PUBLISHER: Inkwood Research | PRODUCT CODE: 1078462
PUBLISHER: Inkwood Research | PRODUCT CODE: 1078462
The North America IoT in energy & utility application market is estimated to record a CAGR of 9.77% during the forecast period, 2022-2030. The market growth is driven by surging demand and production of energy, benefits of IoT in value chain optimization, and increasing demand among end-users.
The North America IoT in energy & utility application market growth analysis includes the evaluation of United States and Canada. Canada has recently witnessed a boost in investment by several multinational companies for their upcoming projects. Further, government initiatives to introduce energy-efficient residential buildings in several parts of the country are expected to significantly propel the demand for IoT in energy & utility applications.
Besides, IoT devices, data center management software, integration software, and reduced power usage enabled the creation of affordable cloud computing solutions in Canada. Due to its shared cost module, data analytics is now employed in various applications, including seismic data processing and reservoir modeling. Hence cost-effectiveness and wide-scale adoption of this software drive the market growth of IoT in energy & utility applications during the forecast period.
Some of the key market players are: IBM, Capgemini SE, Oracle Corp, General Electric Company, Aclara Technologies LLC, etc.