Global IoT in Energy & Utility Application Market to Exhibit 12.78% CAGR by 2028

 

Triton Market Research presents the Global IoT in Energy & Utility Application Market segmented by Connectivity (Non-Cellular, Cellular), Component (Hardware [Devices, Sensors, Other Hardware Components], Services {Deployment & Integration, Support and Maintenance, Professional Services}, Software [Operational Control, Analytics, Security, Grid Management, Water Management]), end-user (Oil & Gas, Utility Gas Management, Electricity Grid & Supply Management, Mining, Water Management) and Geography (North America, Latin America, Asia-Pacific, Europe, Middle East and Africa). 

It further discusses the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter’s Five Forces Model, Key Impact Analysis, Market Attractiveness Index, Vendor Scorecard, Industry Components, Key Market Strategies, Drivers, Restraints, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2022-2028).

 


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Triton Market Research’s report states that the global IoT in the energy & utility application market would expand with a 12.78% CAGR during the evaluated years between 2022 and 2028.

The internet of things (IoT) is expected to contribute significantly to the energy and utility sector. Many companies and businesses are looking for a vast range of opportunities served by the IoT in various sectors. The implementation of IoT across industries has increased consumers’ focus on energy consumption pattern analysis, which in turn raises the demand for IoT in energy & utility applications. Moreover, the growing demand for energy generation and the decline in the prices of IoT components are driving the market’s growth. 

However, the market is challenged with multiple restraints such as high capital investment required for deployment, security concerns, lack of skilled employees, and IoT integration with subsystems.

Globally, the Asia-Pacific holds the largest market for IoT in energy & utility application market and is expected to maintain its lead over the forthcoming years. There is a significant increase in IoT adoption with the convergence of technologies such as cloud, analytics, mobility, big data, and a decrease in sensor prices. Moreover, the COVID-19 pandemic has escalated the investments across various industries due to the firm integration of IoT with other technologies. Therefore, countries in the region are expected to generate high revenue due to the widespread use of IoT for various purposes. Thus, these factors will expand the IoT in energy & utility application market’s growth.

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

The threat of new entrants in the market is relatively moderate due to the low primary costs involved in venturing and the minimal resources required to meet robust industry demands. Besides this, there is a lack of substitutes available in the market, giving dominance to suppliers such as Oracle, IBM, etc.

 

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