Chicago, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Utility Communication Market is projected to grow from USD 20.2 billion in 2022 to USD 26.1 billion by 2027, at a CAGR of 5.3% according to a new report by MarketsandMarkets™. The Utility Communication Market has promising growth. Growing investment in smart grids; the need for improving grid reliability and operating efficiency and reducing outage length; rising technological advancements in communication technologies; and the need for IoT integration in the operations of the oil & gas industry are driving the growth of the market.
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163 – Tables
56 – Figures
220 – Pages
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The transmission & distribution is expected to be the largest segment of the utility communication market
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 is expected to be the fastest-growing segment of the utility communication market
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.
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Asia Pacific is expected to be the largest utility communication market
Asia Pacific is estimated to be the largest and fastest-growing market for utility communication during the forecast period. The region has been segmented, by country, into China, Japan, India, Australia South Korea, Malaysia and Rest of Asia Pacific which includes Thailand, Vietnam, Indonesia, and Singapore. Investment in grid expansion projects to increase the reliability and resilience of distribution grids, which is likely to drive the demand for utility communication.
Key Market Players
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Utility Communication Market.
Some of the key players include Hitachi Energy Ltd (Switzerland), Schneider Electric (France), Siemens (Germany), General Electric (US), and Motorola Solutions, Inc. (US). The leading players are adopting various strategies to increase their share in the Utility Communication Market.
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