IoT Utilities Market key players and growth trends by 2024
IoT utilities market share has witnessed significant growth in recent years owing to the rising energy consumption globally along with the deployment of IoT to a massive extent in the utilities sector. The implementation of this technology has aided utility companies to monitor real-time power consumption by efficiently improving connectivity, and communication between smart meters and sensors. Moreover, growing demand for enhancing the operational efficiency in the sector will positively stimulate the industry demand.
It is estimated that global IoT utilities market size will surpass USD 15 billion by 2024. Growing adoption of cloud platforms across the utility sector along with favorable government policies for smart grid modernization across several countries including China, U.S., India, and UK will provide lucrative opportunities to IoT utilities industry.
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Reports estimate that Asia Pacific IoT utilities market is expected to witness considerable proceeds over the forthcoming years. The rising development of smart cities and construction activities in the emerging economies along with escalating demand for smart meters will help transform IoT applications in utility across the region.
Growing adoption of digital technology with high government funding for the power segment will certainly stimulate industry growth as well as increase the consumption rate in the near future. In addition, North America IoT utilities market will expand significantly due to mass awareness regarding the various benefits of IoT technology and increasing implementation of advanced infrastructure.
The rapid development of smart grids and deployment of smart meters by many utilities across the world to meet the rising energy demand has considerably improved. Digitalization has also become a significant key to new distribution technologies for providing superior quality service and lesser emissions.
The changing trends in terms of smart infrastructure coupled with extensive R&D investments by the companies will certainly intensify product demand, thereby driving IoT utilities industry share over the next few years.
Some of the notable players of the industry include Honeywell International Inc., Intel Corporation, Huawei Technologies Inc., Microsoft Corporation, Trilliant Inc., and General Electric.
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Table of Content
Chapter 3. Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry ecosystem analysis
3.3.1. Component suppliers
3.3.2. Software providers
3.3.3. Technology providers
3.3.4. Service providers
3.3.5. System integrators
3.3.6. Vendor matrix
3.3.7. Distribution channel analysis
3.4. Technology & innovation landscape
3.5. Regulatory landscape
3.5.1. U.S.
3.5.2. EU
3.5.3. China
3.6. Industry impact forces
3.6.1. Growth drivers
3.6.1.1. Increasing demand to enhance the operational efficiency in the U.S
3.6.1.2. Technological advancements in the U.S.
3.6.1.3. Low cost of components in Asia Pacific
3.6.1.4. Rising government initiatives in China and India
3.6.1.5. Growing adoption of cloud platform in Europe
3.6.1.6. Increasing demand for monitoring utility facilities in Europe
3.6.2. Industry pitfalls & challenges
3.6.2.1. Data security & privacy concerns
3.6.2.2. Unavailability of skilled workforce
3.6.2.3. High implementation cost
3.7. Growth potential analysis
3.8. Porter's analysis
3.9. Competitive landscape, 2016
3.9.1. Strategy dashboard
3.10. PESTEL analysis
Chapter 4. IoT Utilities Market, By Platform
4.1. Global IoT utilities market share by platform, 2016 & 2024
4.2. Network management
4.2.1. Market estimates and forecast, 2013 - 2024
4.2.2. Market estimates and forecast, by region, 2013 - 2024
4.3. Device management
4.3.1. Market estimates and forecast, 2013 - 2024
4.3.2. Market estimates and forecast, by region, 2013 – 2024
4.4. Application management
4.4.1. Market estimates and forecast, 2013 - 2024
4.4.2. Market estimates and forecast, by region, 2013 – 2024
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