Internet of Things in Utilities Market - An Overview
The global Internet of Things (IoT) in utilities market is expected to witness moderate growth during the forecast period between 2021 and 2031.
IoT has proven instrumental in altering business models and has been integrated into utilities industry in a bid to solve critical problems, help make value-added decisions in real-time, and improve overall efficiency.
Also, IoT has proven useful in the utilities industry to overcome the challenges posed by government regulations and has accelerated digital transformation in utilities.
A key factor that could help fuel the demand for IoT in utilities industry in future is that it has helped the industry convert from a decentralized process into a centralized process.
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Internet of Things in Utilities Market - Trends and Opportunities
Rising demand for smart meters for energy transmission and consumption is the key growth driver for the IoT in utilities market.
Smart meters have witnessed increased demand in the energy sector as it has proven beneficial in measuring consumer data.
In addition to this, increased operational efficiency and improved consumer relationships are expected to propel the IoT in utilities market.
Government initiatives and measures, promoting the integration of IoT in utilities industry could also help bolster product demand, in the upcoming years.
Other factors such as increased revenue streams and regulation compliances are anticipated to fuel the growth in the global market in future.
The hardware component segment is anticipated to contribute the most to the overall market owing to increased demand for sensors and RFID connected devices in several industries, globally.
Electricity grid management is expected to make the largest contribution to the overall market owing to increased demand for smart meters to measure customer data in the energy sector.
Internet of Things in Utilities Market - Competitive Landscape
The global IoT in utilities market is extremely competitive, with the presence of several well-established players. Many of these players have become consistent owing to years of consistent performances in the industry.
It is anticipated that they will continue to account for a large share in the overall market, in the coming years.
Research and development undertakings to produce an improved quality of products is expected to be a key growth strategy for the prominent players in the upcoming years.
Prominent players could engage in key growth strategies such as novel product launches, which could provide them with a competitive edge over others.
In 2019, Schneider Electric developed and introduced a new EcoStruxere distributed energy resource management system, which has proven beneficial in automating in voltage optimization and peak load management.
Collaborations with the lesser-known players could help the leading players expand their market presence and increase their revenue shares.
A few leading players in the global market include Oracle, IBM, Cisco. Vodafone, Aclar, and Huawei.
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Internet of Things in Utilities Market - Regional Assessment
The global IoT in utilities market is classified into four regions, namely, North America, Asia Pacific, Europe, and rest of the world.
North America is anticipated to be the leader in the global market owing to increasing number of investor-owned utilities in countries such as US and Canada that are yet to deploy smart meters for consumers.
Asia Pacific is anticipated to offer lucrative growth opportunities for the overall market owing to increasing advancements in utilities in the oil and gas industry in countries such as China.
Also, leading market players could look to establish R&D centers in countries such as India, owing to ease of availability of key resources such as land and labor, in these countries.
Europe is expected to witness moderate growth in the global market in future, owing to the presence of fewer well-established players in countries such as Germany and UK.
The rest of the world is anticipated to witness sluggish growth in the overall market in the upcoming years.
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.