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IoT in Utilities Market Segmented By Component such as Solutions and Services
IoT or Internet of Things is a group of devices, home appliances, vehicles or other items that are embedded with electronics, actuators, sensors and software in order to connect them together and form a network. This enables the devices to exchange data and information. In the network formed, each device has a unique embedded computing system and they can inter-operate and communicate within the internet infrastructure.
IoT in utilities is no longer a niche market. Smart grid integrated with analytics, two-way communications and smart sensing, is an essential component of the overall grid infrastructure, and reduces emissions, distributes energy resources, accommodates integration of renewables and improves reliability and efficiency.
Supervisory Control and Data Acquisition (SCADA) sensors and actuators use two-way communication to interact with a central master unit, thus facilitating a human-machine interface. Advanced Metering Infrastructure (AMI) also uses two-way communication among the constituting smart devices on both the utility side and consumer side of the meter.
AMI consists of in-home displays, home area networks, smart meters, energy management systems, data management systems and communication networks.
With stringent lockdowns legislated across the globe, citizens are being forced to stay indoors and employees are working from their residences. This has increased the usage and demand for utilities on a global level. Also, COVID-19 has adversely affected national economies and per capita disposable incomes.
Public and government operators in the utility market are being forced to strategically modify their operations in order to ensure their long-term success in the arena.
Key players operating in the global IoT in utilities market are augmenting their digital contact center footprint and operations to ensure efficient consultation and support services. End-users operating in electricity grid management domain are procuring cloud computing technologies for effective data management, analytics and archival. Such factors are boosting the adoption of IoT in utilities industry amid the ongoing COVID-19 pandemic.
With continuously rising operating costs, the utility industry is being forced to reduce expenses while discovering new ways to minimize environmental impact and deliver customer-centric services. Asset performance monitoring and management pays a major role in this equation.
Low cost, ecological and smart field sensing solutions are providing real time monitoring in the field, thus enabling the utility industry to determine if replacement or repairing services are required in order to prevent sudden failure or malfunction. This factor is motivating end-users to procure smart infrastructure solutions, thus driving the global IoT in utilities market.
The decision-making demands understanding of the asset’s conditions and its importance to the operations. The insights are gained by accumulating and aggregating asset data, including condition rating and work history, into a single system, and balancing the significance various factors affecting the operations, and updating condition changes as they occur.
Utilizing the resultant data in real time, the end-users gain a reliable view of an asset’s health and can make meaningful investments and operational decisions on how to balance reliability, compliance, risk and safety.
Some of the key players in the global IoT in utilities market are Cisco Systems, Inc.; IBM; Intel; Huawei Technologies; and Microsoft. Other participants in the global IoT in utilities market are Honeywell International Inc.; Trilliant Inc.; General Electric; and Osisoft LLC.
Following are some key strategies incorporated by companies operating in the global IoT in utilities market:
Currently, IoT in utilities market in North America holds the largest market share of the global IoT in utilities market. Adoption of IoT in utilities industry in the Middle East and Africa (MEA) and South Asia and Pacific is projected to offer the most lucrative opportunities for vendors operating in the global IoT in utilities market.
However, the IoT in utilities market in the United States is estimated to dominate the global market throughout the forecast period. Incorporation of IoT in utilities in economies like India, GCC countries and China is expected to witness fastest growth rates during the forecast period, owing to the continuous advancements in utilities and oil and gas industries in these countries.
The IoT in utilities market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment.
The market report also maps the qualitative impact of various market factors on market segments and geographies.