IoT in Utilities Market is Expected to Display a Steady Growth by 2028 on account of Rising Need for Operational Efficiency and Control |CAGR: 10%| UnivDatos Market Insights
NOIDA, India, Sept. 29, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the IoT in Utilities Market was valued at USD 31 billion in 2020 and is expected to grow at a CAGR of around 10% from 2022-2028. The analysis has been segmented into Component (Software and Solution); End-users (Gas Management, Electricity Grid Management, and Water & Wastewater Management.); Region/Country.
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The IoT in utilities market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the IoT in utilities market. The IoT in utilities market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the IoT in utilities market at the global and regional levels.
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An IoT is defined as the network system of the physical objects that are connected with the software, sensors, and other devices to collect, analyze, and exchange the data to the server and other devices via the internet. In recent times, IoT in the utilities market has witnessed significant demand due to its incorporation into several applications such as smart grids to ensure efficiency & sustainability along with real-time consumption monitoring. The integration of IoT could help to lower operational costs, improve efficiency, and ensure the environmental goal of the demand-based power generation and distribution system. Also, the increasing investment coupled with the merger & acquisition is supporting the IoT integration in the utilities market. For instance, in October 2019, Landis+Gyr and Light announced a five-year agreement valued at R$ 750 million for one of the largest grid projects in South America.
The IoT in Utilities Market is expected to grow at a steady rate of around 10% owing to the increasing penetration of the internet coupled with the technological advancement and incorporation of the IoT in asset management, grid management, energy conservation, wastewater management among others. Major companies in the market offer technologically advanced services and features in the IoT in utilities market. For instance, Green IoT, the material used to construct RFID tags is challenging to recycle however applying the green IoT provides the benefit to reduce the size of the tag and reduce electronic waste.
Some of the major players operating in the market include Oracle Corporation, IBM Corporation, Cisco System Inc., Landis+Gyr, Verizon, Energyworx BV, HCL Technologies Limited, Honeywell International Inc., ABB Ltd., and Siemens AG.
Due to travel limitations and the projected dismal financial performance of market players in 2020, the spread of the COVID-19 pandemic has hurt the IoT in utilities industry. Supply chain execution, regulatory and policy changes, labor reliance, working capital management, and liquidity and solvency management are all major concerns for IoT in utilities manufacturers. Since the COVID-19 epidemic has considerably diminished by the beginning of 2021, a lot of businesses are resuming operations. In terms of demand and supply, North America is one of the significant players in the market and controls the global IoT in utilities industry.
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The global IoT in utilities market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
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IoT in Utilities Market Geographical Segmentation Includes:
North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the presence of several major players in the market and the growing adoption of smart grid technologies in the region. In addition, the increasing use of hardware components such as AC, lights and other are growing the demand for electricity and smart meter in the region, and the growing disposable income and surging per capita spending of individuals in the region is driving the growth of the market. Also, the initiative was taken by the various companies to deploy smart utility schemes with the objective to offer second-generation advanced metering infrastructure, asset management, security feature, communication module, and meter data management along with the growing investment supporting the market growth for the IoT in the utility market in the region. Furthermore, the growing adoption of decentralized & renewable generation sources along with alternative performance-based ratemaking infrastructure are deriving the investment in the self-heating and automated transmission with distribution infrastructure.
The major players targeting the market include
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the IoT in utilities market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
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IoT in Utilities Market Report Coverage
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