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



Chicago, Feb. 06, 2024 (GLOBE NEWSWIRE) — The Global Industrial Utility Communication Market size is projected to reach USD 4.2 billion by 2028, at a CAGR of 6.0% from USD 3.1 billion in 2023, as per the recent study by MarketsandMarkets™. The rise in the number of smart city projects in developing regions, aging infrastructures, and growing demand for advanced communication technologies for various utility industries will contribute to the rapid growth and the demand for industrial utility communication solutions.

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Browse in-depth TOC on “Industrial Utility Communication Market”.

203 – Market Data Tables

46 –   Figures

318 – Pages

List of Key Players in Industrial Utility Communication Market:            

General Electric (US)
Siemens (Germany)
Schneider Electric (France)
Hitachi Energy Ltd. (Switzerland)
Motorola Solutions, Inc. (US)
Telefonaktiebolaget LM Ericsson (Sweden)
Nokia (Finland)
Itron Inc. (US)
Cisco Systems, Inc. (US)
Emerson Electric Co. (US)

Drivers, Opportunities and Challenges in Industrial Utility Communication Market

Drivers: Growing Adoption of Smart Grid Technologies
Restraint: High Cost of Deployment and Maintenance
Opportunity: Rise in Number of Upcoming Smart City Projects in Developing Regions
Challenge: Security Concerns and Cybersecurity Threats

Key Findings of the Study:

Oil & Gas by end-use industry is projected to be the largest, in terms of value, during the forecast period.
Hardware by component type is projected to be the largest, in terms of value, during the forecast period.
Wired by technology type is projected to be the largest, in terms of value, during the forecast period.
Asia Pacific is expected to be the largest market for industrial utility communication market during the forecast period, in terms of value.

Based on component, the industrial utility communication market has been segmented into Hardware, Software and Services. Software accounted for the second largest share after hardware, in terms of value, of the global market in 2023.

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Software holds the second-largest market share in the industrial utility communication market after hardware due to its pivotal role in enabling seamless connectivity and data management. Within this landscape, software solutions are fundamental for controlling, monitoring, and analyzing data collected from various industrial devices and sensors. These software systems offer sophisticated functionalities, including data analytics, predictive maintenance, and real-time monitoring, providing crucial insights to enhance operational efficiency and productivity. They facilitate the integration of diverse hardware components into cohesive systems, enabling smoother communication across industrial utilities. While services play a vital role in implementation, training, and maintenance, software’s …

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