with the increasing development of technology as the utilities seek to follow a progressive mode of data transmission. The utility connectivity deals mainly with data transmission and networking technologies. However, data privacy issues might hamper the market growth during the forecast period.
Further, surge in renewable energy generation and distributed capital has resulted in the rapid growth of utility communication systems. Most countries focus on introducing advanced metering infrastructure (AMI), which involves the installation and usage of smart meters and other electronic devices that allow for two-way communication and data transmission between end users and utilities. The move from conventional metes to smart meters is driven by factors such as incorrect billing, theft and power misuse, late payments, and meter reading costs.
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The report segments the global Utility Communication market as follows:
Global Utility Communication Market – By Technology
- Optical Fiber
Global Utility Communication Market – By Utility Type
- Private Utility
- Public Utility
Global Utility Communication Market – By Geography
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
Utility Communication Market to 2027 - COVID-19 Impact and Global Analysis and Forecasts by Technology (Wired and Wireless); Utility Type (Private Utility and Public Utility)
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi
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