Utilities Private Network Market To 2027 Key Business Opportunities Along With Potential Challenges
Global Utilities Private Network Market: Introduction
A private network is a network that uses private IP address space. Increasing adoption of advanced automation systems in electric, gas, and water utilities has raised the demand for more reliable and secure wireless data networks. Companies are developing advanced networks to manage thousands of remote devices installed on field, thus creating utilities private network market.
Global Utilities Private Network Market: Dynamics
Increasing Concerns regarding Cybersecurity in Utilities
The rising number of cybersecurity attacks in utilities is one of the major factors driving the demand for private networks. For instance, in 2015, Ukraine was affected by a power grid cyber-attack, in which hackers switched off 30 substations and nearly 225 thousand people were left without electricity for 1-6 hours. Similarly, in 2016, Israel experienced the largest cyber-attack on its power generation and distribution system, wherein hackers changed the power consumption data. In order to overcome such issues, utility companies require utilities private network so as to automate operations and protect their networks from various threats.
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North America Held a Leading Share in 2019 in the Utilities Private Network Market
Based on region, the global utilities private network market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America held a dominant share of the global utilities private network market in 2019. It is expected to continue its dominance throughout the forecast period. Rise in the adoption of smart grids and increasing number of cyber-attacks in North America are some of the key factors responsible for the dominant position of the region in the global utilities private network market. For instance, according to the U.S. Department of Homeland Security (DHS), 198 cyber attacks happened in 2012 across all sectors, of which 41% of attacks occurred in the energy sector.
The utilities private network market in Asia Pacific is expected to expand at the maximum CAGR during the forecast period. India, China, Japan, and Australia are major countries of the utilities private network market in the region. Rising government initiatives for adoption of smart grids is one of the key driving factors for the utilities private network market in Asia Pacific. For instance, in 2015, the Government of India launched the National Smart Grid Mission plan to monitor policies and programs related to smart grid activities in the country.
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Electric Utility Segment Held a Major Market Share in 2019
Based on end-user, the global utilities private network market can be segmented into electric utility, gas utility, and water utility. The electric utility segment is expected to hold the leading market share in 2019 and the trend is anticipated to continue throughout the forecast period. Increasing installation of smart grids is one of the major factors driving the demand for utilities private networks for use to protect power networking systems from cyber attacks.
Key Players Operating in Global Utilities Private Network Market
Key players in the global utilities private network market are listed below:
- Anterix inc
- Nokia Corporation
- MIMOMAX
- AT&T Inc
- Cisco Systems, Inc.
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