The Europe Utility Communication Market would witness market growth of 5.0% CAGR during the forecast period (2022-2028).
The energy and power utility communication sector greatly benefits from the use of smart grid technology. Information and communications technology (ICT) is influenced by a smart grid to interconnect and enable the flow of real-time data well within the power utility, between the power utility and its partners and suppliers, and between the power utility and its commercial and residential customers.
A robust communications network that is secured, highly ascendable, and always accessible is essential for smart grids and the applications they support. Power utilities are more likely to maintain power quality, ensure regulatory compliance, and lessen the negative effects of issues to cut costs.
In terms of industrialization, there is a convergence between the commercial realities of the utility sector, the energy needs of contemporary society, and the environmental sustainability criteria. A new kind of power system is being developed and put into use as a result of this combination.
As a result, it can be inferred that the utility communication industry's expanding usage of smart grid systems is fueling the market's overall growth rate. This is because these systems are widely used in a variety of sectors, particularly the energy and power sectors.
In 2019, according to the BP Statistical Review of World Energy, Germany was the greatest energy user in Europe and the seventh-largest energy consumer in the world. In 2019, it was the fifth largest economy on the planet by gross domestic product (GDP) based on purchasing power parities. The size and position of Germany give it enormous influence over the energy sector of the European Union (EU).
The Germany market dominated the Europe Utility Communication Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,810.7 million by 2028. The UK market is anticipated to grow at a CAGR of 4.1% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 5.8% during (2022 - 2028).
Based on Component, the market is segmented into Hardware and Software. Based on Utility Type, the market is segmented into Public and Private. Based on Application, the market is segmented into Transmission & Distribution, Oil & Gas Utilities and Others. Based on Technology, the market is segmented into Wired and Wireless. Based on End-user, the market is segmented into Residential, Commercial and Industrial. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Utility Communication Market will Hit $27.5 Billion by 2028, at a CAGR of 5.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Fujitsu Limited, Schneider Electric SE, General Electric (GE) Co., Siemens AG, Motorola Solutions, Inc., Xylem, Inc. (Sensus), Itron, Inc., Trilliant Holding Inc., Digi International Inc., and Nokia Corporation.
By Component
By Utility Type
By Application
By Technology
By End-user
By Country
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