Industrial Utility Communication Market worth $4.2 billion by 2028, at a CAGR of 6.0 %, says MarketsandMarkets™
Chicago, Feb. 06, 2024 (GLOBE NEWSWIRE) — The Global Industrial Utility Communication Market size is projected to reach USD 4.2 billion by 2028, at a CAGR of 6.0% from USD 3.1 billion in 2023, as per the recent study by MarketsandMarkets™. The rise in the number of smart city projects in developing regions, aging infrastructures, and growing demand for advanced communication technologies for various utility industries will contribute to the rapid growth and the demand for industrial utility communication solutions.
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List of Key Players in Industrial Utility Communication Market:
- General Electric (US)
- Siemens (Germany)
- Schneider Electric (France)
- Hitachi Energy Ltd. (Switzerland)
- FUJITSU (Japan)
- Motorola Solutions, Inc. (US)
- Telefonaktiebolaget LM Ericsson (Sweden)
- Nokia (Finland)
- Itron Inc. (US)
- Cisco Systems, Inc. (US)
- Emerson Electric Co. (US)
Drivers, Opportunities and Challenges in Industrial Utility Communication Market
- Drivers: Growing Adoption of Smart Grid Technologies
- Restraint: High Cost of Deployment and Maintenance
- Opportunity: Rise in Number of Upcoming Smart City Projects in Developing Regions
- Challenge: Security Concerns and Cybersecurity Threats
Key Findings of the Study:
- Oil & Gas by end-use industry is projected to be the largest, in terms of value, during the forecast period.
- Hardware by component type is projected to be the largest, in terms of value, during the forecast period.
- Wired by technology type is projected to be the largest, in terms of value, during the forecast period.
- Asia Pacific is expected to be the largest market for industrial utility communication market during the forecast period, in terms of value.
Based on component, the industrial utility communication market has been segmented into Hardware, Software and Services. Software accounted for the second largest share after hardware, in terms of value, of the global market in 2023.
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Software holds the second-largest market share in the industrial utility communication market after hardware due to its pivotal role in enabling seamless connectivity and data management. Within this landscape, software solutions are fundamental for controlling, monitoring, and analyzing data collected from various industrial devices and sensors. These software systems offer sophisticated functionalities, including data analytics, predictive maintenance, and real-time monitoring, providing crucial insights to enhance operational efficiency and productivity. They facilitate the integration of diverse hardware components into cohesive systems, enabling smoother communication across industrial utilities. While services play a vital role in implementation, training, and maintenance, software’s dominance stems from its critical role in managing and optimizing communication processes within industrial environments, contributing significantly to the market share.
Based on end-use industry, the industrial utility communication market has been segmented into power generation, renewable power generation, AC transmission, HVDC transmission, power distribution, EV charging, water/wastewater, transportation, oil &gas, mining, transportation, and others. Power generation accounted for the second largest share after oil and gas, in terms of value, of the global market in 2023.
Power generation holds a significant market share in the industrial utility communication sector due to the critical nature of communication technologies in ensuring efficient operations and safety within power plants and grids. The sector heavily relies on sophisticated communication systems to manage and monitor power generation, distribution, and transmission networks. Industrial utility communication technologies enable real-time data monitoring, predictive maintenance, and remote-control functionalities essential for optimizing power generation processes. These systems facilitate seamless communication between various components, including turbines, generators, transformers, and control systems, ensuring uninterrupted electricity supply and enhancing overall operational efficiency. The demand for reliable, high-speed communication networks to maintain grid stability and respond swiftly to any operational issues solidifies the sector’s substantial market share in the industrial utility communication domain.
Based on technology, the industrial utility communication market has been segmented into wired and wireless. Wireless accounted for the second fastest growing technology, after wired in terms of value, of the global market in 2023.
Wireless technology has emerged as the second fastest-growing segment in industrial utility communication due to its versatile and adaptable nature, ushering in an era of unprecedented connectivity and mobility. Its rapid expansion stems from several key factors. Firstly, wireless solutions offer unparalleled flexibility, enabling seamless communication and data transfer across vast and remote industrial landscapes without the limitations of physical cables. This freedom of mobility significantly enhances operational agility and efficiency, allowing for quick deployment and adjustments in dynamic environments.
Moreover, the scalability of wireless technologies accommodates the evolving needs of industries. As demands increase, wireless networks can readily expand to cover larger areas or handle higher data volumes without substantial infrastructure modifications. This scalability aligns perfectly with the growing reliance on interconnected devices, supporting the integration of IoT and Industry 4.0 applications.
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Asia-Pacific is the fastest growing market for industrial utility communication market. The market for this region is segmented into China, Japan, India, Malaysia, South Korea, Australia and rest of Asia Pacific.
The Asia-Pacific region stands out as the fastest-growing hub for industrial utility communication, propelled by several key factors that drive the market’s robust expansion and innovation. Firstly, the escalating adoption of advanced technologies, particularly in countries like China, India, Japan, and South Korea, fuels the growth of industrial utility communication. These nations are rapidly embracing digitalization, Industry 4.0 initiatives, and the Internet of Things (IoT), fostering a strong demand for efficient communication infrastructures across various sectors.
Secondly, the rapid industrialization and infrastructure development in the Asia-Pacific region play a pivotal role. Growing industries such as manufacturing, energy, transportation, and healthcare are increasingly relying on sophisticated communication systems to optimize operations, enhance productivity, and ensure seamless connectivity, contributing significantly to the market’s expansion. Additionally, government initiatives and supportive policies geared towards bolstering digital transformation further fuel the market growth. Investments in smart city projects, energy management systems, and the implementation of robust communication networks within utilities are major catalysts for the uptake of industrial utility communication technologies.
Furthermore, the region’s vast population and rising urbanization create an ever-growing need for efficient utility services, prompting utilities to invest in advanced communication technologies for effective management and distribution of resources. Moreover, the presence of numerous key players and innovative startups focusing on developing cutting-edge communication solutions tailored to the region’s specific needs accelerates market growth. Collaborations between local and international firms drive technology advancements and foster a competitive landscape, driving further innovation and adoption.
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CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: firstname.lastname@example.org
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