The global IoT in the utility market is estimated to garner US$ 129.1 Billion while exhibiting an 11.9 % CAGR during the forecast period. The growing support from several governments is likely to fuel the market growth in the coming years. The industry is expected to secure US$ 41.8 Billion in 2022.
The swelling significance of IoT in Utilities has encouraged the government of various countries to make investments in the sector, which is likely to benefit the market. For instance, the U.S government aims to reduce carbon emissions by 50-52% by 2030 and accomplish the goal of 100% clean energy by 2032.
Thus, the current US administration allocated approximately US$500 billion to fund the development of new infrastructure over the next five years. Along with this, several key players are developing new software to augment the significance of IoT in the regular world. For instance, IBM Corporation is developing its own IBM Watson IoT Platform which emphasizes being simple, secure, and scalable.
The asset management & monitoring segment is likely to offer remunerative opportunities for the global IoT in the utility market. Several key players are investing in IoT-enabled asset management for better optimization of their assets.
Since this system could assist in any case of malfunction or breakdown, the segment is catching the eye of numerous manufacturers. AUM in the United States has risen almost fivefold relative to GDP since 1946 from around 50% of GDP to 240% by 2021.
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Key Takeaways:
- By component, the platform segment is expected to record an 11.4% CAGR by 2032
- By solution, the asset management & monitoring segment to expand at an 11.4% growth rate during the forecast period
- The U.S market to garner US$ 44.6 Billion and record an 11.6% CAGR from 2022-to 2032
- Market in China to procure US$ 9 Billion, expanding at a 13% growth rate during the assessment period
“Rising application in Smart Manufacturing, Smart Transportation, Smart Energy, Connected Healthcare, and Smart Building is likely to push the growth of the IoT solution and services market in the forecast period.”
Competitive Landscape
Key players in the global IoT in the utility market include IBM, Oracle, Verizon, Cisco, and Vodafone, among others. Recent developments among key players are:
- In January 2022, Cisco announced a new ruggedized Catalyst switch for industrial edge uses at utilities, railways, oil and gas facilities, and for deployment in highway traffic flow and safety operations. The new rack-mountable Catalyst Industrial Ethernet 9300 switch builds on Cisco’s Catalyst 9000 series switches are now used in multiple applications including smart buildings and other industries.
- In July 2019, HCL Technologies (HCL), a leading global technology company, expanded its strategic transformation partnership with AMS OSRAM to digitize one of the optical solutions leader’s key business processes and drive enterprise resource planning and customer relationship management systems standardization across the organization. HCL will also continue to lead IT infrastructure operations integration for the client.
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global IoT in the utility market presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights based on component (management, safety and security, supervisory control and data acquisition, workforce management, network management and customer information system and billing system), solution (asset monitoring and management, safety and security, supervisory control and data acquisition, workforce management, network management and customer information system and billing system), service (consulting, integration and deployment and support and maintenance) and application (water and wastewater management, utility gas management, and electricity grid management) across five major regions (North America, Europe, Asia Pacific, Middle East & Africa and Latin America).
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