Need for Operational Efficiency and Control coupled by Rising Trend of Deregulating the Utility Industry drives the demand for an IoT in the utility market
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 utilities is anticipated to decrease challenges confronted by the utility division and empower progress. The use of IoT in utilities 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 utilities that 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 is driven by concerns about cost savings.
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 utilities 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.
The report also throws light on various aspects of the global IoT in utilities by assessing the market using value chain analysis. The report covers several qualitative aspects of the IoT in the utilities industry in market drivers, market restraints and key industry trends. Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global as well as local vendors.
The global IoT in the utilities market has strong competition among the well-established and new emerging players. These market players target to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.
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 utilities. 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 utilities 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 utilities market are PingThings, Inc., Itron, Actility, SA, Trilliant Incorporated, Cisco Systems Inc., Comcast Corporation, IBM Corporation, and Others. The IoT in the utilities 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 utilities technologies and solutions.
Segment Overview of Global Internet of Things (IoT) in Utilities 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