What is IoT in Utilities Market Scope?
IoT is considered to be the next industrial revolution, Industry 4.0. The concept of IoT is to develop advanced solutions and services, increase productivity and efficiency, solve critical problems and improve decisions in real-time. IoT is hereby transforming the industry's business models, and the utility industry is also investing in IoT technology so as to transform its operations as well as improve the customer experience. In the current scenario, the utility industry is mainly driven by government policies and the need to comply with regulations. This is also due to concerns about cost savings. Therefore, IoT helps the utility industry to overcome challenges and implement advanced services and solutions. In addition, IoT-related utilities monitor support with real-time compliance and regulations to inject power into the network to maximize remote monitoring and control and enable preventative maintenance. In addition, the Internet of Things is accelerating digital transformation in utilities. IoT technology is helping the utility industry move from a centralized to a decentralized process, remotely monitor the energy consumption of connected units, and manage temporary energy bottlenecks.
The IoT in Utilities market study is being classified by Type (Solutions [Asset Monitoring Management, Safety and Security, Supervisory Control and Data Acquisition (SCADA), Workforce Management, Network Management, Customer Information System (CIS) and Billing System] and Services [Consulting, Integration and Deployment, Support and Maintenance]), by Application (Water and Wastewater Management, Utility Gas Management and Electricity Grid Management) and major geographies with country level break-up.
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that Players from United States will contribute to the maximum growth of Global IoT in Utilities market throughout the predicted period.
IBM (United States), Oracle (United States), Verizon (United States), Cisco (United States), Vodafone (United Kingdom), Telit (United Kingdom), Landis Gyr (Switzerland), Itron (United States), ABB (Switzerland), Siemens (Germany), Honeywell (United States), GE (United States), Schneider Electric (France), Huawei (China), Trimble (United States), Aclara (United States), Trilliant (United States), HCL (India), Altair (United States), Actility (France), Waviot (Russia) and Rayven (Australia) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Energyworx (Netherlands) and Saviant Consulting (India).
Analyst at AMA have segmented the market study of Global IoT in Utilities market by Type, Application and Region.
On the basis of geography, the market of IoT in Utilities has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their development strategies
In December 2019, Itron had signed a contract with a Brazilian utility company so as to modernize the water distribution system at the Consolidated Utility District (CUDRC). As per the contract, the utility company would install the Itron Smart Water Communication Modules throughout their 1,400 miles of water lines. CUDRC would further use Itronís network for improving their operational efficiency, monitoring water loss, and streamline meter readings.
In November 2019, Schneider Electric announced the release of the EcoStruxure Distributed Energy Resource Management System (DERMS). EcoStruxure DERMS would hereby automate all the peak load management, load relief, voltage optimization, and Value-Added Reseller (VAR) support.
Influencing Market Trend
- Rising Trend of Remotely Monitoring Energy Consumption of the Connected Units and Manage Temporary Shortfalls in Energy
- The Rising Adoption of Smart Meters
- Growing Utilization of IoT in Businesses
- Regulation Compliance & Operational Efficiency
- Strong Customer Relationships & New Revenue Streams
- Development of Digital Business Models, And Automatic Meter Reading
- Shift to a Decentralized Process from A Centralized One
- Shortage of Measures for Interoperability and Interconnectivity
- Increasing Incidents of Cyber Security Breaches across the Industry
- Insufficiency of Technically Skilled Workforce and a Lack of Standards
Key Target AudienceProviders of IoT in Utilities, Potential Investors, Market Research Firms, Regulatory Bodies, End-Users and Others
Customization available in this Study:The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research & Media features not just specific market sizing estimates, but also include significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets , To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.