Utility Communication System Market Report 2024 | CAGR Of 11.0%

Overview and Scope
Utility communications are the processes involved in setting up two-way communications between the utility and end users across all networked data points that have been deployed. These networks improve transmission reliability and resilience by providing real-time situational information and controlling it.

Sizing and Forecast
The utility communication market size has grown strongly in recent years. It will grow from $20.91 billion in 2023 to $22.96 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to grid modernization initiatives, demand response programs, cybersecurity concerns, customer engagement programs, regulatory compliance requirements, globalization of utility operations.

The utility communication market size is expected to see rapid growth in the next few years. It will grow to $34.86 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to increased interconnectivity, rise in distributed energy resources, smart city initiatives, focus on environmental sustainability, grid decentralization. Major trends in the forecast period include adoption of 5g technology, integration with iot devices, global collaboration on standards, artificial intelligence in grid management, data analytics for predictive maintenance..

To access more details regarding this report, visit the link:
https://www.thebusinessresearchcompany.com/report/utility-communication-global-market-report

Segmentation & Regional Insights
The utility communication market covered in this report is segmented –
1) By Technology: Wired, Wireless
2) By Utility: Public, Private
3) By Components: Hardware, Software
4) By Application: Transmission and Distribution, Oil and Gas
5) By End-User: Residential, Commercial, Industrial

Asia-Pacific was the largest region in the utility communication market share in 2023. The regions covered in the utility communication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Intrigued to explore the contents? Secure your hands-on sample copy of the report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=8895&type=smp

Major Driver Impacting Market Growth
Rising demand for smart grids is expected to propel the growth of the utility communication market going forward. A smart grid is an electrical grid integrated with automation, communication, and information technology systems that can monitor power flows from points of supply to consumption and regulate the power flow or limit the load in real-time to match the supply. The rising demand for operational efficiency has favored the demand for smart grids. Smart grids enable the use of distributed smart sensors, distributed power generation, real-time measurements and metering infrastructure, and monitoring systems to give real-time information about operations between utilities and consumers. For instance, in September 2022, according to statistical data published by the International Energy Agency (IEA), a France-based intergovernmental organization, the investment in electricity grids increased by 6% in 2021, with $292 billion invested in 2020 and $309 billion spent in 2021. Therefore, the rising demand for smart grids is driving the growth of the utility communication market.

Key Industry Players
Major companies operating in the utility communication market report are Schneider Electric SE, Siemens Aktiengesellschaft, General Electric Company, DIGI International Inc., ZTE Corporation, Cisco Systems Inc., Black & Veatch Holding Company, Valiant Communications Limited, ABB Ltd., Omicron Electronics GmbH, Hitachi Energy Ltd., Motorola Solutions Inc., Milsoft Utility Solutions Inc., Honeywell International Inc., Rockwell Automation Inc., Texas Instruments Incorporated, Power Systems Engineering Inc., Fujitsu Limited, Xylem Inc., Itron Inc., Trilliant Holding Inc., Nokia Corporation, RAP Data Communications Ltd., SmartMark Communications LLC, Smarter Grid Solutions Ltd., Robert Bosch GmbH, LG Corporation, Mitsubishi Corporation, Emerson Electric Co., Yokogawa Electric Corporation, Inductive Automation LLC, AVEVA Group plc, Tatsoft LLC, Advantech Co. Ltd., Mitsubishi Electric Corporation

The utility communication market report table of contents includes:
1. Executive Summary
2. Utility Communication Market Characteristics
3. Utility Communication Market Trends And Strategies
4. Utility Communication Market – Macro Economic Scenario
5. Global Utility Communication Market Size and Growth
…..
31. Global Utility Communication Market Competitive Benchmarking
32. Global Utility Communication Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Utility Communication Market
34. Utility Communication Market Future Outlook and Potential Analysis
35. Appendix

Explore the trending research reports from TBRC:
https://topprnews.com/professional-service-automation-market-trends/
https://topprnews.com/recombinant-dna-technology-market-growth/
https://topprnews.com/shelf-life-testing-market-growth/
https://goodprnews.com/smart-sensor-system-market-trends/
https://goodprnews.com/soluble-fibers-market-size/
https://goodprnews.com/starter-cultures-market-growth/

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model