The Internet of Things (IoT) in Energy and Utility Applications
The global market for the internet of things (IoT) in energy and utility applications should reach $59.9 billion by 2022 from $21.4 billion in 2017 at a compound annual growth rate (CAGR) of 22.9%, from 2017 to 2022.
- 90 data tables and 10 additional tables
- A global market overview of the Internet of Things (IoT) in energy and utility applications
- Analyses of global market trends, with data from 2016, estimates for 2017, and projections of compound annual growth rates (CAGRs) through 2022
- Analyses of the market by technology, end user, and service
- Detailed discussion of the impact of the key trends and key stakeholders in the market
- In-depth patent analysis of IoT product technologies currently under investigation or new in the market
- Profiles of manufacturers and suppliers of IoT technology products
Internet of Things (IoT) is defined as a system of interconnected devices, machines, digital devices, objects, animals and/or humans, each provided with unique identifiers and with the ability to transfer data over a network that requires human-to-human or human-to-computer interaction. In IoT, objects are embedded with sensors, actuators and monitors, allowing them to communicate. IoT works in conjunction with software and hardware and includes a range of software such as analytics, data analysis, etc., and hardware such as sensors, actuators and devices.
The IoT in energy and utilities market can be broadly categorized into hardware, software, services and connectivity (technology classification). While hardware and services dominate the market, software, services and connectivity are the three strongest growing categories. In connectivity, low power wide area (LPWA) is the strongest growing subsegment.
IoT is witnessing strong penetration in all industry-level subsegments such as oil and gas, utility gas management, water management, and electricity grid and supply management. The utility gas management subsegment is witnessing the strongest growth, while the mining category is experiencing particularly slow growth.
The scope of this report includes hardware, software, services and connectivity technologies related to IoT in energy and utilities, and hence all calculations and segmentations consider hardware, software, services and connectivity technologies in the IoT in energy and utilities market. Along with product and solutions revenue, BCC Research has also considered services revenue. The report includes distinct types of companies such as:
- Connected device and IoT technology providers
- Large technology vendors that have a presence in many verticals
- Energy and utility technology manufacturers
- Energy and utility companies that have a presence in the technology space
- Others, including suppliers and distributors
In the services segment, the report covers all forms of services such as professional services, deployment and integration, and support and maintenance. However, stand-alone service providers that provide post-sale services are out of scope of this report. The report also excludes technology companies that may have a strong presence in the IoT space but do not offer any solutions or services in the energy and utilities sector.
The report begins by introducing the reader to how the market for IoT in energy and utilities has evolved over time and how various factors impact the market. The report will then proceed to identify the following:
- Primary forces with a direct impact on the IoT in energy and utilities sector
- Secondary forces that have an indirect impact
- Key funding and financing in this space
- Some key challenges that may hinder the growth of this market
- Key trends visible in the market
- Leading end users of IoT in the energy and utilities sector
- Demand in Asia-Pacific, North America, Europe, Middle East and Africa, and South America for IoT in energy and utilities
Ritam Biswas has more than 13 years of experience in the market research and financial research space and has written and consulted on several research and advisory projects in various technology verticals. He has worked as a team leader and lead analyst in several technology businesses and has written numerous reports in areas such as disruptive technology, innovative and new technologies, advanced end-user computing, cloud security, virtualization security, mobile security and deep packet inspection.