IoT in energy & utilities market APAC to majorly drive the regional growth |by key vendors NEC Corporation, NXP Semiconductors, Osisoft, Trilliant, IBM, Intel Corporation, Microsoft
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Government initiatives for implement smart grid in countries such as India and China is expected to propel the IoT in energy & utilities market growth. The smart grid initiatives by Indian MNCs such as Crompton Greaves, North Delhi Power Limited lies lucrative growth opportunities. Smart grids can transform an electric power grid using IoT by integrating the devices, processes and the energy infrastructure into a more connected and collaborative process. It enables the generated energy to get distributed and consumed in a more efficient and timely manner resulting in enhanced reliability and security to the users.
The insufficiency of technically skilled workforce coupled with the lack of standards is expected to hinder the IoT in energy & utilities market growth. Growing incidents of cyber security breaches throughout the industries accessing highly sensitive information coupled with the lack of interoperability might pose a challenge to the IoT utilities industry.
IoT in energy & utilities market is set to exceed USD 15 billion by 2024; as per a new research report by Global Market Insights, Inc. The increasing need to enhance the operational efficiency in the utility sector is expected to boost the IoT utilities industry growth. Increasing concerns to make the most effective use of energy in order to reduce the ever-increasing energy need contributes to the growth. The potential of IoT in the utility sector is huge owing to the benefits provided by these solutions such as gaining real-time visibility into every process in the facility.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• ABB Ltd.
• Bosch Software Innovations GmbH
• Cisco Systems Inc.
• Hitachi Ltd
• Honeywell International Inc.
• Huawei Technologies Co. Ltd.
• IBM Corporation
• Intel Corporation
• Microsoft Corporation
• NEC Corporation
• NXP Semiconductors
• Osisoft, LLC
• SAP SE
• Trilliant, Inc.
Browse Full Report: www.gminsights.com/industry-analysis/iot-utilities-market
Players operating in the IoT in energy & utilities market include Microsoft Corporation, Intel Corporation, Cisco Systems Inc., IBM Corporation and Huawei Technologies Co. Ltd. General Electric, Trilliant Inc., Osisoft LLC and Honeywell International Inc. are among the other prominent industry players. The industry is currently witnessing heavy investments on R&D for fully connected solutions by major players. IoT solutions are considered as a necessity for the utility industry eliminating the requirements for physical visits to monitor the assets, fault & leakage detection and restoration.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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