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IoT Utilities Market Analysis, Growth by Top Companies, Trends by Technology and Application, Forecast to 2024

Author : Ronak Bora | Published Date : 2020-08-28 

Asia Pacific IoT utilities market will witness substantial growth over the forecast timeline. The growth can be credited to the presence of large number of electricity & gas production facilities across the region. Growing adoption of digital technology followed by the increasing rate of use cases across the sector further contributes to the industry demand. Heavy investments by the utility companies across the region to upgrade energy infrastructure is boosting the consumption. However, North America IoT utilities industry will grow considerably owing to increasing demand for smart solutions coupled with the presence of advanced infrastructure across the region.

The last half a decade has remarkably witnessed the Internet of Things penetrating the utilities domain, effectively commercializing IoT utilities market, a realm which is of late, being characterized by intense competition among tech behemoths. Having earned the tag of being one of most dynamically transformative technologies brainstormed in recent times, IoT has successfully been exploited to a massive extent in the utilities sector. The deployment of this technology has helped utility companies monitor real time power consumption by effectively promoting connectivity, operational efficacy, & communication between smart meters, edge equipment, and sensors. Furthermore, IoT has necessitated the conception of contemporary business models in the utility sector, the mass acceptance of which has been forecast to have a profound impact on the overall IoT utilities industry size, pegged at a valuation of USD 4 billion in 2016.

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IoT applications assist utilities in interpreting the power consumption patterns and problem recognition, facilitating the effective allocation of resources. The evolution of IoT has made it viable for smart meters to connect with consumer electrical equipment through wireless connections and provide them with real time information about power consumption. On these grounds, over the last few years, the deployment of smart meters has gained intense popularity across the utility sector. The concept of smart cities has further helped promote the application of IoT devices across the construction sector, for the reason that IoT helps upgrade building and smart energy grid connectivity, which would eventually augment the profitability landscape of IoT utilities market. Leading technocrats predict that utility firms would exploit IoT extensively in the ensuing years to reduce power consumption across the oil & gas, water, transportation, and electric sectors. For instance, the ability of the smart sensors to check the quality, pressure, temperature, and consumption of water has led to smart water management gaining renewed traction lately. A leading industry report predicts that utility firms are forecast to reduce their expenditure by nearly USD 157 billion by 2035 through smart meter applications, thereby stimulating IoT utilities market trends in the years ahead.

Rising adoption of cloud platforms across the sector coupled with government initiatives for smart grid modernization across the U.S., UK, China and India provides lucrative growth opportunities to the IoT utilities market. For instance, smart grid modernization initiative by Indian MNC Crompton Greaves, NDPL offer significant opportunities to the industry. Smart grids allow the efficient & timely distribution of generated energy providing security & reliability to the users. It has the potential to reshape the electric power grid with the use of the technology by integration of devices, processes and the infrastructure making it a more connected process.

Increasing number of cyber-attacks accessing highly confidential data is expected to curb the rate of implementation of such technology. Absence of skilled workforce followed by the lack of proper standards might limit the IoT utilities market growth over the forecast timeline. Rising need for monitoring facilities located in areas inaccessible manually is expected to fuel the IoT utilities market growth. In addition, increasing demand to monitor the status of worker's health leads to the huge demand for sophisticated sensor devices. Sensors are deployed at multiple check points across the facility to gain visibility into every equipment and processes. It provides insights to identify any kind of leakage & damaged infrastructure resulting in timely repair.

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Companies operating in the IoT utilities market include: IBM Corporation, Cisco Systems Inc., Intel Corporation, Huawei Technologies Inc., Honeywell International Inc., Trilliant Inc., Microsoft Corporation, Osisoft LLC and General Electric. These technological solutions are considered as a necessity for the sector eliminating the need for physical visit for fault detection and restoration. The companies are investing heavily on R&D for fully connected solutions covering every aspect of the sector.

Table of Contents (ToC) of the report:

Chapter 4.   IoT Utilities Market, By Platform

4.1.  Global IoT utilities market share by platform, 2016 & 2024

4.2.  Network management

4.2.1. Market estimates and forecast, 2013 - 2024

4.2.2. Market estimates and forecast, by region, 2013 - 2024

4.3.  Device management

4.3.1. Market estimates and forecast, 2013 - 2024

4.3.2. Market estimates and forecast, by region, 2013 – 2024

4.4.  Application management

4.4.1. Market estimates and forecast, 2013 - 2024

4.4.2. Market estimates and forecast, by region, 2013 – 2024

Chapter 5.   IoT Utilities Market, By Technology

5.1.  Global IoT utilities market share by technology, 2016 & 2024

5.2.  Sensor

5.2.1. Market estimates and forecast, 2013 - 2024

5.2.2. Market estimates and forecast, by region, 2013 – 2024

5.3.  RFID

5.3.1. Market estimates and forecast, 2013 - 2024

5.3.2. Market estimates and forecast, by region, 2013 – 2024

5.4.  Connectivity technology

5.4.1. Market estimates and forecast, 2013 - 2024

5.4.2. Market estimates and forecast, by region, 2013 - 2024

5.5.  Others

5.5.1. Market estimates and forecast, 2013 - 2024

5.5.2. Market estimates and forecast, by region, 2013 – 2024

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/iot-utilities-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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