Dublin, March 08, 2023 (GLOBE NEWSWIRE) -- The "Utility Communication Market by Technology (Wired, Wireless), Utility (Public, Private), Component (Hardware, Software), Application (Oil & Gas, Electricity T&D), End-User (Residential, Commercial, Industrial) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The utility communication market is expected to grow from an estimated in USD 20.2 billion in 2022 to USD 26.1 billion by 2027, at a CAGR of 5.3% during the forecast period. The primary drivers of the market include growing investment in smart grids and the modernization of electricity networks.
The transmission & distribution segment, by application, is expected to be the largest and the fastest-growing market from 2022 to 2027.
The utility communication market, by application, is bifurcated into transmission & distribution, oil & gas utilities and others. The transmission & distribution segment is expected to dominate in terms of market share and CAGR during the forecast period and this dominance can be attributed to the rising demand from various end use industries due to the upgrade of infrastructures across the world, especially in the North American region.
The industrial segment, by end-user, is expected to be the fastest-growing market from 2022 to 2027.
The utility communication market by location is segmented into residential, commercial and industrial. The industrial segment is expected to be the fastest growing segment, followed by the commercial segment. Demand for faster communication and restoration of utility services is driving the demand for utility communication in the commercial segment.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
Study Coverage:
The report defines, describes, and forecasts the utility communication market, by technology, utility, component, application, end-user and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the utility communication market.
Key Benefits of Buying the Report
- The report identifies and addresses the key markets for utility communication operations and services, which would help equipment manufacturers and service providers review the growth in demand.
- The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
- The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.
Market Dynamics
Drivers
- Growing Investments in Smart Grids and Modernization of Electricity Networks
- Rising Focus on Improving Grid Reliability, Increasing Operational Efficiency, and Reducing Outage Time
- Rising Trend of Digitalizing Oilfields
- Government-Led Initiatives to Support Deployment of Smart Grid Technologies
Restraints
- High Upfront Costs for Installation and Maintenance of Smart Grid Technologies
- Lack of Standards and Interoperability of Different It Protocols and Components
Opportunities
- Rise in Number of Smart City Projects in Developing Countries
- Replacement of Aging Communication Systems with Advanced Communication Networks
- Growing Adoption of Wireless Communication Technologies
Challenges
- Rise in Cyberattacks and Natural Disasters
- Oil Price Instability, Decline in Oil Demand, and Supply Chain Disruptions due to COVID-19
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 214 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $20.17 Billion |
| Forecasted Market Value (USD) by 2027 | $26.05 Billion |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Utility Communication Market, by Technology
6.1 Introduction
6.2 Wired
6.2.1 Fiber Optic
6.2.2 Ethernet
6.2.3 Power Line Carrier (Plc)
6.2.4 Synchronous Optical Networking/Synchronous Digital Hierarchy (Sonet/Sdh)
6.2.5 Multi-Protocol Label Switching
6.2.5.1 Mpls-Ip
6.2.5.2 Mpls-Tp
6.2.6 Others
6.3 Wireless
6.3.1 Radio Frequency (Rf) Mesh
6.3.2 Mobile Network
6.3.3 Microwave and Radio Communication
6.3.4 Others
7 Utility Communication Market, by Utility
7.1 Introduction
7.2 Public
7.3 Private
8 Utility Communication Market, by Component
8.1 Introduction
8.2 Hardware
8.3 Software
9 Utility Communication Market, by Application
9.1 Introduction
9.2 Transmission & Distribution
9.3 Oil & Gas Utilities
9.4 Others
10 Utility Communication Market, by End-user
10.1 Introduction
10.2 Residential
10.3 Commercial
10.4 Industrial
11 Utility Communication Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Appendix
Companies Mentioned
- Black & Veatch Holding Company
- Cisco Systems, Inc.
- Digi International Inc.
- Fujitsu
- General Electric
- Hitachi Energy Ltd
- Itron Inc.
- Landis+Gyr
- Milsoft Utility Solutions
- Motorola Solutions, Inc.
- Nokia
- Open Systems International, Inc.
- Rad
- Ribbon Communications Operating Company, Inc.
- Schneider Electric
- Sensus, a Xylem Brand
- Siemens
- Telefonaktiebolaget Lm Ericsson
- Trilliant Holdings Inc
- Valiant Communications
- ZTE Corporation.
For more information about this report visit https://www.researchandmarkets.com/r/h3zu3j
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