DUBLIN--(BUSINESS WIRE)--The "IoT in Utilities Market by Component (Platform, Solutions (Asset Monitoring and Management and CIS and Billing), Services), Application (Electricity Grid Management Water and Wastewater Management), Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global Internet of Things (IoT) in utilities market size is expected to grow from USD 28.6 billion in 2019 to USD 53.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 13.5% during the forecast period.
Factors such as the rising trend of deregulating utility industry and need for operational efficiency and control are expected to drive the growth of the market. The growing deregulation of the utility industry is increasing the entry of new innovative players into the market, bringing new innovations in the industry.
It further increases market competitiveness to provide efficient services to the consumer. Companies offering IoT, Artificial Intelligence (AI), and Machine Learning (ML)-enabled utility solutions focus on improving their plant control and overall production and management. These technologies enables agility and flexibility, thus increasing the control of the system. This has enforced utility companies to use operational efficient IoT-based solutions in their organizations.
Solutions segment to lead the IoT In Utilities market in 2019
The solutions segment includes solutions, such as asset monitoring and management, safety and security, Supervisory Control And Data Acquisition (SCADA), network management, workforce management, and Customer Information System (CIS) and billing systems. These solutions help utilities to maintain operational efficiency of the organization and provide seamless services to the customers. IoT technology solutions have helped utilities integrate various business processes, pushing the utility industry toward the growth phase in an exponential way. Integrating technologies with existing operations is further expected to increase enterprise operational efficiency even with less infrastructure investment.
Electricity grid management application segment to lead the market in 2019
The development of grid technology has benefitted traditional energy infrastructure vendors and offered business opportunities for emerging players that plan to serve untapped market opportunities. The replacement of aging utility infrastructure, and deployment of Advanced Metering Infrastructure (AMI), and smart grid applications are identified as major business opportunities for traditional vendors. Emerging market players, such as hardware providers, semiconductor companies, telecom and networking infrastructure companies, and software firms will are expected to benefit from major technology investments in IoT-based grid projects by regional governments.
North America to lead the IoT in utilities market in 2019
North America has been a leader in the adoption of smart grid technology and a large share of the major utilities in the region are now fully deployed or in the implementation or planning stages of full-scale rollouts. In the last few years, numerous utility companies in the US have agreed to deploy smart utility schemes, where one of the main objectives is to offer second-generation advanced metering infrastructure, communication modules, asset management, workforce management, security features, analytics, and Meter Data Management (MDM). Financial sound companies across the region enable heavy utility-related investments on leading tools and technologies for effective energy consumption. On the other hand, Canada has been emphasizing on enhancing its power supply capabilities and upgradation of its electric grid infrastructure. This has enforced technology vendors in the region to increase their presence in the North American region.
Key benefits of buying the report:
- The report would provide market leaders/new entrants in the IoT in utilities market, with information on the closest approximations of the revenue numbers for the overall IoT in utilities market and subsegments.
- The report would help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- It further helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
Key Topics Covered:
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Years Considered for the Study
1.5 Currency Considered
2 Research Methodology
2.1 Research Data
2.2 Market Breakup and Data Triangulation
2.3 Market Size Estimation
2.4 Market Forecast
2.5 Competitive Leadership Mapping Methodology
2.6 Assumptions for the Study
2.7 Limitations of the Study
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the IoT in Utilities Market
4.2 Market: Top 3 Components and Regions
4.3 Market, By Region
4.4 Market: Investment Scenario
5 Market Overview
5.2 Market Dynamics
6 IoT in Utilities Market, By Component
7 IoT in Utilities Market, By Solution
7.2 Asset Monitoring and Management
7.3 Safety and Security
7.4 Supervisory Control and Data Acquisition
7.5 Workforce Management
7.6 Network Management
7.7 Customer Information System and Billing System
8 IoT in Utilities Market, By Service
8.3 Integration and Deployment
8.4 Support and Maintenance
9 IoT in Utilities Market, By Application
9.2 Water and Wastewater Management
9.3 Utility Gas Management
9.4 Electricity Grid Management
10 IoT in Utilities Market, By Region
10.2 North America
10.4 Asia Pacific
10.5 Middle East and Africa
10.6 Latin America
11 Competitive Landscape
11.2 Competitive Leadership Mapping (Overall Market)
11.2.1 Visionary Leaders
11.2.2 Dynamic Differentiators
11.2.4 Emerging Companies
12 Company Profiles
12.10 Schneider Electric
12.16 General Electric
12.25 Saviant Consulting
For more information about this report visit https://www.researchandmarkets.com/r/w4ua8j