Dublin, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The "IoT in Utilities Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The utilities industry is on the precipice of transformation, with the IoT in Utilities market playing a pivotal role in revolutionizing operations from 2018 to 2028. The market, which stood at USD 6.65 billion in 2022, is expected to soar at a compound annual growth rate of 11.52% during the forecast period, as per the latest market research publication added to our website.
IoT Advances Drive Efficiency in Utilities
The digital landscape in utility sectors such as electricity, water, and gas, is rapidly evolving due to the integration of Internet of Things (IoT) technologies. Embracing IoT solutions is becoming increasingly essential for utilities to enhance grid management, customer service, and operational efficiency. The market is currently witnessing significant innovation, with the introduction of products designed for predictive maintenance, remote asset monitoring, and sophisticated analytics. Technological breakthroughs involving Artificial Intelligence (AI), blockchain, and edge computing are at the forefront, offering next-level functionality for utilities. Real-time network insights, demand forecasting, and automated meter readings are among the key benefits utilities can leverage to elevate the management of demand response programs and maximize grid infrastructure value. Strategic partnerships between utilities and IoT providers have resulted in tailored solutions that address the unique requirements of this sector. Furthermore, the shift towards sustainability and efficient waste management has created new opportunities within the market.
Critical Drivers Influencing Market Expansion
- Grid Modernization Efforts: The demand for resilient, efficient, and flexible grids is leading utilities to tap into IoT capabilities for real-time optimization.
- Energy Management Obsession: As green agendas gain traction, IoT is playing a key role in helping utilities manage energy consumption more effectively.
- Rising Customer Expectations: IoT technologies are enabling utilities to cater to a new generation of consumers who demand real-time information and personalized services.
Challenges that Need Addressing
Despite the positive outlook, the market faces challenges such as data security concerns and the complexity of integrating IoT solutions with existing infrastructure. To mitigate these challenges, utilities are investing in robust cybersecurity measures, compliance with data governance policies, and are fostering collaboration for industry-wide standardization.
Emerging Market Trends
Smart Grids: Smart grids are transforming the utilities landscape, offering enhanced grid stability and improved integration of renewable energy resources.
AMI and Demand Response: Deployment of Advanced Metering Infrastructure (AMI) is gaining momentum, granting utilities detailed understanding of consumption patterns and enabling improved demand management.
Predictive Maintenance: IoT is redefining asset management through predictive analytics, allowing utilities to optimize maintenance and asset performance.
Segmental Insights
Solution components like asset management, due to their role in maintenance optimization and lifecycle extension, are expected to maintain a market lead. Larger enterprises continue to dominate organization size insights because of their ability to invest more substantially in IoT infrastructure. Meanwhile, the North American market remains the most dominant region, with the United States leading in IoT implementation in utilities. In summary, the IoT in Utilities market is poised for unstoppable growth as digital transformation persists. Our latest market study offers an in-depth analysis of the key factors propelling the market's future, the hurdles it must overcome, and the latest advancements that are shaping this dynamic industry.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 190 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $6.65 Billion |
| Forecasted Market Value (USD) by 2028 | $13.43 Billion |
| Compound Annual Growth Rate | 11.5% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- IBM Corporation
- Oracle Corporation
- Microsoft Corporation
- Cisco Systems, Inc
- Peloton Interactive, Inc
- Schneider Electric SE
- Siemens AG
- Honeywell International Inc
- ABB Ltd
- General Electric Company
For more information about this report visit https://www.researchandmarkets.com/r/37t3ea
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