Asia Pacific IoT utilities market will witness substantial growth over the forecast timeline. The growth can be credited to the presence of large number of electricity & gas production facilities across the region. Growing adoption of digital technology followed by the increasing rate of use cases across the sector further contributes to the industry demand. Heavy investments by the utility companies across the region to upgrade energy infrastructure is boosting the consumption. However, North America IoT utilities market will grow considerably owing to increasing demand for smart solutions coupled with the presence of advanced infrastructure across the region.
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The last half a decade has remarkably witnessed the Internet of Things penetrating the utilities domain, effectively commercializing IoT utilities market, a realm which is of late, being characterized by intense competition among tech behemoths. Having earned the tag of being one of most dynamically transformative technologies brainstormed in recent times, IoT has successfully been exploited to a massive extent in the utilities sector. The deployment of this technology has helped utility companies monitor real time power consumption by effectively promoting connectivity, operational efficacy, & communication between smart meters, edge equipment, and sensors. Furthermore, IoT has necessitated the conception of contemporary business models in the utility sector, the mass acceptance of which has been forecast to have a profound impact on the overall IoT utilities industry size, pegged at a valuation of USD 4 billion in 2016.
Increasing concerns for efficient usage of energy sources to meet the growing energy demand will drive the IoT utilities market growth over the forecast timeline. The technology has huge potential to transform the power sector pertaining to the benefits such as obtaining visibility into business processes in real-time. Furthermore, growing demand for improvising the operational efficiency in the sector is providing impetus to the industry demand.
Rising adoption of cloud platforms across the sector coupled with government initiatives for smart grid modernization across the U.S., UK, China and India provides lucrative growth opportunities to the IoT utilities market. For instance, smart grid modernization initiative by Indian MNC Crompton Greaves, NDPL offer significant opportunities to the industry. Smart grids allow the efficient & timely distribution of generated energy providing security & reliability to the users. It has the potential to reshape the electric power grid with the use of the technology by integration of devices, processes and the infrastructure making it a more connected process.
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Increasing number of cyber-attacks accessing highly confidential data is expected to curb the rate of implementation of such technology. Absence of skilled workforce followed by the lack of proper standards might limit the IoT utilities market growth over the forecast timeline. Rising need for monitoring facilities located in areas inaccessible manually is expected to fuel the IoT utilities market growth. In addition, increasing demand to monitor the status of worker’s health leads to the huge demand for sophisticated sensor devices. Sensors are deployed at multiple check points across the facility to gain visibility into every equipment and processes. It provides insights to identify any kind of leakage & damaged infrastructure resulting in timely repair.
Glimpse of Table of Content (ToC)
Chapter 3. Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024
3.3. Industry ecosystem analysis
3.3.1. Component suppliers
3.3.2. Software providers
3.3.3. Technology providers
3.3.4. Service providers
3.3.5. System integrators
3.3.6. Vendor matrix
3.3.7. Distribution channel analysis
3.4. Technology & innovation landscape
3.5. Regulatory landscape
3.6. Industry impact forces
3.6.1. Growth drivers
220.127.116.11. Increasing demand to enhance the operational efficiency in the U.S
18.104.22.168. Technological advancements in the U.S.
22.214.171.124. Low cost of components in Asia Pacific
126.96.36.199. Rising government initiatives in China and India
188.8.131.52. Growing adoption of cloud platform in Europe
184.108.40.206. Increasing demand for monitoring utility facilities in Europe
3.6.2. Industry pitfalls & challenges
220.127.116.11. Data security & privacy concerns
18.104.22.168. Unavailability of skilled workforce
22.214.171.124. High implementation cost
3.7. Growth potential analysis
3.8. Porter’s analysis
3.9. Competitive landscape, 2016
3.9.1. Strategy dashboard
3.10. PESTEL analysis
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