Projected to Reach $76.81 Billion by 2028: The Global IoT in Energy and Utility Application Market

According to Triton's report, the global IoT in energy & utility application market, which attained $33.56 billion in 2021, is expected to register progress at 12.78% of CAGR 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).

Read the Market Summary Here:
https://www.tritonmarketresearch.com/reports/iot-in-energy-and-utility-application-market?utm_source=PaidPRNew&utm_medium=OpenPR&utm_campaign=TritonPR

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.

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.

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The application of IoT in energy and utilities has hastened the global adoption of renewable energy sources. Factors such as improved oil and gas industry operations, demand for automation tools in energy management, and a drop in IoT component prices all contribute to the market's growth. Aside from that, the availability of next-generation sensors and a growing consumer attention on energy usage pattern analysis are propelling the industry forward.

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.

Here's a link to our Regional Reports Summary:
https://www.tritonmarketresearch.com/search-report/IOT+IN+ENERGY+&+UTILITY+APPLICATION+MARKET

The market for IoT applications in energy and utilities worldwide is divided into three segments: connectivity, end-user, and component. The hardware, software, and services are included in the component segment. Support and maintenance, deployment & integration, and professional services comprise the further subdivided service segment.

The hardware market is further subdivided into device, sensor, and other hardware component categories. The software section includes grid management, security, analytics, water management, and operational control. On the other hand, mining, oil & gas, water management, utility gas management, electricity grid & supply management, and mining make up the market's end-user segment. Based on connectivity, the two groups are divided into cellular and non-cellular.

The IoT market for energy and utility applications is dominated globally by the Asia-Pacific region, and this trend is predicted to persist until 2028. The increasing usage of IoT devices in the region, coupled with the convergence of technologies like cloud, analytics, big data, and mobility, is driving up demand for IoT technology in the market. In addition, as IoT integrates with other technologies, COVID-19 has made it possible for greater investments to be made across a variety of businesses. Furthermore, APAC has access to locally produced low-cost hardware and software, which will support the creation of notable IoT applications in the upcoming years and further accelerate the market's growth.

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-
https://www.tritonmarketresearch.com/reports/virtual-power-plant-market

The global virtual power plant market is anticipated to grow in value during 2024-2032 at a CAGR of 23.65%. It is likely to gain $XX million by 2032.

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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This release was published on openPR.