Global IoT in Energy & Utility Application Market Estimated to Gain $76.81 Billion in Revenue by 2028

A recent study by Triton Market Research titled 'Global IoT In Energy & Utility Application Market' shows the Global Analysis and Forecasts by Component (Services [Support and Maintenance, Deployment & Integration, Professional Services], Hardware [Devices, Sensors, Other Hardware Components], Software [Water Management, Operational Control, Analytics, Grid Management, Security]), End-user (Electricity Grid & Supply Management, Mining, Utility Gas Management, Oil & Gas, Water Management), Connectivity (Non-Cellular, Cellular), and Geography (Europe, Latin America, North America, Middle East and Africa, and Asia-Pacific).

The internet of things (IoT) presents a bright future for the energy & utility sector that helps in embracing new energy sources, increasing reliability, improved security, asset efficiency, and discovering new business services and models.

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According to Triton's Market Research, the global IoT in energy & utility application market is expected to witness growth at a CAGR of 12.78% over the forecasted years 2022-2028, attaining revenue worth $76.81 billion by 2028.

The use of IoT in energy & utility has accelerated the adoption of renewable energy sources in the energy sector across the world. Factors such as improvement in the oil & gas industry operations, demand for automation tools in energy management, and a decline in the prices of IoT components support the market's growth. Besides this, the availability of next-generation sensors and growing consumer focus on energy consumption pattern analysis are driving the market's growth.

However, there is a lack of skilled employees with knowledge of big data analysis, which poses a threat to the market. Also, companies are afraid of investing in IoT as their main source of storing huge data due to security concerns, thus restricting the market's growth.

The global IoT in energy & utility application market is categorized into component, end-user, and connectivity. The component segment includes services, hardware, and software. The service segment is further divided into support and maintenance, deployment & integration, and professional services. Additionally, the hardware segment is sectioned into devices, sensors, and other hardware components. The software segment includes water management, operational control, analytics, grid management, and security. On the other hand, the end-user segment of the market is sectioned into electricity grid & supply management, mining, utility gas management, oil & gas, and water management. Based on the connectivity, it is bifurcated into non-cellular and cellular.

Globally, the Asia-Pacific dominates the IoT in energy & utility application market and is expected to continue its stronghold until 2028. The convergence of technologies such as cloud, analytics, big data, and mobility, along with the widespread adoption of IoT devices in the region, is expanding the demand for IoT technology in the market. Additionally, COVID-19 has enabled more investments across multiple industries as IoT consolidates with other technologies. Besides, APAC has access to local low-cost hardware and software, which will aid in producing noteworthy IoT applications in the forthcoming years, thus augmenting the market's development.

ABB Ltd, IBM, Siemens, Aclara Technologies LLC, Schneider Electric SE, General Electric Company, SAS Institute Inc, SAP SE, Oracle Corporation, BuildingIQ Inc, Capgemini SE, Teradata Corporation, Wipro Ltd, Infosys Ltd, Eaton Corporation PLC, and Cisco Systems Inc are the leading companies in the market.

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Question & Answer: IoT in Energy & Utility Application Market

Question 1: What factors are widening the growth of the IoT in energy & utility application market?

Answer: The use of IoT in energy & utility has accelerated the adoption of renewable energy sources in the energy sector across the world. Factors such as improvement in the oil & gas industry operations, demand for automation tools in energy management, and a decline in the prices of IoT components support the market's growth. Besides this, the availability of next-generation sensors and the growing consumer focus on energy consumption pattern analysis are driving the market's growth.

Question 2: What factors hinder the global IoT in the energy & utility application market?

Answer: There is a lack of skilled employees with knowledge of big data analysis, which poses a threat to the market. Also, companies are afraid of investing in IoT as their main source of storing huge data due to security concerns, thus restricting the market's growth.

Question 3: Which region captures the largest market for IoT in energy & utility application market?

Answer: Globally, the Asia-Pacific dominates the IoT in energy & utility application market and is expected to continue its stronghold until 2028. The convergence of technologies such as cloud, analytics, big data, and mobility, along with the widespread adoption of IoT devices in the region, is expanding the demand for IoT technology in the market. Additionally, COVID-19 has enabled more investments across multiple industries as IoT consolidates with other technologies. Besides, APAC has access to local low-cost hardware and software, which will aid in producing noteworthy IoT applications in the forthcoming years, thus augmenting the market's development.

Question 4: What are the leading companies in the global IoT in energy & utility application market?

Answer: ABB Ltd, IBM, Siemens, Aclara Technologies LLC, Schneider Electric SE, General Electric Company, SAS Institute Inc, SAP SE, Oracle Corporation, BuildingIQ Inc, Capgemini SE, Teradata Corporation, Wipro Ltd, Infosys Ltd, Eaton Corporation PLC, and Cisco Systems Inc are the leading companies in the market.

Related Report:

Global Virtual Power Plant Market

The global virtual power plant market is anticipated to grow in value during 2019-2028 at a CAGR of 21.57%. It is likely to gain $4099.55 billion by 2028.

The virtual power plant offers a reliable power supply and allows utilities to use renewable energy sources, supply them to customers, and store them in battery banks. The decline in solar generation costs and the growing adoption of decentralized power generation helps the virtual power plant market grow significantly.

However, a lack of communication, understanding, and workflow between the security personnel and the engineer hampers virtual power plant technology demand. Such factors will impede the global market's growth over the forecast period.

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