Internet of Things (IoT) in Utility Market 2020-2025 Growing Popularity & Emerging Trends | PingThings, Inc., Itron, Actility, SA, Trilliant Incorporated, Cisco Systems Inc., Comcast Corporation, IBM Corporation

IoT (Internet of Things) is going to be the next industrial uprising, Industry 4.0. IoT has the concept of developing advance solution and services, augmenting productivity & efficiency, solve critical problems, and improve real-time decisions. Industrial business models are changing due to IoT, utility industry is also investing in IoT technology to transform its processes and enhance customer experience.

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Currently the utility sector is governed by government policies and regulations and are driven by the concerns about cost savings. IoT helps utility industry to overcome challenges and implement advanced services & solutions using IoT technology. IoT intensifies digital transformation in utilities. It transforms the utility industry to a decentralized process from a centralized process and to distantly monitor energy consumption of the connected units and accomplish temporary shortfalls in energy.

Smart meters are the most common utilities IoT where automatic meter reading via smart meters are done. The rapid development of smart meters has been sparked by legal regulation and commercial requirements. The integrated solution by IoT has created an interactive ecosystem which helps in tracing the flow of information, monitoring the data, reducing labour-intensive processes, and leveraging predictive asset management. Factors such as predictive analytics for business, conducive analytics platforms, and end-to-end automation are expected to contribute toward the growth of the analytical solutions.

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The analytical solutions are expected to grow due to the increasing trends of mobile, cloud, and smart devices. A few restraining factors that are likely to hamper the IoT in utilities market are insufficiency of technically skilled workforce and a lack of standards. Increasing incidents of cyber security breaches across the industry is also expected to restrain the growth of IoT in utilities market.



The electricity grid management amplify the adoption of IoT in utilities market

IoT used in the electricity grid offers great opportunities to change the energy industry into a new reliable and efficient industry which will in turn contribute by improving the overall economic and environmental health. With increasing mobile connectivity speed, smart meters provide near real-time information on energy consumption and transmission. An electricity grid having IoT abilities has smart sensors, receivers and smart meters which communicate with each other. Use of IoT in electricity grid is not limited technology for utility operators but it helps consumers to manage day-to-day energy consumption.



Asia Pacific is expected to account for the significant revenue share in IoT in utilities market

Asia Pacific is expected to lead in IoT utilities market due to the adoption of cloud based platforms across the sector, along with government initiatives for smart grid modernization across China and India. Emerging economies like China, India, and Russia, are the key growth factors for Asia Pacific region for IoT in utilities. Asia - Pacific generates the highest amount of energy in the world. In the coming years, due to an increase in technology penetration and huge investments in advanced technologies, it is expected that the adoption of IoT in utilities will significantly grow, due to the advancement in technology. India, China, South Korea, and other Asian countries will take maximum advantages of their key strengths and which will help the market growth in this region.

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Key Market Players

PingThings, Inc.
Itron
Actility, SA
Trilliant Incorporated
Cisco Systems Inc.
Comcast Corporation.
IBM Corporation.
Others


Market Segments: IoT in Utilities Market

By Component
Platform
Solutions
Services
By Solution
Asset Monitoring Management
Safety and Security
Supervisory Control and Data Acquisition
Workforce Management
Network Management
Customer Information System (CIS) and Billing System
By Application
Water and wastewater management
Utility gas management
Electricity grid management
By Region
North America
US
Canada
Europe
Germany
France
UK
Asia Pacific
China
India
Japan
The Middle East and Africa
UAE
South Africa
Central and South America
Brazil
Mexico


Key Sources

Industry Associations
Patent Websites
Company Annual Reports
Company Websites
Key industry leaders
Technology consultants
Others


Key Questions Answered

What are the key growth regions and countries?
What are the important types and technologies being used?
What are the market players doing, in terms of research and development?
Which are the new applications for this market?
What are the integrations happening?
What is the recent news, developments, mergers, or large value deals?
Where will the industry go in the long run?


Key Stakeholders

Component Providers
Technology Solution Providers
Regulatory Authorities
Research and Innovation Organizations
Technocrats
Other Channel Partners
Quality Control Organizations

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