The global IoT in utility market is undergoing significant transformations, driven by technological advancements and the increasing demand for efficient utility services. This comprehensive analysis provides insights into the market’s key drivers, challenges, opportunities, emerging trends, and forecasts up to 2025.
Market Segmentation
The global IoT in utility market can be segmented as follows:
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- By Component
- Application Software
- Analytics
- Billing
- Security
- Network
- SCADA (Supervisory Control and Data Acquisition)
- Distribution Management
- Device
- Service
- Deployment and Integration
- Maintenance and Support
- Consulting
- Application Software
- By Application
- Smart Grid
- Smart Metering
- Smart Water
- By Region
- North America
- Europe
- Asia Pacific
- Middle East Africa
- Latin America
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Market Overview
The global IoT in utility market is projected to grow at a robust CAGR of over 18% during the forecast period from 2019 to 2025. This growth is attributed to the rising consumer interest in optimizing and monitoring their electricity and water consumption, among other utilities. IoT in utility is revolutionizing the energy distribution and usage landscape, emphasizing data analytics and artificial intelligence (AI) to make informed decisions that reduce costs and enhance efficiency.
IoT in Utility Market Competitive Analysis and Key Vendors
The report analyzes the global IoT in utility market, with key players adopting various growth strategies, including collaborations, partnerships, and joint ventures. Leading market players in the global IoT in utility market include:
- PingThings
- Itron
- Actility
- Trilliant
- Smappee
Several other vendors have also been assessed based on factors such as portfolio, geographical presence, distribution channels, revenue generation, and R&D investments.
IoT in Utility Market Segmentation By Component
- Application Software: This segment encompasses analytics, billing, and security solutions. Analytics, in particular, play a crucial role in data-driven decision-making within the utility sector.
- Network: This includes SCADA (Supervisory Control and Data Acquisition) and distribution management systems. SCADA systems are essential for real-time monitoring and control of utility infrastructure.
- Device: Hardware components that enable IoT connectivity and data collection.
- Service: Service offerings comprise deployment and integration, maintenance and support, and consulting services, all contributing to the successful implementation of IoT solutions.
Among these components, the network segment significantly contributes to market growth, while the application software segment is expected to witness the highest CAGR during the forecast period.
IoT in Utility Market Segmentation By Application
- Smart Grid: Smart grid solutions focus on optimizing electricity distribution, enhancing grid reliability, and reducing energy wastage.
- Smart Metering: Smart metering systems enable real-time tracking and management of utility consumption, with a focus on electricity.
- Smart Water: IoT in smart water management enhances water distribution efficiency and minimizes water losses.
Smart metering is expected to hold the largest market share in 2019, with this trend expected to continue through 2025.
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Benefits of IoT in Utility Market Research
This report provides an in-depth analysis of the global IoT in utility market, offering insights into how IoT technologies are transforming utility services. IoT applications in utility enhance customer experiences, identify network faults, and provide real-time notifications of system failures. Emerging vendors are entering the market to leverage IoT applications, while industry leaders like Schneider Electric and Siemens are focusing on IoT platforms and integration capabilities. The integration of building automation systems and energy management systems is driving IoT’s growth in the utility sector.
Conclusion
The global IoT in utility market is experiencing rapid growth, driven by advancements in technology and a growing emphasis on efficient utility services. With increasing consumer demand for optimization and monitoring of utilities, IoT is set to revolutionize the way energy and water services are distributed and managed. As the market continues to evolve, it presents numerous opportunities for both established players and emerging vendors to innovate and meet the changing needs of consumers and the utility sector.
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