According to The Insight Partners’ research, the global Utility Communication Market accounted for US$ 10,730.4 million in 2019 and is projected to reach US$ 35,138.1 million by 2027 with a CAGR of 16.3% from 2020 to 2027. The increased use of smart grids and mobile devices and rising demand for personalized communication networks due to modifications in the billing process are the factors expanding the market reach.
Furthermore, the market is witnessing a rapid boost due to the escalating demand for personalized communication networks due to modifications in the billing process. Utility bills are the primary means adopted by utilities for informing people about their electricity consumption, which is followed by bill payments by the consumers. The bills also serve the purpose of reminding customers about their due amounts from their previous usage. With the modification in billing procedures, tracking customers with bad debt or those involved in fraudulent activities becomes easier. These modifications have also led to the introduction of creative accounting options and the emergence of several applications by the market players. For instance, the Siemens EnergyIP Meter Data Management (MDM) application automates the smart meter data management business process. Its comprehensive set of tools help utilities handle conventional use cases, such as meter-to-cash billing data, and emerging use cases using IoT-driven data from registers, times, and time-of-use, to support many mission-critical business applications. Hence, the market is expected to propel at high rates due to these favorable aspects.
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Globally, smart grids and mobile devices have been increasingly boosting market growth. Smart grids facilitate quicker restoration of electricity after power disturbances and help reduce utilities’ management and operational costs, ultimately lowering power costs for consumers. Moreover, several initiatives advancing the energy sector’s technological landscape will likely enhance market growth during the forecast period. The US electrical system announced its “Grid 2030” vision in collaboration with the electric utility industry, equipment suppliers, IT operators, federal and state governments, advocacy organizations, colleges, and national laboratories. Thus, the need for utility communication channels is also expanding with the increased use and demand for smart grids and mobile devices.
On the contrary, the vulnerability to cyberattacks hinders the global utility communication market.
On the basis of utility type, the market is split into public utility and private utility. The public utility segment dominates the market by capturing a share of 74.5%, i.e., the market being valued at US$ 7,996.2 million in 2019. It is assessed to continue its dominance by holding 70.06%, i.e., US$ 24,618.5 million by 2027, with a CAGR of 15.4% during the forecast period.
Based on technology, the global utility communication market is bifurcated into wired and wireless segments. In 2019, the wired segment led the market growth by holding a share of 65.7% and the market was valued at US$ 7,049.4 million. The segment is expected to reach US$ 21,248.3 million by 2027, with a rise of 15.7% CAGR during the forecast period.
Our regional analysis states that Asia Pacific held the domain by capturing US$ 3,279.5 million, i.e., 30.56% market share in 2019. It is anticipated to reach US$ 12,727.0 million by 2027; it is likely to grow at a CAGR of 18.8% throughout the forecast timeframe.
The major players leading the market growth are ABB Ltd; FUJITSU Limited; General Electric Company; Honeywell International Inc; OMICRON Electronics GmbH; Rockwell Automation, Inc; Schneider Electric SE; Siemens AG; Tejas Networks; and Telefonaktiebolaget LM Ericsson.
- In March 2020, ABB and TRANSCO rolled out substation to digital substation solution, which digitalized end-to-end protection and allowed TRANSCO to guarantee the performance and operation of the application.
- Verizon collaborated with Honeywell for LTE-based smart meters and other edge devices in January 2020.
- In November 2019, Schneider Electric released EcoStruxure DERMS Distributed Energy Resource Management System, a grid-focused solution to assist in managing this disruption.
- Trilliant and Siemens partnered to deliver smart energy networks for distributed automation and advanced metering infrastructure in November 2016.
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