The global Internet of Things (IoT) in utility market size is anticipated to reach over USD 52 billion by 2025. This can be attributed to the increase in internet penetration in developing countries such as India, China, and others. Moreover, developments in technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), machine learning, and big data are also fuelling the demand for the Internet of Things (IoT) in utility market growth.
The introduction of the Internet of Things (IoT) in Utility is anticipated to decrease challenges confronted by the utility division and empower progress. The use of IoT in Utility shall enhance efficiency, produce revenue, as well as conserve enterprise resources. On the other hand, the IoT sensors can optimize water and energy generation and distribution to facilitate utility providers sustain with the growing demand for Utility, which include gas, electricity, and water from consumers. Furthermore, IoT sensors can enhance workplace safety for oil & gas laborers.
IoT (Internet of Things) is going to be the next industrial uprising, Industry 4.0. IoT has the concept of developing advance solutions and services, augmenting productivity & efficiency, solve critical problems, and improve real-time decisions. Industrial business models are changing due to IoT, the utility industry is also investing in IoT technology to transform their processes and enhance the customer experience. Currently, the utility sector is governed by government policies and regulations and are driven by the concerns about cost savings.
Key Segments of the Global Internet of Things (IoT) in Utility Market
Component Overview, 2018-2025 (USD Billion)
Application Overview, 2018-2025 (USD Billion)
- Utility Gas Management
- Water & Wastewater Management
- Electricity Grid Management
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global IoT in the Utility market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global IoT in the Utility market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the IoT in the Utility industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on type, application, and solutions. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global IoT in the Utility market. The report will benefit:
- Every stakeholder involved in the IoT in the Utility market.
- Managers within the utility industry looking to publish recent and forecasted statistics about the global IoT in the Utility market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global IoT in the Utility market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Currently, the utility sector is governed by government policies and regulations and are driven by the concerns about cost savings. IoT helps the utility industry to overcome challenges and implement advanced services & solutions using IoT technology. IoT intensifies digital transformation in Utility. It transforms the utility industry to a decentralized process from a centralized process and to distantly monitor energy consumption of the connected units and accomplish temporary shortfalls in energy. Integrated with the smart devices and applications it provides the ability to connect with Utility in real-time.
Based on the component segment, the market is bifurcated into three sub-segments that are platforms, solutions, and services. In 2019, the solutions segment gathered the highest market revenue and it is anticipated to govern the IoT in the Utility market throughout the forecast period. The IoT technology is deployed throughout the entire utility division such as energy, transmission, generation, distribution, workforce management, asset management, energy management, security, infrastructure management, consumer side analysis, and remote surveillance & monitoring. This enables to decrease the downtime in offering utility services, enhances overall functional efficiency of the businesses, and enables seamless experience to the consumers.
Based on the application, the market is segmented into utility gas management, water & wastewater management, and electricity grid management. The market for electricity grid management seized the highest revenue in 2019. However, the water & wastewater management sub-segment is anticipated to gather the market growth of over 14% during the forecast period.
The Asia Pacific is expected to lead in the IoT utility market due to the adoption of cloud-based platforms across the sector, along with government initiatives for smart grid modernization across China and India. Emerging economies like China, India, and Russia, are the key growth factors for the Asia Pacific region for IoT in Utility. Asia – Pacific generates the highest amount of energy in the world. In the coming years, due to an increase in technology penetration and huge investments in advanced technologies, it is expected that the adoption of IoT in Utility will significantly grow, due to the advancement in technology. India, China, South Korea, and other Asian countries will take maximum advantages of their key strengths and which will help the market growth in this region.
The major players of the global IoT in the Utility market are PingThings, Inc., Itron, Actility, SA, Trilliant Incorporated, Cisco Systems Inc., Comcast Corporation, IBM Corporation, and Others. The IoT in the Utility market is fragmented with the existence of well-known global and domestic players across the globe. Also, recognized companies are coming up with innovative and new IoT in Utility technologies and solutions.