DUBLIN--(BUSINESS WIRE)--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.
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
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/wvajk
