Market Outlook 2022 2028 The global IoT in utility market exhibited XX growth during 2016 and 2021 and expects the market to grow at a CAGR of XX during 2022 - 2028
IoT in Utility Market
The utility industry is linked to Internet of Things as smart grids are essentially the application of IoT technology. This industry is expected to grow in the coming years with exponential growth of new IoT applications.
The IoT in utility market shows a significant demand owing to rising need to improve utility efficiency and customer service level. Moreover, decreasing cost of IoT components, emergence of cloud platform, and initiatives taken by regional government for smart grid rollouts are other factors driving the demand for IoT in utility market. In addition, depletion in carbon foot prints and effective cost savings, and IoT for water utilities are certain aspects that are predicted to provide potential growth opportunity for the IoT in utility market over the forecast period. However, lack of specialized experience and skills might hinder the growth of IoT in utility market.
The IoT solutions have led to the convergence of different business processes which has exponentially pushed the utility sector into the growth phase. Integrating technology into current processes will improve operational efficiency with even less investment in infrastructure. The demand for operational control technology is the highest sales category of software. The analytics solution is anticipated to grow at a fastest rate due to the growing trends in cloud mobile and smart devices, along with factors like predictive analysis, end-to-end automation, and conductive analytics platforms.
The application segment is categorized into water and waste water management, electricity grid management, and utility gas management. With many utility companies transforming their traditional activities into an analysis-driven strategy, the industry is showing a rising trend. The electricity grid management segment is expected to grow at a highest CAGR and is considered to have the largest market share during the forecast period.
The global IoT in Utility market covers five major geographic regions, namely, Asia Pacific, North America, Middle East & Africa, Europe, and Latin America. The IoT in utility market is expected to expand in the in North America by 2020, as the majority of projects funded by large U.S. companies will be finished by the end of 2018. Nevertheless, the current market size is projected to be the largest for the area. While the APAC is expected to develop significantly in the coming years, owing to increased use of smart grid infrastructure, innovations in software, energy management and regulatory requirements as well as prosperous countries like South Korea, Hong Kong, and Singapore are major factors contributing to the growth of IoT solutions in the region.
The key innovators included in IoT in Utility market are Silvers Spring Networks, Inc., Osisoft, LLC, Trilliant, Inc., Cryptosoft Ltd., Tibbo Technology Inc., C3 Energy, Energyworx, Amplía Soluciones S.L., Grid4c and Waviot among others.
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