According to the new research report published by The Insight Partners, titled Utility Communication Market - Global Analysis and Forecast to 2027, the global utility communication market is expected to reach US$ 35,138.1Mn 2027, registering a CAGR of 16.3% during the forecast period 2020-2027.

Smart grids facilitate quicker restoration of electricity after power disturbances, and help reduce management and operational costs of utilities; this ultimately lowers power costs for consumers. Moreover, various initiatives advancing the technological landscape pertaining to the energy sector are also likely to drive market growth during the forecast period. The US electrical system announced its Grid 2030 vision in collaboration with the electric utility industry, equipment suppliers, IT operators, federal and state governments, advocacy organizations, colleges, and national laboratories. This vision encompasses the following aspects related to the power sector: generation, transmission, delivery, storage, and final use. It describes the fundamental problems and obstacles in grid modernization, followed by making recommendations for policymakers and industries to assist them in the development of the electric distribution infrastructure of future, such as utility communications. Mobile network connectivity facilitates the management and tracking of the overall power distribution system operations. It enables contact between smart meters and utilities through nodes. The mobile network connectivity also supports the introduction of smart metering systems across a vast area network. Thus, with the increased use and demand for smart grids and mobile devices, the need for utility communication channels is also increasing.

However, energy and utility organizations are high-profile targets for cyber-attacks. The utility communication involves risks associated with the bypassing controls, integrity breaches, and authorization violations. Concern about the possible dangers has typically increased with the increased utility peak load scale, which in turn is anticipated to hinder the growth of the market.

Key findings of the study:

In 2019, APAC led the global utility communication market with highest share of the market, followed by North America and Europe. Utility firms in APAC region have started adopting various advanced communication solutions and services such as network service & management, protection & control communications, wide area optical transport networks, hydro power line communications, and smart grid communications to meet their communication requirements, thus, enabling a high level of service availability for the mission critical applications.In the global utility communication market, North America held second position in the market share and is anticipated to grow at a steady CAGR during 2020-2027. The technological advancements across North America have led to a highly competitive market. North America attracts several technological developments from economically robust countries. The presence of leading technologically advanced companies coupled with significant investments in developing smart grid infrastructure as well as in oil & gas industry across the region is propelling the growth of utility communication market.Europe held the third-largest market share in 2019 owing to developments in oil & gas industry as well as energy sector.

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