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IoT in Utilities Market: Introduction

  • Presently, IoT is a highly innovative technology gaining popularity across the globe. IoT in utilities helps solve multiple issues such as inaccuracy in collecting vital data and catering to the rising demand for a particular utility.
  • Integration of IoT in utilities helps reduce the operation cost, and IoT is also utilized in the supply chain to increase the safety of customers and staff. The smart grid is adopted to avoid accidents and reduce risks associated with utility operations.
  • IoT in smart cities helps to build safe streets, smart buildings, and efficient utilities. Data is collected across connected microgrids and can be used to improve traffic flow, resident living standards, streamline public transportation, and improve city utility efficiency. 
  • The adoption of IoT is expected to increase in various sectors such as manufacturing, electricity, and oil & gas. IoT sensors can improve energy and water generation and distribution to help utility providers cater to the increasing demand. Smart meters enable various industries to analyze power consumption and gain critical insights.
iot in utilities market size and forecast

IoT in Utilities Market: Dynamics

IoT in Utilities Market: Key Drivers

  • Integration of IoT in utilities also helps transform services and increase economic value and safety to reach new sustainability goals
  • IoT in utilities offers a wide range of opportunities across the whole supply chain (water, gas, electricity, distribution network, energy generation, etc.) by employing usage analytics and smart metering to build a new business model
  • IoT in utilities works on sensor-based monitoring systems which optimize maintenance and help prevent expensive downtime and breakdown. The IoT technology brings automation to production, supply operations, and distribution, which in turn helps reduce labor costs.
  • Pairing different IoT utility sensors (electricity load, pipe pressure, water quality, etc.) with advanced analytics helps detect inefficiencies and resource waste with high accuracy and remove them before further issues are revealed
  • IoT provides better visibility for suppliers, consumers, and producers. Integrating sensor monitoring to grid operation managers gets a clear picture of asset performance. It helps deliver an informed decision by using a monitoring grid in real-time via control panels and dashboards to make an informed decision daily. 
iot in utilities market growth trend

Impact of COVID-19 on IoT in Utilities Market

  • An increase in cases of COVID-19 across the globe is resulting in an economic slowdown. Developed countries are strongly affected by the pandemic. COVID-19 has a negative impact on the IoT market, as companies are decreasing their investment in new technologies and services to sustain themselves in the competitive market.

North America to Hold Major Share of IoT in Utilities Market

  • In terms of region, the global IoT in utilities market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
  • North America dominated the global IoT in utilities market and held a notable share, primarily due to the presence of developed economies, such as the U.S. and Canada. Moreover, in North America, dedicated smart meter penetration and smart grid legislation have been adopted extensively, with many leading utilities achieving close to full deployment.
iot in utilities market size by competition landscape

Key Players Operating in Global IoT in Utilities Market

  • ABB, Ltd.

ABB, Ltd. is a global supplier of automation products and electrical equipment. The company operates through various business segments such as industrial automation, electrification, smart machines, and robotics. ABB Ltd. also offers repairs, outsourcing services, and various consulting services. The company is focused on accelerating the industrial ecosystem for flexible wireless automation and enhance artificial intelligence technology and Industrial IoT in the future.

  • Honeywell International, Inc.

Honeywell International, Inc. offers automation and manufacturing to provide solutions in security, safety, and energy. The company uses its technology to improve the efficiency of products and processes. It has expertise in workplace and emergency management solutions. The company also offers security and control technologies for industrial, defense, and residential end-users. Honeywell International, Inc. has a strong presence globally to cater to each market-specific need.

Other key players operating in the IoT in utilities market include Huawei Technologies Co., Ltd., International Business Machines Corporation, Cisco Systems, Inc., Vodafone Group Plc, Aclara Technologies LLC, Rayven IT Solutions, LLC., Energyworx BV, Actility S.A., Siemens AG, Trilliant Networks, Inc., and General Electric.

IoT in Utilities Market: Research Scope

IoT in Utilities Market, by Component

  • Platforms
  • Solutions
    • Asset Monitoring Management
    • Safety and Security
    • Supervisory Control and Data Acquisition (SCADA)
    • Workforce Management
    • Network Management
    • Customer Information System (CIS) and Billing System
  • Services
    • Consulting
    • Integration and Deployment
    • Support and Maintenance

IoT in Utilities Market, by Application

  • Water and Wastewater Management
  • Utility Gas Management
  • Electricity Grid Management

IoT in Utilities Market, by Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Iot In Utilities Market