This market research report includes a detailed analysis of the global IoT in utility market with segmentation by component (application software, network, device, and service), by application (smart grid, smart metering, and smart water), and by region (North America, Europe, Asia Pacific, Middle East Africa, and Latin America). The market research report identifies PingThings, Itron, Actility, Trilliant, Smappee, Verdigrisas, Grid4C, WAVIoT, and Tibber as the market leaders operating in the global IoT in utility market.
Overview of the IoT in Utility Market
Infoholic’s market research report predicts that the global IoT in utility market will grow at a CAGR of more than 18% during the forecast period 2019–2025. The market for IoT in utility is driven by the demand from energy sectors and households to accurately collect meter data and process billing.
With enhanced connectivity, high speed, and sensors, these data help in energy creation and distribution. The introduction of 5G/LTE helps in recording updates in short time intervals. In addition, IoT in utility is widely being adopted to manage decentralized energy and power distribution.
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According to the Infoholic Research analysis, North America is anticipated to account for the largest share of the global IoT in utility market in 2019. With a heavy focus to increase the use of smart energy management, investments in the IoT in utility market are expected to increase over the next 6 years. Asia Pacific is projected to witness the fastest growth rate due to the increasing focus to improve integrated IoT implementations in metering and grids. The use of IoT in utilities is unfurling new growth opportunities for operators. IoT vendors are partnering with several technology vendors to provide customized offerings to ease the monitoring of energy distribution.
IoT in Utility Market Research Competitive Analysis and Key Vendors
The report covers and analyzes the global IoT in utility market. IoT helps in the extraction of valuable data that aid in monetizing and monitoring of energy or water supplies through its network. The key players in the global IoT in utility market are adopting various organic as well as inorganic growth strategies such as collaborations & partnerships, joint ventures, and few other strategies to be in a strong position in the market.
Few of the Key Vendors in the IoT in Utility Market:
These companies are staying relevant in the market by acquiring clients across regions to move ahead of the competition. For instance, Itron and Utilidata launched a grid voltage control app to offer next-generation smart meters that are powered by Itron’s Linux-enabled, IP-connected smart meters for third-party applications.
There are few other vendors that have been analyzed based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D for analysis of the entire ecosystem.
IoT in Utility Market Segmentation By Component
- Application Software
- Distribution Management
- Deployment and Integration
- Maintenance and Support
The device segment is the major contributor to the IoT in utility market. The application software is expected to grow at the highest CAGR during the forecast period 2019–2025.
IoT in Utility Market Segmentation By Application
- Smart Grid
- Smart Metering
- Smart Water
The smart metering segment is estimated to hold the largest market share in 2019, and the trend will continue during the forecast period 2019–2025.
IoT in Utility Market Research Benefits
The report provides an in-depth analysis of the global IoT in utility market. IoT in utility uses sensors and analytics to measure flow and faults at regular intervals. By analyzing several data points from various application areas, it can provide insights to focus on users. Vendors are focusing on successfully delivering integrated energy distribution and grid systems. The adoption of IoT in utility is transforming with cloud computing and edge computing. With smart grids to smart metering, it can read the status of power and water distribution. The technology is evolving with better and improvised sensors and analytics. Also, many new vendors have emerged in the market by offering custom requirements of households and organizations. The report discusses the market in terms of components, applications, and regions. Furthermore, the report provides details about the major challenges impacting the market growth. IoT in utility vendors are focusing on enhancing the partner ecosystem across geographies to widen their reach and gain new customers. The IoT in utility market growth is dependent on the adoption of smart devices and utilities for real-time monitoring. The IoT in utility market is growing; however, data access, data security, and data integration still remain as areas of concern for many organizations and individuals.The major utility vendors are focusing on systems or platforms to enable different applications in the IoT ecosystem to function and deliver real-time analysis.
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