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(Wireless-NewsWire.Com, April 17, 2019 ) The utility communication market is expected to grow at a CAGR of 15.55%, from 2016 to 2021, to reach a market size of USD 15.45 billion by 2021. Asia-Pacific is estimated to be the largest market for utility communication, followed by North America in 2016. This trend is expected to continue till 2021. The growth of the utility communication market is driven by the increasing use of smart grids and mobile devices, modification in billing practices in power utility companies, and stringent regulatory requirements for power utilities. In addition, several government initiatives focusing on building smart cities, data centers, and cyber cites are expected to boost the market for utility communication technologies.
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Target Audience:
• Government and industry associations
• Investment and consulting firms
• Power distribution utilities
• State and national regulatory authorities
• State- or government-owned corporations
• Utility communication equipment manufacturing companies
• Utility communication service providers
The report segments the utility communication market, based on utility type, into private and public utility. Although public utility is the largest market for utility communication, the private utility segment is expected to grow at the fastest rate during the forecast period. Public utilities are state-owned or municipal-owned and are publicly listed companies. They are subject to public control and regulations. On the other hand, private utilities are business organizations managed as private enterprises without any interference by governments.
Market Ecosystem:
The utility communication ecosystem comprises power and automation technology companies such ABB, Ltd. (Switzerland), Schneider Electric (France), and Ericsson (Sweden), among others; industry and energy companies such as Motorola Solutions, Inc. (U.S.) and Black & Veatch Holding Company (U.S.), among others; manufacturing and engineering companies such as Siemens AG (Germany) and General Electric (U.S.), among others; developers, manufacturers, and marketers of network access companies such as RAD Data Communications, Ltd. (Israel), Oracle Corporation (U.S.), and Fujitsu (Japan), among others, who integrate the utility communication technologies and sell them to end-use utilities to cater to their unique requirements.
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Asia-Pacific: The largest market for utility communication
Asia-Pacific is currently the largest market for utility communication, closely followed by North America. The Asia-Pacific market is primarily driven by countries such as China, India, Japan, and Australia where there are high demands for utility communication technologies due to the many smart grids coming up. The market in this region is projected to grow at a high rate, with China expected to dominate the market. Increasing domestic demand for efficient power infrastructure would drive the market for power utility communication. China is expected to invest around USD 31 billion in smart grid projects by 2020; this will likely boost the demand for utility communication.
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Mr. Shelly Singh
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sales@marketsandmarkets.com
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