Global IoT in Energy & Utility Application Market Projected to Surge at $76.81 Billion by 2028

IoT in Energy and Utility Application Market
As per Triton’s research report, the global IoT in energy & utility application market gathered $33.56 billion in 2021 and is estimated to advance at a CAGR of 12.78% by 2028.

A recent study by Triton Market Research titled ‘Global IoT In Energy & Utility Application Market’ includes the Global Analysis and Forecasts by End-user (Mining, Oil & Gas, Water Management, Utility Gas Management, Electricity Grid & Supply Management), Component (Software [Operational Control, Analytics, Security, Grid Management, Water Management], Services [Support and Maintenance, Deployment & Integration, Professional Services], Hardware [Devices, Sensors, Other Hardware Components]), Connectivity (Non-Cellular, Cellular), and Geography (Latin America, North America, Asia-Pacific, Middle East and Africa, and Europe).  

The internet of things enhances monetary value, efficiency, and protection of the energy & utility sector while supporting enterprises to assemble new sustainability goals. 

 

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Triton’s report signifies that the global IoT in energy & utility application market is likely to exhibit growth at a CAGR of 12.78% during the forecasted years 2022-2028. It is predicted to gain revenue worth $76.81 billion by 2028.

The advent of IoT in energy & utility application is expected to reduce the challenges faced by this sector. The vast applications of IoT aid in increasing efficiency, providing solutions to crucial problems, real-time decision-making, and creating innovative experiences. The increasing consumption and demand for energy generation due to globalization in emerging countries, growing income levels, and higher rates of upward mobility have boosted IoT engagement in the energy sector. Moreover, many companies adopt IoT as an efficient solution to numerous issues, thus accelerating the market’s growth process. 

On the other hand, security is a major concern that limits enterprises from implementing big data deployment on premise or cloud hosting. As data is circulated through various paths, the big data environment becomes vulnerable to theft or privacy concerns. Due to this, the market’s growth is hindered immensely. 

The IoT in energy & utility application market is segmented into end-user, component, and connectivity. Based on end-user, it is divided into mining, oil & gas, water management, utility gas management, and electricity grid & supply management. The component segment is categorized into software, services, and hardware. The software sub-segment is further sectioned into operational control, analytics, security, grid management, and water management. The services sub-segment is fragmented into support and maintenance, deployment & integration, and professional services. Devices, sensors, and other hardware components are included in the hardware sub-segment. Lastly, the connectivity segment of the market contains non-cellular and cellular.

Geographically, the Asia-Pacific is expected to witness the fastest growth rate in the IoT in energy & utility application market during the forecasted period. The growth is attributed to the wider adoption of IoT in the region. Countries such as Australia, China, and Japan heavily incorporate IoT for various purposes, and it is considered integral for business success. Also, the region is likely to produce some notable IoT applications in the upcoming years, which will provide lucrative growth opportunities for the market. 

The notable companies listed in the market are Capgemini SE, Aclara Technologies LLC, General Electric Company, Siemens, SAS Institute Inc, SAP SE, Schneider Electric, Oracle Corporation, ABB Ltd, Infosys Ltd, Cisco Systems Inc, IBM, BuildingIQ Inc, Teradata Corporation, Eaton Corporation PLC, and Wipro Ltd.

 

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Question & Answer: IoT in Energy & Utility Application Market

Question 1: What factors are accelerating the IoT in energy & utility application market’s growth process?

Answer: The advent of IoT in energy & utility application is expected to reduce the challenges faced by this sector. The vast applications of IoT aid in increasing efficiency, providing solutions to crucial problems, real-time decision-making, and creating innovative experiences. The increasing consumption and demand for energy generation due to globalization in emerging countries, growing income levels, and higher rates of upward mobility have boosted IoT engagement in the energy sector. Moreover, many companies adopt IoT as an efficient solution to numerous issues, thus accelerating the market’s growth process. 

Question 2: What factor is hindering the market’s growth?

Answer: On the other hand, security is a major concern that limits enterprises from implementing big data deployment on premise or cloud hosting. As data is circulated through various paths, the big data environment becomes vulnerable to theft or privacy concerns. Due to this, the market’s growth is hindered immensely. 

Question 3: Which region is expected to witness the fastest growth rate in the IoT in energy & utility application market?

Answer: Geographically, the Asia-Pacific is expected to witness the fastest growth rate in the IoT in energy & utility application market during the forecasted period. The growth is attributed to the wider adoption of IoT in the region. Countries such as Australia, China, and Japan heavily incorporate IoT for various purposes, and it is considered integral for business success. Also, the region is likely to produce some notable IoT applications in the upcoming years, which will provide lucrative growth opportunities for the market. 

Question 4: What are the notable companies listed in the IoT in energy & utility application market?

Answer: The notable companies listed in the market are Capgemini SE, Aclara Technologies LLC, General Electric Company, Siemens, SAS Institute Inc, SAP SE, Schneider Electric, Oracle Corporation, ABB Ltd, Infosys Ltd, Cisco Systems Inc, IBM, BuildingIQ Inc, Teradata Corporation, Eaton Corporation PLC, and Wipro Ltd.

 

Related Report:

Global Virtual Power Plant Market

The global virtual power plant market is likely to advance at a CAGR of 21.57% during the period 2019 to 2028 while accumulating $4099.45 million worth of revenue by 2028.

A virtual power plant is a cloud-based control center that takes the benefits of IoT and ICT devices. These devices assist in aggregating the capacity of distributed energy resources.

The increasing electricity generation via renewable energy sources creates growth opportunities for the global virtual power plant market. Moreover, the government supports massively in terms of favorable initiatives, investments, and trade policies that drive the market’s growth.

On the other hand, deploying a virtual power plant requires a high initial investment that restricts the market’s growth. Also, such technologies are costlier to maintain. Nevertheless, the continuous growth in the electric vehicle market is likely to present growth opportunities for the global virtual power plant market.

 

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