The utility communications market is growing exponentially in the recent years owing to the digital revolution happening across the globe. Nowadays digital devices and social networks are increasingly being used in order to increase the engagement between the government, business, civil society as well as friend and family. Digital transformation has led not only to the innovation of products such as utility communication but also the implementation of these products within their infrastructure. Strict government regulations supporting utility communications escalate the global market growth. Also in the recent years, smart-grid activities are rising which in turn resulted in utilisation of mobile devices hence leading to the development of the utility communications market.
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Market trends
- Industrialisation and Urbanization in the developing economies like China and India.
- Developing economies like China and India are going through process of industrialisation and urbanisation in their respective countries. This in turn has led to the demand of electronic devices and advancement in smart grid technologies which has boosted the demand for the utility communications market.
- Dependence on internet for daily operations of their activities in various companies
- With the development of internet companies are less dependent on paperwork, with more and more activities and operations being handled online. This is where the utility communication market experiences a growth in their market share. Not only this communication system is viable and cost-effective but is also safe and reliable. With the help of this communication system the messages are fast, efficient, and more dependable with least customer complaints and high conservation of energy.
- Renewable energy power generation in Asia-Pacific countries has resulted in increased demands.
- Major developing economies such as China Japan and India have mbcs solar and wind based renewable power generation targets in the upcoming years. Investments in infrastructure and modification are driven by the country’s aging power infrastructure. All these investments are likely to drive the market for utility communication solutions and services in the regions.
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Covid-19 Impact Analysis
- The coronavirus’s unfavourable global effects are already evident, and they will have a big impact on the utility communications in 2020.
- The World Health Organization has declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths across the world. Exports & Imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy’s already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- Since the pandemic, the restriction of imports and exports has affected the market to a great extent as the consumers’ consumption and demand patterns are changing amidst pandemic.
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