The Global Utility Communication Market is Predict to reach $27.5 Billion by 2028, at a CAGR of 5.4%

Utility Communication Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global Utility Communication Market size is expected to reach $27.5 billion by 2028, rising at a market growth of 5.4% CAGR during the forecast period.

The Software segment is showcasing a CAGR of 7.6% during (2022 - 2028). Businesses must manage and track more resources than ever in the digital era. With the proliferation of mobile devices in the workplace, the rising complexity of cloud technologies, the license of software, and the increased frequency of updates, the administration, and tracking of IT assets have grown significantly more challenging. Additionally, increased staff turnover creates data security concerns. Underutilized, neglected, or misplaced assets

The Public segment acquired maximum revenue share in the Global Utility Communication Market by Utility Type in 2021 thereby, achieving a market value of $18.8 billion by 2028. The primary goal of transforming public utilities into monopolistic concerns is to provide services at an affordable cost and to serve the consumers in a better way. As a result, the public utilities in the utility communication sector owned a significant share of the worldwide market. In order to enhance their performance, these concerns are also given a few extra privileges.

The Oil & Gas Utilities segment has shown the growth rate of 5.7% during (2022 - 2028). Integrating mission-critical technology at the core of oil and gas operations is an essential first step towards enhancing safety and operational effectiveness, from the oil rig to offshore platforms and everywhere in between. An Internet of Things-enhanced digital oil rig aids in better, quicker judgments that could mean the difference. No matter the device, network, or the location; effective wireless voice and data communications enable personnel offshore and onshore safely reach out and be contacted.

The Wired segment is generating highest revenue share in the Global Utility Communication Market by Technology in 2021 thereby, achieving a market value of $16.5 billion by 2028. According to innovation type, the wired segment of the utilities communication industry is considered to have the highest portion. The essential components of the wired area are optical fibre, Ethernet, powerline transporter, MPLS-IP, SONET/SDH, and MPLS-TP. Ethernet and optical fiber are the most used systems administration media in utility communication.

The Industrial segment is exhibiting a CAGR of 5.9% during (2022 - 2028). Electricity, gas, and water are the three basic types of utilities used in the manufacturing industry. They are all fundamental requirements for organizations. Staff must track each asset manually, which requires a large amount of time and effort in the absence of automatic real-time data. By strengthening the network, utility communications improve operations and offer a precise and comprehensive view of the entire plant.

The Asia Pacific market dominated the Global Utility Communication Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $10.2 billion by 2028. The Europe market is exhibiting a CAGR of 5% during (2022 - 2028). Additionally, The North America market would showcase a CAGR of 5.2% during (2022 - 2028).

Full Report: https://www.kbvresearch.com/utility-communication-market/

The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.

Global Utility Communication Market Segmentation

By Component

• Hardware
• Software

By Utility Type

• Public
• Private

By Application

• Transmission & Distribution
• Oil & Gas Utilities
• Others

By Technology

• Wired
• Wireless

By End-user

• Residential
• Commercial
• Industrial

By Geography

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
• LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Companies Profiled

• 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.
• Nokia Corporation

Related Reports:

North America Utility Communication Market Size Report 2028

• December-2022
• 110 Pages

LAMEA Utility Communication Market Size & Share to 2022-2028

• December-2022
• 123 Pages

Europe Utility Communication Market Size & Forecast, 2028

• December-2022
• 123 Pages

Asia Pacific Utility Communication Market Size Report 2028

• December-2022
• 123 Pages