IoT in Utilities Market Worth $53.8 Billion by 2024 - Exclusive Report by MarketsandMarkets™
Asset monitoring and management solutions include the management of utility meters, predictive asset maintenance, and control operations of assets.
CHICAGO, Jan. 10, 2020 /PRNewswire/ -- According to a new market research report "IoT in Utilities Market by Component (Platform, Solutions (Asset Monitoring and Management and CIS and Billing), Services), Application (Electricity Grid Management Water and Wastewater Management), Region - Global Forecast to 2024", published by MarketsandMarkets™, the global Internet of Things (IoT) in Utilities Market size is expected to grow from USD 28.6 billion in 2019 to USD 53.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 13.5% during the forecast period.
The use of IoT in grid technology is accelerating the integration of renewable energy resources, such as solar, wind, and hydroelectricity into the electrical grid and further in the gas and water utility segment across the world. Factors, such as the rising trend of deregulating the utility industry, and need for operational efficiency and control are expected to increase the growth of the market. The lack of standards for interconnectivity and interoperability can restrain the growth of the market.
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Asset monitoring and management solution to account for the largest market size during the forecast period
IoT-enabled asset monitoring solutions are a combination of all processes, assets, workflows, and analytics into a single solution, which offer centrally consolidated tracking, monitoring, and analytics system for asset-intensive sectors, such as utilities, mining, oil and gas, and healthcare. Asset monitoring and management solutions include the management of utility meters, predictive asset maintenance, and control operations of assets. Asset management for utilities help in the optimum and sustainable management of water and gas pipelines. In order to achieve the organizational strategic plan, the associated performance, risks, and expenditures over the lifecycle of assets are taken care of by asset management solutions. These solutions generally include type and asset tracking; work order creation; maintenance, repair, and operations inventory and procurement; asset tracking; and planned maintenance history.
The electricity grid management application to account for the largest market size during the forecast period
The use of IoT in the electricity grid offers an unprecedented opportunity to move the energy industry into a new era of reliability, availability, and efficiency, which will contribute in enhancing the overall economic and environmental health. An electricity grid having IoT capabilities has smart sensors, receivers, smart meters, and energy boxes which communicate with each other. In the traditional electricity grid, utilities would gain knowledge about an existing power failure through consumers. However, with the Advanced Metering Infrastructure (AMI) in place, utility providers are well-aware about the failure once the smart meter stops sending meter data, owing to the presence of Internet Protocol (IP) addresses and two-way communication across all components. n This leads to lower response time and real-time information about maintenance-related issues, leading to better management of electricity distribution. Use of IoT in electricity grid is not limited to technology and utility operators but it helps consumers manage day-to-day energy consumption.
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North America to account for the highest market share during the forecast period
North America accounts for the highest market share in the IoT in Utilities Market. The region has always been at the forefront of smart grid technology adoption and a large share of the major utilities in the region are either fully deployed or in the implementation or planning stages of full-scale rollouts. In the coming years, continued growth in North America is expected to be largely driven by large investor-owned utilities across the US markets, which are yet to roll out smart meters for their customers. Moreover, large number of small cooperative and municipal utilities are expected to play a central role for growth penetration.
The major IoT in Utilities Market vendors include IBM (US), Oracle (US), Verizon (US), Cisco (US), Vodafone (UK), Telit (UK), Landis Gyr (Switzerland), Itron (US), Schneider Electric (France), Huawei (China), Trimble (US), Aclara (US), Trilliant (US), Energyworx (Netherlands), HCL (India), Altair (US), Actility (France), Waviot (Russia), Rayven (Australia), Saviant Consulting (India), ABB (Switzerland), Siemens (Germany), Honeywell (US), and GE (US).
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