Northbrook, IL -- (SBWire) -- 02/28/2022 --The global Utility Communication Market size is expected to grow from an estimated USD 18.7 billion in 2021 to USD 23.2 billion by 2026, at a CAGR of 4.4%, during the forecast period. 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 transmission & distribution segment is expected to be the largest contributor in the utility communication market
The transmission & distribution segment held the largest share of the utility communication market, by application in 2020. Increasing demand for electricity and replacement of aging power infrastructure is expected to drive the market. T&D operators depend on automatic systems to monitor and detect faults in their electrical networks and equipment. Many utility operators focus on maximizing investment in communication networks while ensuring reliable, secure data transmission.
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Asia Pacific is expected to be the largest and fastest-growing utility communication market
Asia Pacific accounted for the largest share of the global Utility Communication Market in 2020. 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 for 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.
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Some of the prominent players operating in the Utility Communication Market are ABB (Switzerland), Schneider Electric (France), Siemens (Germany), General Electric (US), and Motorola Solutions (US).
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Utility Communication Market Size to Reach $23.2 Billion by 2026
The global utility communication market size is expected to grow from an estimated USD 18.7 billion in 2021 to USD 23.2 billion by 2026, at a CAGR of 4.4%, during the forecast period.