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The Internet Of Things (IoT) In Energy And Utility Applications Market to Grow at Robust CAGR in the COVID-19 Lockdown Scenario

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.

Report Scope:

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.

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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.

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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

Report Includes:

– 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

 

Summary

BCC Research examines the way in which the Internet of Things (IoT) in the energy and utilities market is changing and how it has evolved. This analysis includes a detailed survey of new organizations (innovators) in the market as well as existing players. At the industry level, BCC Research identifies, examines, describes and provides global and regional market sizes for 2016 and forecasts demand from 2017 through 2022.

While a wide range of companies operate in the market, below is a broad classification of these companies:
– 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 also operate in the technology space
– Others, including suppliers and distributors

North America is the largest and most prominent user of IoT in the energy and utilities space. The U.S. is the largest market in North America and globally as well. The country is witnessing marginally higher growth compared with the global market average, which means it is far from a saturated market. Europe follows, with Germany and the U.K. being the largest markets, respectively. APAC and MEA both having similar market share and are witnessing similar strong growth rates. South America has very low penetration and is the slowest growing region globally.

Segmentation by technology shows hardware to be the largest segment, followed by services and software. Connectivity is the smallest segment. However, some subsegments in connectivity are witnessing very strong growth rates, and are expected to increase their share of the overall market. In hardware, devices make up the largest subsegment, while sensors comprise the strongest growth area— indicating the growing importance and usage of sensors in the IoT space. In software, analytics and security are witnessing the highest demand, indicating the need for prediction and analytics, as well as
growing security concerns while adopting and using IoT.

In the analysis presented in this report, BCC Research identified the following key points:
– Global demand for IoT in the energy and utilities market is estimated to have reached $17.4 billion in 2016
– Global demand is expected to increase from nearly $21.4 billion in 2017 to $59.9 billion in 2022
– Total geographically and technology-wide compound annual growth rate (CAGR) is projected to be 22.9% over the forecast period of 2017 through 2022, indicating a very robust growth.

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