Global Internet of Things (IOT) in Utility Market, By Component (Platform, Solutions, Services), Network Technology ( Cellular Networks, Satellite Networks, Radio Networks), Applications (Energy Management, Power Distribution, Mobile Workforce Management, Asset And Equipment Monitoring, Field Surveillance, Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2029.
Market Analysis and Insights of Internet of Things (IOT) in Utility Market
Internet of things (IOT) in utility market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses the market to grow at a CAGR of 13.4% in the above-mentioned forecast period.
The internet of things (IOT) in utility basically refers to the adoption of internet of things (IOT) technologies by utility industry. The infrastructure management, energy generation, transmission, workforce management, security, energy management, consumer side analysis, distribution, asset management, and remote surveillance and monitoring are all areas where IOT technology is used. Utility industry is investing in internet of things (IOT) technology to transform its operations and improve customer experience.
The factors such rising adoption of smart meters and increasing demand for internet of things (IOT) sensors as they improve workplace safety for oil and gas workers are expected to emerge as the significant factors accelerating the growth of internet of things (IOT) in utility market. In addition to this, its usage to develop advanced solutions and services, enhance productivity and efficiency, solve critical problems, and improve real-time decisions will further aggravate the growth of the internet of things (IOT) in utility market in the above-mentioned forecast period. However, the insufficiency of technically skilled workforce and a lack of standards results as a growth restraint for the market. Moreover, increasing incidents of cyber security breaches across the industry is expected to restrain the internet of things (IOT) in utilities market.
The factors such as the regulation compliance and operational efficiency, strong customer relationships and new revenue streams, development of digital business models, and automatic meter reading are also anticipated to generate lucrative opportunities for the internet of things (IOT) in utility market in the forecast period of 2022 to 2029. The need of internet of things (IOT) in utility industry to comply with regulations will pose as a challenge for the internet of things (IOT) in utility market.
This internet of things (IOT) in utility market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on Internet of things (IOT) in utility market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Internet of Things (IOT) in Utility Market Scope and Market Size
The internet of things (IOT) in utility market is segmented on the basis of component, network technology and applications. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- The internet of things (IOT) in utility market on the basis of component has been segmented as platform, solutions and services. The solutions is sub-segmented into asset monitoring management, safety and security, supervisiory control and data acquisition (SCADA), workforce management, network management, customer information system (CIS) and billing system. The services are also sub-segmented into consulting, integration and deployment, support and maintenance.
- On the basis of network technology, the internet of things (IOT) in utility market has been segmented into cellular networks, satellite networks and radio networks.
- On the basis of applications, the internet of things (IOT) in utility market has been segmented into energy management, power distribution, mobile workforce management, asset and equipment monitoring, field surveillance, others.
Internet of Things (IOT) in Utility Market Country Level Analysis
The internet of things (IOT) in utility market is analyzed and market size, volume information is provided by component, network technology and applications as referenced above.
The countries covered in the internet of things (IOT) in utility market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the internet of things (IOT) in utility market during the forecast period owing to the enactment of intelligent framework technology and progressing synthesis of decentralized and sustainable generation origins and the option of performance-based insurance pricing formations will encourage utility expenditure in automatic and self-healing broadcast and configuration foundation in the forecast period of 2022 to 2029. Asia-Pacific, on the other hand, is expected to show a lucrative growth due to the presence of a significant number of gas and electricity production facilities.
The country section of the internet of things (IOT) in utility market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Internet of Things (IOT) in Utility Market Share Analysis
The internet of things (IOT) in utility market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Internet of things (IOT) in utility market.
Some of the major players operating in the internet of things (IOT) in utility market report are Yokogawa Test & Measurement Corporation, Schneider Electric, National Instruments Corp, Keysight Technologies, HBM, Emerson Electric Co., Honeywell International Inc., Advantech Co., Ltd., Siemens., ABB India Ltd., The MathWorks, Inc., AMETEK.Inc., OMRON Corporation, GENERAL ELECTRIC, Campbell Scientific, Inc., Kistler Group, Mitsubishi Electric Corporation, Brüel&Kjær, and Teledyne UK Limited., among others.
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