IoT In Utilities Global Market Report 2022: Ukraine-Russia War Impact

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Nov 25, 2022, 08:40 ET

NEW YORK, Nov. 25, 2022 /PRNewswire/ --

Major players in the IoT in utilities market are International Business Machines Corporation, Oracle Corporation, Verizon Communications, Cisco Systems Inc, Vodafone Group, Telit, Landis+Gyr, Itron Inc, Schneider Electric SE, Huawei Technologies, Trimble Inc, ABB Corporation, Honeywell International Inc, Siemens AG, General Electric, Aclara Technologies LLC, Trilliant Networks Inc, Energyworx, HCL Technologies, Altair Engineering, Actility S.A, WAVIoT, and Rayven LLC.

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The global IoT in utilities market is expected to grow from $38.21 billion in 2021 to $43.78 billion in 2022 at a compound annual growth rate (CAGR) of 14.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The IoT in the utilities market is expected to reach $69.86 billion in 2026 at a CAGR of 12.4%.

The IoT in the utility market consists of the sales of IoT services by entities (organizations, sole traders, and partnerships) that are used for creating powerful connected networks of data flows among distributed energy resources (DERs), in-home devices, and nano/microgrids. The IoT in utilities is the concept for developing advanced solutions that improve productivity and accuracy, solve critical problems, and improve real-time decision-making.

It is used to reduce emissions, distribute energy resources, accommodate the integration of renewables, and improve reliability and efficiency.

The main types of IoT in utilities are platforms, solutions, services, and others. IoT utility solutions refer to a set of activities conducted for the development and sale of IoT in utilities for solutions.

An IoT solution is a seamlessly integrated array of technologies, including multiple sensors, to solve a problem and create new organizational value. The different technologies include sensors, RFID, and connectivity technology, which are used in various applications such as electricity grid management, gas management, water and waste management, and others.

North America was the largest region in the IoT in utilities market in 2021. The regions covered in the IoT in utilities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The increasing demand for digitization is expected to propel the growth of the IoT in the utility market going forward.Digitization in the IoT in the utility market uses digital tools to logically monitor and upgrade physical infrastructure, automation to improve workforce safety and efficiency, and hence improve customer interaction.

Digitization also improves the integration of distributed systems with an advanced grid digital technology. For instance, according to Trade Arabia, an Abu Dhabi-based news agency, in April 2022, the utility sector saw a spike in the implementation of digitization technology driven by a reduction in operating expenses of up to 25% and performance gains of 20% to 40% in areas such as safety, reliability, customer satisfaction, and regulatory compliance.

Therefore, increasing demand for digitization is driving the growth of the IoT in the utility market.

Integration of new technologies has emerged as a key trend gaining popularity in the IoT in the utility market.Major companies operating in the market are focused on integrating new technologies to gain a competitive advantage.

For instance, in March 2022, according to the Dubai Electricity and Water Authority (DEWA), a Dubai-based utility firm launched a 6U nanosatellite with customized high-resolution image sensing technology specifically designed to communicate with its IoT terminals. They are mainly designed to be used in energy and water networks and will be deployed to detect thermal fingerprints in excessive voltage transmission lines, substations, homes, and solar power stations.

In February 2022, Gridspertise, an Italy-based smart grid solutions provider that uses IoT in utilities, collaborated with Qualcomm for an undisclosed amount. This collaboration will enable Gridspertise to explore opportunities for electricity distribution asset monitoring and grid digitalization for global utilities.

Qualcomm is a US-based semiconductor company that provides IoT devices and services.

The countries covered in the IoT In utilities market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The IoT in utilities market research report is one of a series of new reports that provides IoT in utilities market statistics, including IoT in utilities industry global market size, regional shares, competitors with an IoT in utilities market share, detailed IoT in utilities market segments, market trends and opportunities, and any further data you may need to thrive in the IoT in utilities industry. This IoT in utilities market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Read the full report: https://www.reportlinker.com/p06365016/?utm_source=PRN

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