May 30th, 2021 · Comments Off on IoT in Utilities Market will reach to $53.8 billion by 2024
According to a newmarket research report“IoT in UtilitiesMarketby Component (Platform, Solutions (AssetMonitoring and Management and CIS and Billing), Services), Application(Electricity Grid Management Water and Wastewater Management), Region – GlobalForecast to 2024″ published byMarketsandMarkets™, the Internet of Things in Utilities Market size expected togrow from USD 28.6 billion in 2019 to USD 53.8 billion by 2024, at a CompoundAnnual Growth Rate (CAGR) of 13.5% during the forecast period.
The use of IoT ingrid technology is accelerating the integration of renewable energy resources,such as solar, wind, and hydroelectricity into the electrical grid and furtherin the gas and water utility segment across the world. Factors, such as therising trend of deregulating the utility industry, and need for operationalefficiency and control are expected to increase the growth of the market. Thelack of standards for interconnectivity and interoperability can restrain thegrowth of the market.
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Asset monitoring andmanagement solution to account for the largest market size during the forecastperiod
IoT-enabled assetmonitoring solutions are a combination of all processes, assets, workflows, andanalytics into a single solution, which offer centrally consolidated tracking,monitoring, and analytics system for asset-intensive sectors, such asutilities, mining, oil and gas, and healthcare. Asset monitoring and managementsolutions include the management of utility meters, predictive assetmaintenance, and control operations of assets. Asset management for utilitieshelp in the optimum and sustainable management of water and gas pipelines. Inorder to achieve the organizational strategic plan, the associated performance,risks, and expenditures over the lifecycle of assets are taken care of by assetmanagement solutions. These solutions generally include type and assettracking; work order creation; maintenance, repair, and operations inventoryand procurement; asset tracking; and planned maintenance history.
The electricity gridmanagement application to account for the largest market size during theforecast period
The use of IoT inthe electricity grid offers an unprecedented opportunity to move the energyindustry into a new era of reliability, availability, and efficiency, whichwill contribute in enhancing the overall economic and environmental health. Anelectricity grid having IoT capabilities has smart sensors, receivers, smartmeters, and energy boxes which communicate with each other. In the traditionalelectricity grid, utilities would gain knowledge about an existing powerfailure through consumers. However, with the Advanced Metering Infrastructure(AMI) in place, utility providers are well-aware about the failure once thesmart meter stops sending meter data, owing to the presence of InternetProtocol (IP) addresses and two-way communication across all components. n Thisleads to lower response time and real-time information aboutmaintenance-related issues, leading to better management of electricitydistribution . Use of IoT in electricity grid is not limited to technology andutility operators but it helps consumers manage day-to-day energy consumption.
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North America toaccount for the highest market share during the forecast period
North Americaaccounts for the highest market share in the IoT in utilities market. Theregion has always been at the forefront of smart grid technology adoption and alarge share of the major utilities in the region are either fully deployed orin the implementation or planning stages of full-scale rollouts. In the comingyears, continued growth in North America is expected to be largely driven bylarge investor-owned utilities across the US markets, which are yet to roll outsmart meters for their customers. Moreover, large number of small cooperativeand municipal utilities are expected to play a central role for growthpenetration.
The major IoT inutilities market vendors include IBM (US), Oracle (US), Verizon (US), Cisco(US), Vodafone (UK), Telit (UK), Landis Gyr (Switzerland), Itron (US),Schneider Electric (France), Huawei (China), Trimble (US), Aclara (US),Trilliant (US), Energyworx (Netherlands), HCL (India), Altair (US), Actility(France), Waviot (Russia), Rayven (Australia), Saviant Consulting (India), ABB(Switzerland), Siemens (Germany), Honeywell (US), and GE (US).
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