Utility Communication Market Highlights
The analysis by MRFR reveals that the global Utility Communication Market 2020 is expected to grow at 15.50% CAGR during the forecast period. Today various forms of utility communication technologies are used in oil and gas utilities as well as transmission and distribution networks such as mesh, microwave and radio communication, WiMax, ethernet, power line carrier, fiber optics and more.
Drivers and Restraints
With no corresponding expansion of generation and transmission capacity, the sudden increase in power consumption has led to increased demand for utility communications systems around the world.
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Growth in renewable energy generation and distributed resources has resulted in the exponential development of utility communication systems. In addition to the generation of renewable resources, smart city projects around the globe are expected to result in increased usefulness communication adoption during the forecast period. Most countries around the world focus on the implementation of advanced metering infrastructure ( AMI), which comprises the installation of smart meters and other electronic devices that allow for two-way communication and data transfer between end-users and utilities. The move from conventional metes to smart meters is driven by factors such as incorrect billing, theft and power diversion, late payments and meter read costs. These factors are slated to propel the demand for communication of utilities over the forecast period. The utility industry is, however, a highly regulated industry and this is a major impediment to the growth of this market.
Extensive research of the utility communication market segments the market by application, component, and end-use.
The market is segmented as public and private utilities, based on the type of utility. The segment of public utilities is in the lead and is valued at USD 8,572.9 million in 2018, which can reach USD 17,654.0 million by 2023. During the forecast period the segment is expected to beat the market to 15.44 CAGR. During the forecast period the segment of public utilities is estimated to dominate the market due to the fact that public utilities typically operate through state , local, and national government bodies. With breakthroughs in communication technology, public utilities are focusing on upgrading their technologies to be competitive in the market. In addition to this, public utilities dominate the market, receiving government funds, subsidies and favorable policies to provide all the necessary services and amenities, such as electricity, water , transportation and sewage treatment.
The utility communications market can be segmented into wired and wireless technologies, based on technology. In 2018, the wired technology segment dominates the market with a value of USD 7.010.5 million, and by 2023 can reach USD 15.023.4 million. In the meantime, the wireless segment is also expected to have a 14.09 per cent CAGR over the forecast period.
Regionally wise, in 2017 Asia-Pacific held the largest market share in the global utility communication market. During the forecast period, Asia-Pacific is expected to be the fastest growing region, mainly due to rising power generation capacity, growing manufacturing activities, and urbanisation.
During the forecast period, Europe is expected to be the second largest market due to new technological developments in utility communication networks, which are the primary driving factors leading the European utility communications market. The European Commission is of the opinion that USD 22.42 billion was sponsored by the European Regional Development Fund (ERDF) and Cohesion Fund for ICT investments during the 2014–2020 period, with an slated additional investment of up to USD 280.13 billion for the 2014–2020 period. Increasing investment in ICT would raise the demand for products under communication with the utilities. Increasing investment and moving trend towards digitalisation would therefore drive Europe's utility communications market.
The key players of the global utility communication market are ABB (Switzerland), Emerson (USA), Schneider Electric (France), Rockwell Automation (US), Siemens (Germany), General Electric (USA), Yokogawa (Japan), Honeywell International Inc. (US), Toshiba (Japan), Azbil Corporation (Japan), Hitachi (Japan), and Metso Corporation (Finland).
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