IoT is considered as the next industrial revolution, Industry 4.0. The concept of IoT is to develop advanced solutions and services, enhance productivity & efficiency, solve critical problems, and improve real-time decisions. IoT is changing industry business models, and the utility industry is investing in IoT technology to transform its operations and enhance customer experience. In the current scenario, the utility industry is mostly governed by government policy and the need to comply with regulations. It is also driven by concerns about cost savings. Therefore, IoT helps the utility industry to overcome challenges and implement advanced services & solutions. Furthermore, IoT connected utilities monitor support with real-time compliance and regulations about feeding power into the network to maximize remote monitoring & control in order to allow preventive maintenance. Moreover, IoT accelerates digital transformation in utilities. IoT technology helps the utility industry to shift to a decentralized process from a centralized one, and to remotely monitor energy consumption of the connected units and manage temporary shortfalls in energy.
Get Sample Copy:
IoT in utilities market is majorly driven by the rising adoption of smart meters. Smart meters provide real-time information about energy transmission and consumption. It is also boosting local and micro production of energy such as wind turbines and solar panels, which creates a platform for new revenue streams and improves efficiency of production and distribution. Furthermore, importance of IoT is rising in the energy sector due to the smart meter, as it enables digital measurement of consumer data. Decentralization of the energy sector is a key factor driving the IoT in utilities market. Some trends that are driving the adoption of IoT technologies in the utilities industry are regulation compliance & operational efficiency, strong customer relationships & new revenue streams, development of digital business models, and automatic meter reading.
A few restraining factors that are likely to hamper the IoT in utilities market are insufficiency of technically skilled workforce and a lack of standards. Increasing incidents of cyber security breaches across the industry is expected to restrain the IoT in utilities market.
Grab an exclusive PDF Brochure of this report:
The global IoT in utilities market can be segmented based on component, platform, and application. Based on component, the market can be classified into hardware, software, and services. The hardware segment can be further divided into sensors, RFID, connected devices, and others. The software segment can be bifurcated into on-premise and cloud. The services segment can be further sub-segmented into managed and professional services. In terms of platform, the market can be classified into network management, device management, and application management. Based on application, the IoT in utilities market can be bifurcated into electricity grid management, gas management, and water & waste management. The IoT in utilities market in emerging economies, especially in Europe and Asia Pacific is anticipated to witness expansion at a considerable growth rate during the forecast period. The market in Asia pacific is expanding owing to the rising demand for smart metering solutions and efforts to promote smart buildings & cities. Furthermore, the IoT in utilities market in APAC is likely to expand due to the presence of a significant number of gas & electricity production facilities in the region. North America is expected to dominate the global market for IoT in utilities during the forecast period due to increasing adoption of smart connected devices and technological advancements in the region.
The IoT utilities market witnesses several companies investing for advanced solutions and services. Some companies such as Microsoft Corporation are creating cloud ecosystem in order to support utilities for deployment of IoT. Furthermore, Microsoft Corporation is also expected to invest US$ 5 Bn in IoT in the near future. However, companies operating in the IoT in utilities market are announcing partnerships to launch advanced hardware, solutions, and services in order to manage and process the data generated by IoT platforms. Major companies operating in the global IoT in utilities market include Cisco Systems Inc., Comcast Corporation., Ericsson, Fujitsu Ltd., General Electric Corporation., Honeywell International Inc., IBM Corporation., Oracle Corporation., Qualcomm, Robert Bosch GmbH, SAP SE, and Teradata Corporation.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
Read Our Latest Press Release:
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad-hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
Transparency Market Research State Tower,
90 State Street,
Albany NY – 12207
USA – Canada Toll Free: 866-552-3453
Email: [email protected]