LONDON--(BUSINESS WIRE)--The global IoT market in energy grid management is expected to grow at an impressive CAGR of close to 36% during the forecast period, according to Technavio’s latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global IoT market in energy grid management for 2017-2021. The market is further categorized into four application segments, including generation, transmission, substation automation, and distribution.
“The evolution of IoT and rising demand for electricity have led the major power vendors to invest in IoT. The global IoT market in energy grid management is set to experience a higher pace of growth in APAC owing to the increasing demand for electricity among the people and the growth of renewable energy sources,” says Sushmit Chakroborty, a lead automation research expert from Technavio.
Technavio’s research analysts segment the global IoT market in energy grid management into the following regions:
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IoT market in energy grid management in Americas
The IoT market in energy grid management in the Americas is expected to grow owing to various factors such as the increasing use of renewable sources and increasing demand for electricity. The need for renewable energy sources for power generation is expected to drive the growth of the power industry in the Americas. Smart grids, which were introduced initially in the Americas, are now being adopted by all power vendors across the region. The increasing demand for electricity and the need to reduce power losses during transmission are expected to drive the growth of the IoT market in energy grid management in the Americas.
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IoT market in energy grid management in APAC
APAC has the largest energy sector among the three geographic regions. China and India are the two largest power consuming countries in the region. Over the last five years, APAC has witnessed the depletion of the natural resources used in power generation. Coal is still the major source of power generation in APAC, but issues such as the non-availability of good quality coal and the depletion of naturally existing coal have led the governments and power companies or utilities to opt for alternative sources.
“The declining cost of IoT components and initiatives by the many governments in the region will drive the IoT market in grid management in APAC during the forecast period. IoT also eliminates barriers and allows the power industry to target a larger consumer segment, which will drive the IoT market in China and India, where the power industry must cater to the needs of the huge population,” says Sushmit.
IoT market in energy grid management in EMEA
The power industry in EMEA is expected to grow steadily mainly due to the increased demand for electricity in Africa. Currently, Africa is experiencing a rise in purchase power parity among the population. This has led to a rise in people migrating to urban areas, which is consequently, leading to higher demand for electricity. New projects are expected to come up in Africa during the forecast period, and these projects will implement IoT-installed facilities instead of the traditional ones.
The top vendors in the global IoT market in energy grid management as highlighted in this market research analysis are:
- Schneider Electric
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