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Utility Communications Market to Garner $37.0 Billion, Globally, By 2032 at 5.7% CAGR: Allied Market Research

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News provided by

Allied Analytics LLP

04 Aug, 2023, 14:30 GMT

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The global utility communications market is driven by the growing adoption of distributed energy resources (DERs) coupled with rise in demand for smart grid infrastructure.

PORTLAND, Ore., Aug. 4, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Utility Communications Market By Technology (Wired, Wireless), By Utility (Public, Private), By Component (Hardware, Software), By Application (Oil And Gas, Power Generation, Others), By End-Use (Residential, Commercial, Industrial): Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the global utility communications industry generated $21.3 Billion in 2022, and is anticipated to generate $37.0 Billion by 2032, witnessing a CAGR of 5.7% from 2023 to 2032.

Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/15930

Prime determinants of growth

The global utility communications market is driven by the rising adoption of distributed energy resources (DERs) along with surge in demand for smart grid infrastructure. However, vulnerability to cybersecurity threats is anticipated to hinder the growth of the market. Nevertheless, technological advancement is expected to offer lucrative opportunities for market growth in the coming years.

Report Coverage & Details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$21.3 Billion

Market Size in 2032

$37.0 Billion

CAGR

5.7 %

No. of Pages in Report

400

Segments Covered

Technology, Utility, Component, Application, End-Use, Region.

Drivers

Rise in demand for smart grid infrastructure

Surge in adoption of distributed energy resources (DERs)

Opportunities

Technological advancement

Restraints

Vulnerability to cybersecurity threats


Russia-Ukraine War Impact Analysis on the Utility Communications Market

  • Infrastructure Damage: During periods of conflict and military operations, critical infrastructure, including communication networks and utility facilities, was damaged or destroyed. This damage disrupted utility communications, causing service outages and difficulties in monitoring and controlling utility infrastructure.
  • Interruption of Cross-Border Communications: The Russia-Ukraine conflict involved both countries, and this resulted in restrictions on cross-border communications. Utility companies that rely on cross-border communication links or international connectivity for their operations experienced disruptions or limitations in their communication networks.
  • Cybersecurity Concerns: During times of heightened geopolitical tensions, there was an increased risk of cyberattacks targeting critical infrastructure, including utility communications networks. Utility companies needed to strengthen their cybersecurity measures to protect their communication systems and prevent unauthorized access or disruptions.
  • Regulatory and Policy Changes: In response to the conflict, governments introduced regulations and policies related to utility communications. Utility companies needed to adapt their communication systems and processes to comply with these new regulations.
  • Shift in Investment Priorities: The Russia-Ukraine war and its aftermath led to a shift in investment priorities within the utility sector. Utility companies prioritized investments in infrastructure restoration, resilience, and security, including their communication networks. This led to increased spending on upgrading and modernizing utility communications infrastructure.
  • Increased Demand for Redundancy and Resilience: The conflict highlightd the importance of redundancy and resilience in utility communications. Utility companies increased their investments in backup systems, redundant networks, and disaster recovery capabilities to ensure continuous communication and minimize the impact of any disruptions.

The wired segment to maintain its lead position during the forecast period.

Based on technology, the wired segment accounted for the largest share in 2022, contributing to nearly three-fifths of the global utility communications market revenue, and is projected to maintain its lead position during the forecast period. Wired communication systems are known for their reliability and consistent performance. These systems are commonly used by utility companies to manage and monitor critical infrastructure such as power grids, water distribution networks, natural gas pipelines, and other essential services. The wireless segment is projected to grow at a CAGR of 5.9% from 2023 to 2032. With rise in complexity of utility infrastructure and the need for seamless communication between different components, wireless communication provides a reliable and efficient way to connect devices and systems. It allows utilities to gather data from diverse sources and enable real-time monitoring and control.

Procure Complete Report (400 Pages PDF with Insights, Charts, Tables, and Figures) @ https://www.alliedmarketresearch.com/checkout-final/utility-communications-market

The public segment to maintain its lead position during the forecast period

Based on utility, the public segment accounted for the largest share in 2022, contributing to more than two-thirds of the global utility communications market revenue, and is projected to maintain its lead position during the forecast period. The utility industry has become more complex with the integration of advanced technologies and the rise of smart grids, smart meters, and other innovative systems. These technologies require robust communication networks to enable data exchange, remote monitoring, and control of utility assets. The surge in demand for public utility communications is driven by the need to manage this increase in complexity effectively. The private segment is projected to grow at a CAGR of 6.0% from 2023 to 2032. Utility companies deal with critical infrastructure and sensitive data, such as power generation, transmission, and distribution systems. Private utility communications provide a higher level of security compared to public networks, reducing the risk of cyber threats and unauthorized access.

The software segment to maintain its lead position during the forecast period

Based on component, the software segment accounted for the largest share in 2022, contributing to more than two-thirds of the global utility communications market revenue, and is projected to maintain its lead position during the forecast period. The same segment is projected to grow at a CAGR of 5.9% from 2023 to 2032. Software platforms enable utilities to gather real-time consumption data, monitor energy usage patterns, and provide accurate billing information to customers. Software utilities enable efficient data management, storage, and analysis, allowing utilities to derive valuable insights, optimize operations, and make informed decisions.

For Purchase Inquiry: https://www.alliedmarketresearch.com/utility-communications-market/purchase-options

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenuein 2022, accounting for more than half of the global utility communications market revenue and is likely to dominate the market during the forecast period. The same region is projected to grow at a CAGR of 5.9% from 2023 to 2032. The rise in demand for utility communications in the region is driven by rapid urbanization, infrastructure development, renewable energy integration, energy efficiency initiatives, the need to serve remote areas, the digitalization of utilities, and supportive government policies.

Leading Market Players: -

  • GENERAL ELECTRIC
  • OMICRON
  • HITACHI, LTD.
  • RAD
  • SCHNEIDER ELECTRIC SE.
  • CISCO SYSTEMS, INC.
  • ABB
  • MILSOFT UTILITY SOLUTIONS
  • MOTOROLA SOLUTIONS, INC.
  • ITRON INC.

The report provides a detailed analysis of these key players in the global utility communications market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact us:

David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com/reports-store/energy-and-power

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Logo: https://mma.prnewswire.com/media/636519/3950895/Allied_Market_Research_Logo.jpg

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