Utility Communication Market Size
The Business Research Company recently released a comprehensive report on the Global Utility Communication Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The utility communication market size has grown strongly in recent years. It will grow from $20.91 billion in 2023 to $22.96 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to grid modernization initiatives, demand response programs, cybersecurity concerns, customer engagement programs, regulatory compliance requirements, globalization of utility operations.
The utility communication market size is expected to see rapid growth in the next few years. It will grow to $34.86 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to increased interconnectivity, rise in distributed energy resources, smart city initiatives, focus on environmental sustainability, grid decentralization. Major trends in the forecast period include adoption of 5g technology, integration with iot devices, global collaboration on standards, artificial intelligence in grid management, data analytics for predictive maintenance.
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Market Drivers and Trends:
Increase in the consumption of energy is expected to propel the growth of the utility communication market going forward. Energy consumption refers to the total amount of energy used over a specific period within a given system or by a particular entity. It is a measure of the quantity of energy consumed to perform various activities, power devices, or support processes. Utility communication plays a pivotal role in optimizing and managing energy consumption across diverse sectors. By facilitating real-time communication between utility providers and consumers, it enables efficient monitoring, control, and coordination of energy distribution. Smart grids, an integral component of utility communication, leverage advanced technologies to collect data on energy consumption patterns, identify areas of inefficiency, and enable timely responses to demand fluctuations. Consumers benefit from access to accurate information about their energy usage, allowing them to make informed decisions to reduce consumption during peak times or implement energy-saving measures. For instance, in 2022, Enerdata, a France-based independent research company that specializes in the analysis and forecasting of energy and climate issues published an article according to which final energy consumption is forecast to reach 107 Mtoe by 2030 and 165 to184 Mtoe by 2050 which has increased from 66 Mtoe in 2021, while primary energy consumption is expected to reach 155 Mtoe by 2030 and between 294 and 311 Mtoe by 2050. Therefore, an increase in the consumption of energy is driving the utility communication market.
Technological advancements have emerged as key trends gaining popularity in the utility communication market. The market is witnessing the implementation of advanced technologies such as IoT (internet of things), Web 2.0, real-time monitoring, and two-way communications between utilities and consumers. Such advancements enable key players to gain a competitive edge in the market. For instance, in March 2021, Itron Inc., a US-based technology company that offers products and services on energy and water resource management, launched the eHZ-B Smart Meter, a residential smart meter for utilities. The smart meter is designed with advanced features to assist utilities in safely transitioning to a low-carbon, reliable, and affordable energy supply, as well as equip utilities to safely migrate to a smart and interconnected distribution network. It interacts with multi-vendor systems and uses transport layer security (TLS) encryption to connect with the Smart Meter Gateway (SMGw). eHZ-B protects digital transmission with built-in next-generation encryption while maintaining a continuous pulse on the electrical grid.
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Major Key Players of the Market:
Schneider Electric SE, Siemens Aktiengesellschaft, General Electric Company, DIGI International Inc., ZTE Corporation, Cisco Systems Inc., Black & Veatch Holding Company, Valiant Communications Limited, ABB Ltd., Omicron Electronics GmbH, Hitachi Energy Ltd., Motorola Solutions Inc., Milsoft Utility Solutions Inc., Honeywell International Inc., Rockwell Automation Inc., Texas Instruments Incorporated, Power Systems Engineering Inc., Fujitsu Limited, Xylem Inc., Itron Inc., Trilliant Holding Inc., Nokia Corporation, RAP Data Communications Ltd., SmartMark Communications LLC, Smarter Grid Solutions Ltd., Robert Bosch GmbH, LG Corporation, Mitsubishi Corporation, Emerson Electric Co., Yokogawa Electric Corporation, Inductive Automation LLC, AVEVA Group plc, Tatsoft LLC, Advantech Co. Ltd., Mitsubishi Electric Corporation
Utility Communication Market 2024 Key Insights:
• The utility communication market size is expected to see rapid growth in the next few years. It will grow to $34.86 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%.
• Utility Communication Market Soars With The Rising Demand For Smart Grids
• Technological Advancements Propel The Utility Communication Market
• Asia-Pacific was the largest region in the utility communication market share in 2023
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