New York, United States , July 09, 2024 (GLOBE NEWSWIRE) -- The Global Utility Communication Market Size is to Grow from USD 17.75 Billion in 2023 to USD 29.83 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.33 % during the projected period.
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Utility communication is a collection of instruments and technologies that coordinate the various parts of a complex utility distribution system. It not only supervises and manages grid equipment but also evaluates network performance and provides live data. The creation of automated distribution networks for utilities such as energy and electricity has increased the efficiency of contemporary power systems. The utility communication industry is anticipated to experience significant growth in the upcoming years because of the increasing need for automation. This communication technology enables the effective and properly controlled transportation of utilities such as gas and electricity. Utility communication technologies are necessary for enhancing the reliability of the electricity distribution network. Data from sensors, processors, communication networks, and switches is collected, automated, analyzed, and optimized to enhance the operational efficiency of power distribution systems. Various field devices such as automated voltage regulators, remote fault indicators, smart relays, feeder switches/reclosers, capacitors, transformer monitors, feeder monitors, and remote terminal units are employed to enhance grid reliability and operational efficiency. Shifting towards renewable energy sources adds difficulty in maintaining reliable service during extreme weather or disruptions.
Browse key industry insights spread across 200 pages with110 Market data tables and figures & charts from the report on the "Global Utility Communication Market Size, Share, and COVID-19 Impact Analysis, By Technology (Wired and Wireless), By Utility Type (Public and Private), By Application (Oil & Gas, Power Generation, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The wired segment is estimated to hold the largest share of the market over the projected timeframe.
On the basis of technology, the global utility communication market is segmented into wired and wireless. Among these, the wired segment is estimated to hold the largest share of the market over the projected timeframe. Wired systems offer dependable, quick communication that is essential for utility operations and expanding customer reach. Governments prioritize upgrades to wired networks for powering grids and other essential services. In situations of extreme events, this ensures the resilience of the network. To conduct preventive maintenance, utilities also depend on wired networks for monitoring assets located in remote areas.
The public segment is expected to dominate the market over the projected timeframe.
On the basis of utility type, the global utility communication market is segmented into public and private. Among these, the public segment is expected to dominate the market over the projected timeframe. Public utilities serve bigger populations and larger geographic areas than private utilities do. Public utilities also utilize wireless technologies to keep track of substations in difficult-to-reach locations where wired networks are not feasible to install. Therefore, the visibility of operations remains intact.
The power generation segment is projected to hold the largest share of the market over the estimated timeframe.
On the basis of application, the global utility communication market is segmented into oil & gas, power generation, and others. Among these, the power generation segment is projected to hold the largest share of the market over the estimated timeframe. Generators require wireless connectivity to enable remote automation of plant operations. Maintenance of generation assets spread across large areas is simplified with the use of wireless networks.
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North America is expected to hold the largest share of the global utility communication market over the forecast period.
North America is expected to hold the largest share of the global utility communication market over the forecast period. The region is home to some of the largest utility companies in the world, which have advanced transmission and distribution networks. North American utilities have been updating their operations for many years, adopting new technology much earlier than other parts of the world. To improve network visibility, efficiency, and reliability, they have invested heavily in smart grid technologies, advanced metering solutions, distribution automation systems, and communication networks. Recently, there has been a significant increase in communication investment within the utility sector, driven by the necessity to uphold reliability standards, upgrade old infrastructure, and enhance customer satisfaction.
Asia Pacific is predicted to grow at the fastest pace in the global utility communication market during the projected timeframe. Development has been driven by aspects like fast urbanization, the growth of transmission and distribution networks, government efforts aimed at smart grid deployments, and the introduction of new technologies. China and India's significant populations and increasing energy needs have led Chinese utility companies, whether state-owned or private, to invest billions of dollars in smart infrastructure to upgrade grid systems and achieve renewable energy goals. Meanwhile, in India, there has been a significant emphasis on improving rural electrification and enhancing transmission infrastructure, leading to new opportunities for communication providers.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Utility Communication Market include General Electric, Cisco Systems, Inc., Hitachi, Ltd., Schneider Electric SE., Motorola Solutions, Inc., Itron Inc., Milsoft Utility Solutions, ABB, RAD, OMICRON, Siemens, FUJITSU, Landis+Gyr, Sensus, Telefonaktiebolaget LM Ericsson, and others.
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Recent Developments
- In August 2022, Siemens signed a deal with Rail Vikas Nigam Limited to provide signaling and telecommunication services for Kolkata Metro Line 3 & 6. Siemens delivered the utmost energy efficiency, network capacity, and reduced headways while maintaining the highest safety standards.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the Global Utility Communication Market based on the below-mentioned segments:
Global Utility Communication Market, By Technology
- Wired
- Wireless
Global Utility Communication Market, By Utility Type
- Public
- Private
Global Utility Communication Market, By Application
- Oil & Gas
- Power Generation
- Others
Global Utility Communication Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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