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
By Technology, By Component, End-use Industry, and Region
Regions covered
Asia Pacific, North America, Europe, Middle East & Africa, and South America
The industrial utility communication market size is projected to grow from USD 3.1 billion in 2023 to USD 4.2 billion by 2028, registering a CAGR of 6.0% during the forecast period. The increasing need for real-time data analytics, remote monitoring, and control within industrial environments is a significant driver. This demand is fueled by the adoption of smart technologies, automation, and the Internet of Things (IoT) across industries. Moreover, the growing awareness of cybersecurity threats and the need for robust, secure communication networks further propel the demand for industrial utility communication solutions.
"Wired, by technology, accounts for the largest and the fastest growing market at CAGR of 6.0% for industrial utility communication market during the forecast period, in terms of value."
The wired technology in industrial utility communication is experiencing growth due to several reasons. While wireless technology offers flexibility and mobility, wired communication provides reliability, security, and consistency in data transmission, particularly in industrial settings where a stable and robust network is crucial. One significant reason for the growth of wired technology is its ability to handle large data volumes without interference or signal loss, crucial for applications requiring high bandwidth and low latency, such as real-time monitoring, automation, and control systems in industrial environments
"Hardware by component is expected to be the fastest growing at CAGR 6.0% for industrial utility communication market during the forecast period, in terms of value."
Hardware in industrial utility communication is experiencing rapid growth due to several factors such as the increasing demand for sophisticated and specialized hardware components tailored for industrial communication systems is driving this trend. As industries adopt more advanced and interconnected technologies like the Industrial Internet of Things, there's a heightened need for robust and specialized hardware infrastructure. These components include routers, switches, gateways, and sensors that form the backbone of communication networks in industrial settings. Additionally, the evolution of Industry 4.0, which emphasizes automation, data exchange, and IoT, relies heavily on hardware components to facilitate seamless connectivity and communication between various devices and systems within industrial setups. This growing reliance on specialized hardware to support advanced communication needs is fueling the rapid expansion of the hardware segment in industrial utility communication.
"Other than Power Generation and Oil & Gas, Water/Wastewater and EV charging are expected to be the fastest growing end-use industry at CAGR 6.2% for industrial utility communication market during the forecast period, in terms of value."
EV charging and water/wastewater industries are witnessing rapid growth in the industrial utility communication market due to key transformative factors. For EV charging, the surge in electric vehicle adoption globally has led to an increased demand for robust and efficient communication systems to support charging infrastructure. Advanced communication technologies are vital for managing charging stations, optimizing power distribution, monitoring energy consumption, and enabling seamless connectivity between charging points and power grids.
In the water and wastewater sector, the necessity for efficient and smart utility management has accelerated the adoption of industrial utility communication solutions. These technologies facilitate real-time monitoring, remote management, and predictive maintenance of water treatment plants, pipelines, and distribution networks. Enhanced communication networks enable better control over water supply, quality monitoring, leak detection, and overall operational efficiency.
"Based on region, North America was the second largest market for industrial utility communication market in 2022."
North America holds the position of the second-largest region in the industrial utility communication market due to several driving factors. The region boasts a highly developed industrial infrastructure, particularly in sectors like power generation, oil and gas, manufacturing, and transportation. Advanced technology adoption and a strong focus on innovation have propelled the demand for sophisticated communication systems to enhance operational efficiency, ensure safety, and enable seamless connectivity across various industrial applications. Additionally, the presence of key market players, substantial investments in research and development, and government initiatives aimed at modernizing utility systems contribute to the significant growth of industrial utility communication solutions in North America.
In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees is as follows:
By Company Type: Tier 1 - 45%, Tier 2 - 30%, and Tier 3 - 25%
By Designation: C-Level - 20%, Director Level - 25%, and Others - 55%
By Region: North America - 20%, Europe -20%, Asia Pacific - 40%, Middle East & Africa - 10%, and South America-10%
The key players in this market 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) etc. Research Coverage
This report segments the market for the industrial utility communication market on the basis of technology, component, end-use industry and region. It provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisitions associated with the market for the industrial utility communication market.
Key benefits of buying this report
This research report is focused on various levels of analysis - industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view of the competitive landscape, emerging and high-growth segments of the industrial utility communication market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
Analysis of key drivers: Global expansion of the steel industry, enhanced cost and operational efficiency along with continuous technological advancements.
Market Penetration: Comprehensive information on the industrial utility communication market offered by top players in the global industrial utility communication market.
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the industrial utility communication market.
Market Development: Comprehensive information about lucrative emerging markets - the report analyzes the markets for the industrial utility communication market across regions.
Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global industrial utility communication market.
Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the industrial utility communication market.
TABLE OF CONTENTS
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.3 INCLUSIONS & EXCLUSIONS
1.4 MARKET SCOPE
FIGURE 1 INDUSTRIAL UTILITY COMMUNICATION MARKET SEGMENTATION
1.4.1 REGIONS COVERED
1.4.2 YEARS CONSIDERED
1.5 CURRENCY
1.6 LIMITATIONS
1.7 UNIT CONSIDERED
1.8 STAKEHOLDERS
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
FIGURE 2 INDUSTRIAL UTILITY COMMUNICATION MARKET: RESEARCH DESIGN
2.1.1 SECONDARY DATA
2.1.2 PRIMARY DATA
2.1.2.1 Interviews with top industrial utility communication manufacturers
2.1.2.2 Breakdown of interviews with experts
2.1.2.3 Key industry insights
2.2 BASE NUMBER CALCULATION
2.2.1 APPROACH 1: SUPPLY-SIDE ANALYSIS
2.2.2 APPROACH 2: DEMAND-SIDE APPROACH
2.3 FORECAST NUMBER CALCULATION
2.3.1 SUPPLY SIDE
2.3.2 DEMAND SIDE
2.4 MARKET SIZE ESTIMATION
2.4.1 BOTTOM-UP APPROACH
2.4.2 TOP-DOWN APPROACH
2.5 DATA TRIANGULATION
FIGURE 3 INDUSTRIAL UTILITY COMMUNICATION MARKET: DATA TRIANGULATION
2.6 ASSUMPTIONS
2.7 RECESSION IMPACT
3 EXECUTIVE SUMMARY
FIGURE 4 HARDWARE SEGMENT TO LEAD INDUSTRIAL UTILITY COMMUNICATION MARKET BETWEEN 2023 AND 2028
FIGURE 5 WIRED SEGMENT BY TECHNOLOGY TO LEAD INDUSTRIAL UTILITY COMMUNICATION MARKET BETWEEN 2023 AND 2028
FIGURE 6 OIL & GAS BY END-USE INDUSTRY TO LEAD INDUSTRIAL UTILITY COMMUNICATION MARKET DURING FORECAST PERIOD
FIGURE 7 ASIA PACIFIC DOMINATES INDUSTRIAL UTILITY COMMUNICATION MARKET IN 2023
4 PREMIUM INSIGHTS
4.1 SIGNIFICANT OPPORTUNITIES FOR PLAYERS IN INDUSTRIAL UTILITY COMMUNICATION MARKET
FIGURE 8 GROWING ADOPTION OF SMART GRID TECHNOLOGIES ALONG WITH GROWING INDUSTRIALIZATION TO DRIVE MARKET
4.2 INDUSTRIAL UTILITY COMMUNICATION MARKET, BY END-USE INDUSTRY
FIGURE 9 POWER GENERATION TO BE FASTEST-GROWING END-USE INDUSTRY SEGMENT DURING FORECAST PERIOD
4.3 INDUSTRIAL UTILITY COMMUNICATION MARKET, BY REGION
FIGURE 10 ASIA PACIFIC TO BE FASTEST-GROWING INDUSTRIAL UTILITY COMMUNICATION MARKET DURING FORECAST PERIOD
4.4 INDUSTRIAL UTILITY COMMUNICATION MARKET, BY COMPONENT
FIGURE 11 HARDWARE TO BE FASTEST-GROWING COMPONENT SEGMENT DURING FORECAST PERIOD
4.5 INDUSTRIAL UTILITY COMMUNICATION MARKET, BY TECHNOLOGY
FIGURE 12 WIRED TO BE FASTER-GROWING TECHNOLOGY SEGMENT DURING FORECAST PERIOD
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 13 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES IN INDUSTRIAL UTILITY COMMUNICATION MARKET
5.2.1 DRIVERS
5.2.1.1 Growing adoption of smart grid technologies
5.2.1.2 Growing demand for automation and industrial wireless communication systems
5.2.1.3 Increasing adoption of cloud-based utility communication solutions to drive market
5.2.2 RESTRAINTS
5.2.2.1 High cost of deployment and maintenance
5.2.2.2 Lack of standards and interoperability
5.2.3 OPPORTUNITIES
5.2.3.1 Rising number of upcoming smart city projects in developing regions
5.2.3.2 Aging utility infrastructure
5.2.4 CHALLENGES
5.2.4.1 Security concerns and cybersecurity threats
TABLE 172 EMERSON ELECTRIC CO.: PRODUCTS/SERVICES/SOLUTIONS OFFERED
TABLE 173 EMERSON ELECTRIC CO.: PRODUCT LAUNCHES
TABLE 174 EMERSON ELECTRIC CO.: DEALS
*Business Overview, Products/Services/Solutions Offered, MnM View, Key Strengths and Right to Win, Strategic Choices Made, Weaknesses and Competitive Threats, Recent Developments might not be captured in case of unlisted companies.
12.2 OTHER PLAYERS
12.2.1 ZTE CORPORATION
TABLE 175 ZTE CORPORATION: COMPANY OVERVIEW
12.2.2 LANDIS+GYR
TABLE 176 LANDIS+GYR: COMPANY OVERVIEW
12.2.3 RIBBON COMMUNICATIONS OPERATING COMPANY, INC.
TABLE 177 RIBBON COMMUNICATIONS OPERATING COMPANY, INC.: COMPANY OVERVIEW
12.2.4 TRILLIANT HOLDINGS INC.
TABLE 178 TRILLIANT HOLDINGS INC.: COMPANY OVERVIEW
12.2.5 MILSOFT UTILITY SOLUTIONS
TABLE 179 MILSOFT UTILITY SOLUTIONS: COMPANY OVERVIEW
12.2.6 VALIANT COMMUNICATIONS
TABLE 180 VALIANT COMMUNICATIONS: COMPANY OVERVIEW
12.2.7 BLACK & VEATCH HOLDING
TABLE 181 BLACK & VEATCH HOLDING: COMPANY OVERVIEW
12.2.8 RAD
TABLE 182 RAD: COMPANY OVERVIEW
12.2.9 SENSUS, A XYLEM BRAND
TABLE 183 SENSUS, A XYLEM BRAND: COMPANY OVERVIEW
12.2.10 DIGI INTERNATIONAL INC.
TABLE 184 DIGI INTERNATIONAL INC.: COMPANY OVERVIEW
12.2.11 EATON
TABLE 185 EATON: COMPANY OVERVIEW
12.2.12 HONEYWELL INTERNATIONAL INC.
TABLE 186 HONEYWELL INTERNATIONAL INC.: COMPANY OVERVIEW
12.2.13 AZBIL CORPORATION
TABLE 187 AZBIL CORPORATION: COMPANY OVERVIEW
12.2.14 ROCKWELL AUTOMATION
TABLE 188 ROCKWELL AUTOMATION: COMPANY OVERVIEW
12.2.15 HUAWEI TECHNOLOGIES CO., LTD.
TABLE 189 HUAWEI TECHNOLOGIES CO., LTD.: COMPANY OVERVIEW
12.2.16 SIERRA WIRELESS
TABLE 190 SIERRA WIRELESS: COMPANY OVERVIEW
12.2.17 CRADLEPOINT, INC.
TABLE 191 CRADLEPOINT, INC.: COMPANY OVERVIEW
12.2.18 WESTERMO - A EPENDION COMPANY
TABLE 192 WESTERMO - A EPENDION COMPANY: COMPANY OVERVIEW
12.2.19 4RF LIMITED
TABLE 193 4RF LIMITED: COMPANY OVERVIEW
12.2.20 MIMOMAX
TABLE 194 MIMOMAX: COMPANY OVERVIEW
12.2.21 FREEWAVE TECHNOLOGIES, INC.
TABLE 195 FREEWAVE TECHNOLOGIES, INC.: COMPANY OVERVIEW
12.2.22 CAMBIUM NETWORKS, LTD.
TABLE 196 CAMBIUM NETWORKS, LTD.: COMPANY OVERVIEW
12.2.23 XETAWAVE, LLC.
TABLE 197 XETAWAVE, LLC.: COMPANY OVERVIEW
12.2.24 RACOM
TABLE 198 RACOM: COMPANY OVERVIEW
12.2.25 SCHWEITZER ENGINEERING LABORATORIES, INC.
TABLE 199 SCHWEITZER ENGINEERING LABORATORIES, INC.: COMPANY OVERVIEW
12.2.26 BELDEN INC.
TABLE 200 BELDEN INC.: COMPANY OVERVIEW
12.2.27 MOXA INC.
TABLE 201 MOXA INC.: COMPANY OVERVIEW
12.2.28 ZIV
TABLE 202 ZIV: COMPANY OVERVIEW
12.2.29 DIGITALPLATFORMS S.P.A.
TABLE 203 DIGITALPLATFORMS S.P.A.: COMPANY OVERVIEW