DUBLIN, Jan. 16, 2020 /PRNewswire/ -- The "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" report has been added to ResearchAndMarkets.com's offering.
The global Internet of Things (IoT) in utilities market is expected to grow from USD 28.6 billion in 2019 to USD 53.8 billion by 2024, at a CAGR of 13.5% during the forecast period.
Factors, such as the rising trend of deregulating utility industry, and need for operational efficiency and control are expected to drive the growth of the market. The growing deregulation of the utility industry is increasing the entry of new innovative players into the market, bringing new innovations in the industry.
It further increases market competitiveness to provide efficient services to the consumer. Companies offering IoT, Artificial Intelligence (AI), and Machine Learning (ML)-enabled utility solutions focus on improving their plant control and overall production and management. These technologies enables agility and flexibility, thus increasing the control of the system. This has enforced utility companies to use operational efficient IoT-based solutions in their organizations.
Major vendors in the global IoT in utilities market 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).
Solutions segment to lead the IoT In Utilities market in 2019
The solutions segment includes solutions, such as asset monitoring and management, safety and security, Supervisory Control And Data Acquisition (SCADA), network management, workforce management, and Customer Information System (CIS) and billing systems. These solutions help utilities to maintain operational efficiency of the organization and provide seamless services to the customers.
IoT technology solutions have helped utilities integrate various business processes, pushing the utility industry toward the growth phase in an exponential way. Integrating technologies with existing operations is further expected to increase enterprise operational efficiency even with less infrastructure investment.
Electricity grid management application segment to lead the market in 2019
The development of grid technology has benefitted traditional energy infrastructure vendors and offered business opportunities for emerging players that plan to serve untapped market opportunities. The replacement of aging utility infrastructure, and deployment of Advanced Metering Infrastructure (AMI), and smart grid applications are identified as major business opportunities for traditional vendors. Emerging market players, such as hardware providers, semiconductor companies, telecom and networking infrastructure companies, and software firms will are expected to benefit from major technology investments in IoT-based grid projects by regional governments.
North America to lead the IoT in utilities market in 2019
North America has been a leader in the adoption of smart grid technology and a large share of the major utilities in the region are now fully deployed or in the implementation or planning stages of full-scale rollouts. In the last few years, numerous utility companies in the US have agreed to deploy smart utility schemes, where one of the main objectives is to offer second-generation advanced metering infrastructure, communication modules, asset management, workforce management, security features, analytics, and Meter Data Management (MDM).
Financial sound companies across the region enable heavy utility-related investments on leading tools and technologies for effective energy consumption. On the other hand, Canada has been emphasizing on enhancing its power supply capabilities and upgradation of its electric grid infrastructure. This has enforced technology vendors in the region to increase their presence in the North American region.
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the IoT in Utilities Market
4.2 Market: Top 3 Components and Regions
4.3 Market, By Region
4.4 Market: Investment Scenario
5 Market Overview
5.2 Market Dynamics
184.108.40.206 Rising Trend of Deregulating the Utilities Industry
220.127.116.11 Need for Operational Efficiency and Control
18.104.22.168 Lack of Standards for Interconnectivity and Interoperability
22.214.171.124 Increasing Smart Cities Initiatives Across the World
126.96.36.199 Need to Focus on Cost Management and High Return on Investment
6 IoT in Utilities Market, By Component
6.2.1 IoT Platform Offers the Framework for Vendors to Develop the Solutions for the Utilities Industry
6.3.1 Solutions Help Solve the Critical Challenges for Utilities Operations and Management
6.4.1 Need for Consistent Performance of Solutions to Increase the Demand for Services in the market
7 IoT in Utilities Market, By Solution
7.2 Asset Monitoring and Management
7.2.1 Need for Consistent Performance of Assets and Reduced Downtime to Increase the Demand for Asset Monitoring and Management Solutions
7.3 Safety and Security
7.3.1 High Number of IoT Devices Connected Across Platform to Increase the Demand for Safety and Security Solutions
7.4 Supervisory Control and Data Acquisition
7.4.1 Scada System Manages and Optimizes Generation and Transmission Processes of the Utilities Facility
7.5 Workforce Management
7.5.1 Workforce Management to Help Monitor and Manage Human Resources More Efficiently for Avoiding Downtime of the System
7.6 Network Management
7.6.1 Network Management to Help Deliver Better Customer Services and Enhanced Operational Efficiencies
7.7 Customer Information System and Billing System
7.7.1 CIS and Billing System to Enable Utilities Organizations to be Timely and Proactive in Responding to Customer Requests, Market Forces, and Regulatory Changes
8 IoT in Utilities Market, By Service
8.2.1 Consulting Services to Help in Lowering Risk, Reducing Complexity, and Raising Return on Investment
8.3 Integration and Deployment
8.3.1 Integration and Deployment Services to Help in Creating High Opportunities and Accelerating Technological Innovations
8.4 Support and Maintenance
8.4.1 Support and Maintenance Services to Help in Improving Operation Plan and Control Over the Systems
9 IoT in Utilities Market, By Application
9.2 Water and Wastewater Management
9.2.1 IoT to Help Utilities Companies to Improve the Performance of the Water Distribution System
9.3 Utility Gas Management
9.3.1 Need for Efficient Operations in Gas Utilities to Increase the Demand for IoT in Utilities
9.4 Electricity Grid Management
9.4.1 IoT to Help Utilities in Providing Consistent Electricity to Customers
10 IoT in Utilities Market, By Region
10.2 North America
10.5 Middle East & Africa
10.6 Latin America
11 Competitive Landscape
11.2 Competitive Leadership Mapping (Overall Market)
11.2.1 Visionary Leaders
11.2.2 Dynamic Differentiators
11.2.4 Emerging Companies
12 Company Profiles
12.10 Schneider Electric
12.16 General Electric
12.25 Saviant Consulting
For more information about this report visit https://www.researchandmarkets.com/r/k1gico
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
View original content:http://www.prnewswire.com/news-releases/iot-in-utilities-market-outlook-worldwide-to-2024---increasing-smart-cities-initiatives-across-the-world-gives-rise-to-opportunities-300988365.html
SOURCE Research and Markets