With growing demand for fulfilling the basic needs of common population, all global industries have focused their efforts on improving the productivity and efficiency of products and services they provide. Implementation of various technological tools such as Internet of things (IoT) by numerous companies has made their vast task easy up to some extent. While IoT is the next generation evolution, it is aiding organizations in providing basic community needs such as electricity, water, natural gas, and sewage services. Main motive of players in the global IoT in utilities market is to resolve critical problems and assist in making decisive moves to companies engaged in the utility sector.
Many prominent organizations are making strategic moves such as partnerships and collaboration to strengthen the global IoT in utilities market. For instance, the power conservation business of General Electric Corporation recently collaborated with Hanwha Aerospace. While both the companies signed a Memorandum of Understanding (MoU), the partnership is expected to bring electric propulsion solutions to the naval warfare service division of the South Korean armed forces, named the Republic of Korea (ROK) Navy. These solutions are supposed to be implemented in the navy’s latest program named six-ship KDDX destroyer. While this is a huge project projected to fulfill the ever-increasing electricity demand in weapons as well as in radar systems, the use of IoT in this project will play key role in advancing its outcomes, thereby push the IoT in utilities market.
According to a study by Transparency Market Research on the global IoT in utilities market, the growth curve is estimated to be upward facing. With more and more players focusing on leveraging the advantages of IoT technology, the market for IoT in utilities is expected to show promising growth opportunities. With the incorporation of smart meters, several utility companies have improved their capability to collect real-time data on the consumption of water, gas, and electricity by a house or a building. The data gathered by these meters helps them to monitor consumer uses and adjust the prices accordingly. In addition to this, smart metering allows customers to keep tap of their power consumption, thereby giving them total control to find out the areas where they can save energy. All these advantages of this technology is driving the global IoT in utilities market.
However, every coin has two sides. A few things that might hinder the growth of the global IoT in utilities market is lack of technically skilled staff and rising incidences of cybersecurity attacks.
The presence of prominent companies in the region makes North America a region with plentiful growth opportunities. A majority of population in the region shows positive approach toward acceptance of newer technology such as use of smart connected devices. In addition, the technological developments in the region is projected to aid in further growth of the global IoT in utilities market in the future. Emerging economies of Asia Pacific are anticipated to show promising expansion avenues due to growing need for smart metering solutions. Furthermore, these region hold considerable number of electricity and gas production facilities, which anticipates the potential for IoT technology implementation.
Efforts of some established organizations to incorporate technological advancements indicates substantial growth opportunities for the global IoT in utilities market. For instance, Microsoft Corporation’s recent launch of new operating system named Azure Sphere offers highly secured application platform.
The global market for IoT in utilities is fairly fragmented owing to presence of considerable number of companies active in it. Comcast Corporation. (the U.S.), Cisco Systems Inc. (the U.S.), Fujitsu Ltd. (Japan), Ericsson (Sweden), Honeywell International Inc. (the U.S.), General Electric Corporation (the U.S.), Oracle Corporation. (the U.S.), IBM Corporation. (the U.S.) , Robert Bosch GmbH (Germany), Qualcomm (the U.S.), Teradata Corporation (the U.S.), and SAP SE (Germany) are some of the notable players contributing to the growth of IoT in utilities market.
A MBA graduate by education, Keshab Singha working as a Senior Analyst at Transparency Market Research, a market-intelligence firm based in India and the United States and works with the company's editorial team. His sound awareness about people helps him understand the pulse of the audience. He brings a counter-intuitive thought to the discussion adding customer point of view which has become central to success in today’s digitally driven business.