NEW YORK, May 25, 2020 /PRNewswire/ -- Utility communication Market to 2027- : Covid-19 Impact and Asia-Pacific Analysis by Technology (Wired, Wireless); Utility Type (Private Utility, Public Utility); and Country
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The utility communication market was valued at US$ 3,279.5 million in 2019 and is projected to reach US$ 1,2727.0 million by the year 2027; it is expected to grow at a CAGR of 18.8% during 2020-2027. As the global economy is moving fast toward digitalization and process automation, APAC region is also contributing an impressive share towards this trend. Asia Pacific region is a leader in many aspects when it comes to the adoption and implementation of advanced technologies. Utility firms in this 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. This adoption is enabling a high level of service availability for critical applications. The huge growth potential of APAC region offers ample growth opportunities for utility communication market players during the forecast period of 2020 to 2027.
On the basis of technology, the utility communication market by technology was led by wired segment.Using a wired network, the connection is shared between multiple devices.
Power Line Carrier (PLC) communication has gained the confidence of wired communication network users when it comes to robustness in access, efficiency, and security with the advancement of more efficient PLC technologies led by PRIME PLC over the past decade, and the latest development of PRIME 1.4 technology.
Overall size of the Asia-Pacific utility communication market has been derived using primary and secondary sources.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Asia-Pacific utility communication market.
It also provides an overview and forecast for the Utility communication based on all the segmentation provided with respect to the Asia-Pacific region.Also, primary interviews were conducted with industry participants and commentators in order to validate and analyze the data.
The participants who take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Utility communication industry. ABB Ltd, Fujitsu Limited, General Electric Company, Honeywell International Inc, and Rockwell Automation Inc, are among the key players present in the Asia-Pacific utility communication market.
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