IoT is the collection of different platforms and advanced technology including, machine learning & conversational artificial intelligence, cloud computing platform, and low-power sensor technology. In recent times, IoT in the utilities market has witnessed significant demand due to its incorporation into several applications such as smart grids to ensure efficiency & sustainability along with real-time consumption monitoring. The integration of IoT could help to lower operational costs, improve efficiency, and ensure the environmental goal of the demand-based power generation and distribution system. Furthermore, IoT is widely used in other segments as well including smart plants, asset optimization, water management, productive maintenance, energy conservation, etc.
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The IoT in utilities Market is expected to grow at a steady rate of around 10% owing to the increasing penetration of the internet coupled with the technological advancement and incorporation of the IoT in asset management, grid management, energy conservation, wastewater management among others. Major companies in the market offer technologically advanced services and features in the IoT in utilities market. For instance, Green IoT, the material used to construct RFID tags is challenging to recycle however applying the green IoT provides the benefit to reduce the size of the tag and reduce electronic waste.
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According to UnivDatos Market Insights (UMI)’ research report “Global IoT in Utilities Market”, the market is expected to witness robust growth during the forecast period (2022-2028). This is mainly due to the growing demand for energy conservation coupled with the growing demand for smart meter and smart grid.
Based on component, the market is segmented into solution and service. The solution segment is expected to witness significant market growth during the forecast period owing to its utilization in workforce management, network management, supervisory control, and data acquisition along with the billing system, and customer information system among others. In addition, the integration of the IoT helps the business to integrate business processes and pushes the companies towards growth. In addition, the integration of cloud-based technology in the industries for remote monitoring is expected to support the market growth for the solution segments.
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Based on the end-users, the market has been classified into gas management, electricity grid management, and water & wastewater management. The electricity grid management is expected to show significant market growth during the forecast period owing to the increasing demand for electricity around the world and the requirement for the effective measure for energy conservation and to maintain the effective demand and supply. In addition, the replacement of the aging grid infrastructure and deployment of the AMI (Advanced Metering Infrastructure) are expected to support the market for electricity grid management. For instance, the demand for electricity for the year 2021 has increased by the around 4% compared to the last year.
North America to witness extensive growth
For a better understanding of the market adoption of the IoT in utilities industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the presence of several major players in the market and the growing adoption of smart grid technologies in the region. In addition, the increasing use of hardware components such as AC, lights and other are growing the demand for electricity and smart meter in the region, and the growing disposable income and surging per capita spending of individuals in the region is driving the growth of the market. Furthermore, the growing adoption of decentralized & renewable generation sources along with alternative performance-based ratemaking infrastructure are deriving the investment in the self-heating and automated transmission with distribution infrastructure.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the IoT in utilities market are Oracle, IBM Corporation, Cisco System Inc., Landis+Gyr, Verizon, Energyworx BV, HCL Technologies Limited, Honeywell International Inc., ABB, and Siemens.
“Global IoT in Utilities Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
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Market Segmentation:
1. By Component (Software and Solution)
2. By End-Users (Gas Management, Electricity Grid Management, and Water & Wastewater Management)
3. By Region (North America, Europe, Asia-Pacific, Rest of the World)
4. By Company (Oracle Corporation, IBM Corporation, Cisco System Inc., Landis+Gyr, Verizon, Energyworx BV, HCL Technologies Limited, Honeywell International Inc., ABB Ltd., and Siemens AG)
Key questions answered in the study:
1. What are the current and future trends of the global IoT in utilities industry?
2. How the industry has been evolving in terms of components and end-users?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the global IoT in utilities industry?
5. What is the customer orientation, purchase behavior, and expectations from the global IoT in utilities suppliers across various region and countries?
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