Latest Study on “Utility Communication Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.
The global Utility Communication market size is expected to be worth around US$ 25.4 billion by 2027, according to a new report by Nova One Advisor .
The global Utility Communication market size was valued at US$ 17.9 Billion in 2020 and is anticipated to grow at a CAGR of 4.9% during forecast period 2021 to 2027.
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Utility communication is a set of technologies and devices used to coordinate various parts of a complicated utilities distribution system. It monitors & controls grid equipment, measures network performance, and delivers real-time information. Advancement in IT systems led to the development of automated distribution networks for utilities (power, energy, etc.) for efficient functioning of modern power systems. The utility communication market is expected to witness significant growth across the world in the near future owing to automation requirement. This communication system allows well-regulated and efficient transfer of utilities such as power or gas.
Growth in renewable generation and distributed resources has led to the exponential development of utility communication systems. Along with renewable resource generation, smart cities projects around the globe are anticipated to garner increased adoption of utility communication during the forecast period. Majority of the countries in the world are focusing on the implementation of advanced metering infrastructure (AMI) which includes the installation of smart meters and other electronic devices that enable two-way communication and data transfer between end-users and utilities. Factors such as wrong billing, theft and fraud of power, late payments, and meter reading costs are influencing the shift from traditional metes to smart meters. These factors are anticipated to propel the demand for utility communication over the forecast period. However, the utility industry is a highly regulated industry and this is a major factor hindering the growth of this market.
Utility Communication market: Dynamics
Smart grids are key technologies that focus on modernizing electricity networks by providing utilities and consumers with the information to manage electricity use efficiently. Global power utilities are increasingly investing in smart grid technologies that enable automatic monitoring and controlling of electricity consumption, development of new business models, reduced outages, shorter response times during natural hazards, and integration of renewable energy resources such as solar PV and wind power. At the end-user level, smart grids can enable demand flexibility and consumer participation in the energy system operations through distributed generation and storage.
The high initial investment acts as one of the major barriers to the adoption of utility communication systems. The investment includes costs related to installation, procurement, implementation, testing, maintenance, and the commissioning of various field devices (automated voltage regulators, remote fault indicators, smart relays, automated feeder switches/reclosers, automated capacitors, transformer monitors, automated feeder monitors, and RTUs), besides the installation of intelligent controls to manage the operation of these individual components.
Enhanced connectivity enabled by the Internet of Things (IoT) is fueling the growth of the utility communication market. IoT enables distribution utilities to exchange information and communicate through various smart devices. Automated devices collect operational data to monitor performance, optimize maintenance schedules, and better understand performance shortfalls. The data collected can be further used to analyze electricity usage, calculate costs, remotely control appliances, make decisions on load distribution, recognize devices, and detect malfunctions, thereby helping in the management of outage systems.
Highlights of the Report:
COVID-19 Impact on Utility Communication Sales
- Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Utility Communication
- Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
- Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
- Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Utility Communication market 2021 onwards. This trend will however continue through the course of the report’s assessment period
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Recent report on the Utility Communication market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the Utility Communication market analyzes the scenario for the period of 2017 to 2027, wherein, 2021 is the base year and 2020 is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study. The report also provides the compound annual growth rate (CAGR) of the global Utility Communication market for the forecast period of 2021–2027. This data can help readers interpret quantitative growth aspects of the global market during the forecast period. It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global market across the globe.
The report analyzes the historical and present-day scenario of the global Utility Communication market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global market in order to identify opportunities for stakeholders.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the Utility Communication market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the market.
The report delves into the competition landscape of the global Utility Communication market. Key players operating in the market have been identified and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the Utility Communication market that are profiled in this report.
Y-o-Y growth comparison, volume and revenue comparison, and market share comparison of various market segments are provided in the report. The Utility Communication market is analyzed at both regional and country levels.
Major Players Covered in this Report
The updated market research report on Utility Communication market allows the buyers and manufacturers to stay updated with the current market trends, ongoing happenings, and a clear picture on the market scenario. List of key players included in the research report will help the market vendors to know their market position and plan more operational strategies to gain topmost position among other players. The report offers crucial company information on each market player, such as company profile, financial information, and recently adopted growth strategies. This will help other existing players and the new entrants to plan strategies and establish their presence in the market.
Significant Market Participants Operational in the Utility Communication Market are:
ABB (Switzerland), Schneider Electric (France), Siemens (Germany), General Electric (US), and Motorola Solutions (US) are the leading players in the utility communication market. Sensus (Xylem)(US), Itron(US), Telefonaktiebolaget LM Ericsson(Sweden), FUJITSU(Japan), Black & Veatch Holding(US), Nokia(Finland)
The report is divided into major categories comprising product, application, regions and others. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Every segment is studied thoroughly in order to offer a better picture to the buyers and stakeholders to benefit from. Information like highest prevailing product, highly demanded product by the application segment and end users are rightly mentioned in the Utility Communication report.
Based on the technology type:
Based on the utility type:
Based on the component:
Based on the application:
- Oil & Gas Utilities
- Transmission & Distribution
Based on the end user:
A unique research methodology has been utilized to conduct a comprehensive research on the growth of the global Utility Communication market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global Utility Communication market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.
Key Questions are
- What are the key factors influencing the Utility Communication market in each region?
- How much value will the global market generate by the end of the forecast period?
- What will be the CAGR of the global market between 2021 and 2027?
- What would be the Y-o-Y growth trend of the global market between 2021 and 2027?
- What is the future scope and current trends in technologies of the global market?
- What is the revenue of the global market based on segments?
- Which key strategies are used by top players of the global market?
- Which are the leading companies in the global market?
- What are the essential strategies by key stakeholders in the market to expand their geographic presence?
- What are the major advancements witnessed in the global market?
Why should you invest in this report?
If you are aiming to enter the global Utility Communication market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Utility Communication are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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