IoT in Utilities Market: Current Analysis and Forecast (2022-2028)

Global IoT in Utilities Market is expected to grow at a significant rate of around 10% during the forecast period. An IoT is defined as the network system of the physical objects that are connected with the software, sensors, and other devices to collect, analyze, and exchange the data to the server and other devices via the internet. IoT is the collection of different platforms and advanced technology including, machine learning & conversational artificial intelligence, cloud computing platform, and low-power sensor technology. In recent times, IoT in the utilities market has witnessed significant demand due to its incorporation into several applications such as smart grids to ensure efficiency & sustainability along with real-time consumption monitoring. The integration of IoT could help to lower operational costs, improve efficiency, and ensure the environmental goal of the demand-based power generation and distribution system. Also, the increasing investment coupled with the merger & acquisition is supporting the IoT integration in the utilities market. For instance, in October 2019, Landis+Gyr and Light announced a five-year agreement valued at R$ 750 million for one of the largest grid projects in South America.

Oracle Corporation, IBM Corporation, Cisco System Inc., Landis+Gyr, Verizon, Energyworx BV, HCL Technologies Limited, Honeywell International Inc., ABB Ltd., and Siemens AG are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst component, Solution category to witness higher CAGR during the forecast period"

Based on components, the market is segmented into solutions and service. The solution segment is expected to witness significant market growth during the forecast period owing to its utilization in workforce management, network management, supervisory control, and data acquisition along with the billing system, and customer information system among others. In addition, the integration of the IoT helps the business to integrate business processes and pushes the companies towards growth. In addition, the integration of cloud-based technology in the industries for remote monitoring is expected to support the market growth for the solution segments.

"Amongst end-users, the electricity grid management to hold a significant share in the market in 2020"

Based on end-users, the market has been classified into gas management, electricity grid management, and water & wastewater management. The electricity grid management is expected to show significant market growth during the forecast period owing to the increasing demand for electricity around the world and the requirement for the effective measure for energy conservation and to maintain the effective demand and supply. In addition, the replacement of the aging grid infrastructure and deployment of the AMI (Advanced Metering Infrastructure) are expected to support the market for electricity grid management. For instance, the demand for electricity for the year 2021 has increased by the around 4% compared to the last year.

"North America to hold a significant share in the market"

In 2020, North America held a significant share of the IoT in utilities market. This is mainly due to the presence of several major players in the market and the growing adoption of smart grid technologies in the region. In addition, the increasing use of hardware components such as AC, lights and other are growing the demand for electricity and smart meter in the region, and the growing disposable income and surging per capita spending of individuals in the region is driving the growth of the market. Also, the initiative was taken by the various companies to deploy smart utility schemes with the objective to offer second-generation advanced metering infrastructure, asset management, security feature, communication module, and meter data management along with the growing investment supporting the market growth for the IoT in the utility market in the region. Furthermore, the growing adoption of decentralized & renewable generation sources along with alternative performance-based ratemaking infrastructure are deriving the investment in the self-heating and automated transmission with distribution infrastructure.  

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