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Industrial Utility Communication Market worth $4.2 billion by 2028, at a CAGR of 6.0%

Published: February 5, 2024
Author: TEXTILE VALUE CHAIN

The report Industrial Utility Communication Market by Technology (Wired, Wireless), Component (Hardware, Software, Services), End-use Industry (Power Generation, AC Transmission, Oil & Gas, Transportation), and Region – Global Forecast to 2028″, industrial utility communication market is projected to reach USD 4.2 billion by 2028, at a CAGR of 6.0% from USD 3.1 billion in 2023. The growth of the industrial utility communication market is primarily driven by an increasing need for wireless communication solutions and the widespread integration of smart grid technologies, the surge in demand for utility communication systems is evident. For instance, the U.S. government’s unveiling of a $3.5 billion investment in the country’s electric grid infrastructure which includes enhancement of utility communication systems, signifies a significant step toward bolstering industrial utility communication market. Industrial utility communication enables seamless data transmission and control within industries like power, water, transportation, and other utility industries. It enables real-time monitoring, facilitates predictive maintenance, and enhances operational efficiency across diverse industries.

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  • 203 Market data Tables
  • 46 Figures
  • 318 Pages and in-depth TOC on “Industrial Utility Communication Market – Global Forecast to 2028”

 Some of the prominent key players are:

  • 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)

Driver: Growing Adoption of Smart Grid Technologies

A significant part of the industrial utility communication market is dedicated to enabling smart grid technologies. Smart grids use advanced communication systems to monitor, control, and optimize the generation, distribution, and consumption of energy. These systems improve grid reliability, reduce energy losses, and support the integration of renewable energy sources. Utilities are increasingly investing in modernizing their infrastructure, including the implementation of smart grids. Smart grid technologies are being deployed by utility companies around the world to improve the efficiency and reliability of their power grids. Utility communication systems are essential for the successful deployment of smart grid technologies. In a December 2019 study focusing on the implementation of smart meters in the European Union (EU), some key findings were revealed, it is projected that approximately 225 million smart meters for electricity and 51 million for gas will be deployed across the EU by the year 2024. This ambitious rollout represents a potential investment totalling €47 billion (52.63 billion USD). By 2024, it is anticipated that nearly 77% of European consumers will have a smart meter for electricity, marking a significant increase in adoption. The Biden-Harris Administration has unveiled a historic $3.5 billion investment in America’s electric grid. This significant funding aims to bolster the electric grid infrastructure, enhance utility communication systems, promote the integration of clean energy sources, reduce operational costs, and create job opportunities within the utility sector.

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“Power Generation accounted for the largest end-use industry share of the industrial utility communication market in 2023” in terms of value.

In the industrial utility communication sector, power generation commands a significant market share, driven by its essential reliance on sophisticated communication systems. These technologies play a pivotal role in overseeing power generation, distribution, and transmission networks, ensuring seamless operations. With real-time data monitoring and predictive maintenance capabilities, these systems optimize power processes, enabling uninterrupted electricity supply and enhanced operational efficiency. The demand for robust communication networks to maintain grid stability and ensure swift response to operational issues cements power generation’s substantial foothold in this sector.

“Asia pacific is the fastest growing market for industrial utility communication Market from 2023-2028, in terms of value.”

Asia Pacific is the fastest and the largest growing market for industrial utility communication globally due to its rapid industrialization and growing investments in smart infrastructure. Moreover, government initiatives and favorable policies aimed at advancing digital transformation significantly propel market expansion. Investments in smart city endeavours, energy management systems, and the establishment of strong communication networks in utilities act as primary drivers for adopting industrial utility communication technologies. Additionally, the region’s expansive population and increasing urbanization drive the demand for streamlined utility services, compelling utilities to invest in advanced communication tech for optimal resource management and distribution.

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