The $18.7 Billion Worldwide Utility Communication Industry is Expected to Grow at a CAGR of 4.4% from 2021 to 2026
DUBLIN, June 3, 2021 /PRNewswire/ -- The "Utility Communication Market by Technology Type(Wired and Wireless), Utility Type, Component(Hardware and Software), Application (Oil & Gas Network, T&D), End User (Residential, Commercial, and Industrial) and Region- Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global utility communication market size is projected to grow from an estimated USD 18.7 billion in 2021 to USD 23.2 billion by 2026, at a CAGR of 4.4% from 2021 to 2026.
The key drivers for the utility communication market include growing investment in smart grids modernization of electricity networks; focus on improving grid reliability, increasing operating efficiency, reducing outage length; consolidating trend of digitalization oilfield communication; and government initiative to support deployment of smart grid technologies.
The wired segment is expected to hold the largest share of the utility communication market, by technology type, during the forecast period.
The wired segment is estimated to lead the utility communication market during the forecast period. Wired segment mainly includes optic fiber, Ethernet, powerline carrier, SONET/SDH, MPLS-IP, and MPLS-TP. Optic fiber and Ethernet are the most preferred medium for networking in utility communication. Optic fiber offers higher bandwidth support and speed, which helps in providing high performance, reliability, and improved coverage. The market for wired segment is driven by the versatility, speed and reliability offered by the segment. Asia Pacific is estimated to hold the largest share of the utility communication market, followed by North America because of the increasing need to upgrade aging infrastructure are expected to drive the market for utility communication market.
Asia Pacific: The fastest-growing market for utility communication.
The Asia Pacific is the fastest-growing market for utility communications, followed by Europe. The region has been segmented, by country, into China, Japan, India, Australia, South Korea, Malaysia, and Rest of Asia Pacific. Rest of Asia Pacific mainly includes Thailand, Vietnam, Indonesia, and Singapore. There is a high demand fo electricity in Asia Pacific, which is also the most populated region in the world. Countries such as China, Japan, and South Korea are continuously investing in grid expansion projects to increase the reliability and resilience of distribution grids, which is likely to drive the demand for utility communication solutions and related services in the coming years. Besides, the smart grid market in the Asia Pacific region is expected to grow substantially in the coming years. The region is expected to invest about USD 9.8 billion in the development of smart grid infrastructure between 2018 and 2027. Asia Pacific is also moving toward clean energy on a large scale to meet the growing energy needs of the region.
Major economies such as China, Japan, and India have ambitious solar and wind-based renewable power generation targets. According to the Renewable Energy Policy Network (REN21), China accounted for 45% of the total global investment (nearly USD 126.6 billion) in renewable power generation projects in 2017, followed by India, with an investment of USD 10.7 billion. Investments in infrastructure modifications are driven by the country's aging power infrastructure. All these investments are likely to drive the market for utility communication solutions and services in Asia Pacific.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Utility Communication Market, by Technology Type
7 Utility Communication Market, by Utility Type
8 Utility Communication Market, by Component
9 Utility Communication Market, by Application
10 Utility Communication Market, by End-user
11 Geographic Analysis
12 Competitive Landscape
13 Company Profiles
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SOURCE Research and Markets