DUBLIN--(BUSINESS WIRE)--The "Utility Communication Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Technology; Utility Type" report has been added to ResearchAndMarkets.com's offering.
The global utility communication market accounted for US$ 10,730.4 Mn in 2019 and is expected to grow at a CAGR of 16.3% during 2020-2027 to reach US$ 35,138.1 Mn by 2027.
The increased use of smart grids and mobile devices and escalating the demand for personalized communication networks due to modifications in billing process are among the factors driving the utility communication market worldwide. However, vulnerability to cyber attacks may restrain the future growth of utility communication market. Despite these limitations, increasing investments in smart communication infrastructure by utilities is anticipated to offer ample growth opportunities for the utility communication market during the forecast period.
At present, the utility communication is facing an increasingly changing operating environment with the mounting economic risks and operational problems, along with rising consumer expectations from their utilities. Meanwhile, technological advancements make it simpler and cheaper to implement utility networking. Sophisticated IT and analytics systems are expected to exploit the data accessible by connected devices in order to enhance grid stability, health, durability, and operational efficiency, and the improvements in these all uplift the return on networking investment by the utilities. Thus, the business model for utility communication is evolving with time, and connectivity is likely to be a critical foundational element in this process with the escalating importance of digitization.
The market for utility communication has been segmented into technology, utility type, and geography. The utility communication market, based on technology, is sub-segmented into wired and wireless. The wired segment is expected to hold the prime market share in the utility communication market during the forecast period. The utility communication market, based on utility type, is further segmented into private and public. The public utility type led the utility communication market and is anticipated to continue its dominance during the forecast period. The utility communication market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). APAC held the lion's share in 2019 and is expected to continue its dominance till 2027.
Reasons to Buy
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the utility communication market, thereby allowing players to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect technology and utility type.
- Increased Use of Smart Grids and Mobile Devices
- Escalating Demand for Personalized Communication Networks due to Modifications in Billing Process
- Vulnerability to Cyberattacks
- Increasing Investments in Smart Communication Infrastructure by Utilities
- Growing Trend of Digitalization and Smart Cities
- ABB Ltd
- FUJITSU LIMITED
- General Electric Company
- Honeywell International Inc
- OMICRON Electronics GmbH
- Rockwell Automation, Inc.
- Schneider Electric SE
- Siemens AG
- Tejas Networks
- Telefonaktiebolaget LM Ericsson
For more information about this report visit https://www.researchandmarkets.com/r/dawcp9