Automated Energy Management Supports IoT in Energy & Utility Application Market Growth

IOT In Energy & Utility Application Market

According to Inkwood Research, the Global IoT in Energy & Utility Application Market is anticipated to surge with a CAGR of 10.58% during the forecast period, 2024-2032.

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IoT has introduced numerous benefits to the utility industry. Smart technologies offer remote control options, help in utility management, reduce costs, solve resource depletion, and increase safety. Further, extensive applications of IoT in the utility sector create opportunities for effective monitoring and managing of energy, improving operational and safety efficiency, and ensuring economical use of natural resources. In addition, IoT solutions can improve the efficiency of water management systems. The automated water consumption control helps reduce costs, timely identification of leaks, and extensive use of water-flow meters.

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Automation Tool Demands in Energy Management Aid Market Growth

Digitalization and automation will be critical to capitalize on the shift from conservative regulations to an innovative and service-based future. Technologies, such as automation and artificial intelligence (AI), play a pivotal role in managing the balance between demand and supply, discovering innovative ways to enhance customer experience, boost value chain efficiencies, and transform business models. 

Improvement in operational efficiency is a primary driver of the energy & utility application business. Moreover, organizations are seeking ways to cut operational costs while enhancing efficiency. Therefore, building an analytics infrastructure provides various benefits, including improved visibility and cost management, allowing businesses to cut operating expenses while enhancing efficiency.

Electricity Grid & Supply Management Leading Market by End-User

The power industry is the base of the industrial world, supplying industrial, commercial, residential, and manufacturing customers with essential energy. The electricity sector faces significant challenges adjusting to the surging demand for electrical power, a continually growing industry. The IoT opens a smart reality to the utility industry, optimizing operating inefficiency to streamline costs. Also, IoT includes three main elements to manage the interconnected assets network: asset data collection, computational algorithms, and asset digitalization. These components can further improve the performance and efficiency of the power grid.

In addition, obtaining data from different sensors enhances the grid’s resilience. Thus, power companies can manage resources efficiently based on the information collected from assets, usage, and power generation. Electric power companies implement IoT to lower costs, reduce unscheduled downtime, improve efficiency, and minimize asset risks.

Asia-Pacific: Fastest-Growing Region

Asia-Pacific will produce many IoT applications in the upcoming years because of its abundant local access to low-cost hardware & software and less legacy technology to shed. By replicating successful IoT projects of Europe and other regions and capitalizing on the low-cost technology available, Asia-Pacific has the potential to become the largest user of industrial and enterprise IoT during the forecast years, paving the way for the region to become the world’s largest IoT market.

The leading players have penetrated and possessed the market with successful strategies to develop new and differentiated products that will likely increase their opportunities. These strategic innovations have resulted in a very high industry rivalry. Further, the threat of new entry is considered moderate in the market as big data analytics for the energy and utility sector poses relatively low barriers to entry for new players. New players have played a major role in driving innovation in the market. 

Some of the key players in the global IoT in energy & utility application market include Siemens Aktiengesellschaft, Schneider Electric SE, SAS Institute INC, General Electric Company, SAP SE, etc.

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About Inkwood Research

Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises North & South America, CEE, CIS, the Middle East, Europe, Asia, and Africa.

 

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