“IoT in the energy and utility application market”

According to Triton’s research report, the global IoT energy and utility applications market gathered $33.56 billion in 2021 and is expected to grow at a CAGR of 12.78% by 2028.

A recent study by Triton Market Research titled ‘Global IoT In Energy & Utility Application Market’ includes the global analysis and forecast by end user (Mining, Oil & Gas, Water Management, Utility Gas Management, electrical network and supply management), component (Software [Operational Control, Analytics, Security, Grid Management, Water Management]Services [Support and Maintenance, Deployment & Integration, Professional Services]Material [Devices, Sensors, Other Hardware Components]), connectivity (non-cellular, cellular), and geography (Latin America, North America, Asia-Pacific, Middle East and Africa, and Europe).

The Internet of Things improves the monetary value, efficiency and protection of the energy sector and utilities while helping companies set new sustainability goals.

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Triton’s report signifies that the global IoT in energy and utility applications market is expected to grow at a CAGR of 12.78% over the forecast years 2022-2028. It is expected to generate $76.81 billion in revenue by 2028.

The advent of IoT in energy and utility applications is expected to reduce the challenges facing this sector. The vast applications of IoT help increase efficiency, provide solutions to critical issues, make real-time decisions, and create innovative experiences. Rising consumption and demand for power generation due to globalization in emerging countries, rising income levels and increasing rates of upward mobility have spurred the engagement of IoT in the energy sector. Moreover, many companies are adopting IoT as an effective solution to many problems, thus accelerating the market growth process.

On the other hand, security is a major concern that hinders enterprises from implementing on-premise Big Data deployment or cloud hosting. As data travels through various paths, the Big Data environment becomes vulnerable to theft or privacy issues. Due to this, market growth is significantly hampered.

The market for IoT applications in energy and utilities is segmented into end user, component and connectivity. Based on the end user, it is divided into mining, oil and gas, water management, utility gas management, and power grid and supply management. The component segment is classified into software, services and hardware. The software sub-segment is further divided into operational control, analysis, security, network management and water management. The services sub-segment is fragmented into support and maintenance, deployment and integration, and professional services. Devices, sensors and other hardware components are included in the hardware sub-segment. Finally, the connectivity segment of the market contains non-cellular and cellular.

Geographically, Asia-Pacific is expected to experience the fastest growth rate of IoT energy and utility applications market over the forecast period. The growth is attributed to the wider adoption of IoT in the region. Countries like Australia, China, and Japan are heavily integrating IoT for various purposes, and it is considered integral to business success. Furthermore, the region is likely to produce notable IoT applications in the coming years which will provide lucrative growth opportunities for the market.

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

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Question and answer: IoT in the energy and utility applications market

Question 1: What factors are accelerating the growth process of the IoT market in energy and utility applications?

Answer: The advent of IoT in energy and utility applications is expected to reduce the challenges facing this sector. The vast applications of IoT help increase efficiency, provide solutions to critical issues, make real-time decisions, and create innovative experiences. Rising consumption and demand for power generation due to globalization in emerging countries, rising income levels and increasing rates of upward mobility have spurred the engagement of IoT in the energy sector. Moreover, many companies are adopting IoT as an effective solution to many problems, thus accelerating the market growth process.

Question 2: What factor is holding back market growth?

Answer: On the other hand, security is a major concern that prevents enterprises from implementing on-premise big data deployment or cloud hosting. As data travels through various paths, the Big Data environment becomes vulnerable to theft or privacy issues. Due to this, market growth is significantly hampered.

Question 3: Which region is expected to experience the fastest growth rate in the market for IoT applications in energy and utilities?

Answer: Geographically, Asia-Pacific is expected to witness the fastest growth rate of IoT energy and utility applications market over the forecast period. The growth is attributed to the wider adoption of IoT in the region. Countries like Australia, China, and Japan are heavily integrating IoT for various purposes, and it is considered integral to business success. Furthermore, the region is likely to produce notable IoT applications in the coming years which will provide lucrative growth opportunities for the market.

Question 4: What are the notable companies listed in the energy and utilities IoT applications market?

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

Related report:

Global Virtual Power Plant Market

The global virtual power plant market is expected to grow at a CAGR of 21.57% during the period 2019 to 2028 while accumulating USD 4099.45 million in revenue by 2028.

A virtual power plant is a cloud-based control center that takes advantage of IoT and ICT devices. These devices help in aggregating the capacity of distributed energy resources.

The increasing generation of electricity through renewable energy sources is creating growth opportunities for the global virtual power plant market. Moreover, the government is massively supportive in terms of favorable initiatives, investments and trade policies that drive the growth of the market.

On the other hand, the deployment of a virtual power plant requires a high initial investment which limits the growth of the market. In addition, these technologies are more expensive to maintain. Nevertheless, the continued growth of the electric vehicle market is likely to present growth opportunities for the global virtual power plant market.

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