Global Utility Communication Market Poised for Robust Growth with a CAGR of 5.39% through 2028
Dublin, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The "Utility Communication Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to * ResearchAndMarkets.com's* offering.
The utility communication market worldwide has experienced a surge, reaching a notable value at USD 10.08 billion in 2022. It's on an upward trajectory projected to maintain a substantial compound annual growth rate (CAGR) of 5.39% until 2028. This dynamic market comprises advanced system infrastructures, technologies, and solutions pivotal for utility companies to effectively convey information across various facets of their operations.
*Smart Grids and Renewable Energy Integration Catalyze Market Expansion*
The implementation of smart grid technology remains a key driver of the market, optimizing electric grid performance with digital solutions to control, monitor, and enhance energy distribution reliability. In parallel, the push towards sustainable resources necessitates efficient utility communication networks for seamless integration and management of renewable energy sources.
*North America Leads with High Demand for Secured Communication*
Regionally, North America has emerged as the dominant force in the global utility communication landscape, fueled by the need for steadfast and secure communication channels, compliance with governmental regulation, and the widespread adoption of trailblazing smart grid technologies.
*Wired Solutions and Residential Segments at the Forefront* *Wired Connectivity: Ensuring Stability and Efficiency*
Wired communications hold the majority market share, lauded for their reliability, higher bandwidth, and robust security, indispensable for sensitive operations. This enduring reliance is set to continue, as the utility sector favors the longevity and compliance capabilities of wired infrastructure over their wireless counterparts.
*Residential Demand: A Cornerstone for Market Growth*
The residential segment is showcasing exceptional growth, with advanced metering and smart grid advancements enhancing utility interaction for consumers. Such technologies are evolving to offer real-time insights into energy consumption patterns, promoting a more efficient and responsive utility service delivery.
*Industry Challenges: Legacy System Integration and Cybersecurity*
Despite strong growth prospects, the utility communication market encounters challenges, including the intricate integration of legacy systems and grappling with cybersecurity threats. Continuous innovation, coupled with stringent security measures, is deemed essential as the market advances.
*Key Attributes:*
*Report Attribute* *Details*
No. of Pages 190
Forecast Period 2023 - 2028
Estimated Market Value (USD) in 2023 $10.08 billion
Forecasted Market Value (USD) by 2028 $13.94 Billion
Compound Annual Growth Rate 5.3%
Regions Covered Global*A selection of companies mentioned in this report includes*
· Hitachi Energy Ltd.
· Schneider Electric SE
· Siemens AG
· General Electric Company
· ABB Ltd
· Honeywell International Inc.
· Robert Bosch GmbH
· Huawei Technologies Co., Ltd.
· Itron Inc
· Cisco Systems, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/4t5hah
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*Attachment*
· Global Utility Communication Market
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