IoT in Energy, Utility Applications Market to Double from 2017-2022
WELLESLEY, Mass., Nov. 06, 2017 (GLOBE NEWSWIRE) — The Internet of Things (IoT) in the energy and utilities market continues to grow rapidly thanks to big demand in electricity grid and supply management, as well as utility gas management. In a new report The Internet of Things (IoT) in Energy and Utility Applications, BCC Research estimates the market will reach $59.9 billion in 2022 at a compound annual growth rate (CAGR) of 22.9%.
The new report categorizes the technologies related to IoT in energy and utilities by hardware, software, services and connectivity. While hardware, services and software will dominate the market in terms of size, connectivity is the fastest growing category. In connectivity, low power wide area (LPWA) is the strongest growing subsegment.
Key factors driving the adoption of IoT in the energy and utilities space:
Renewed focus and requirement to engage with customers
Need to adhere to increasingly strict reforms and regulations
Move to next-generation smart meters and setting up advanced infrastructure
Real-time information and usage of analytics
Strong need to increase efficiency
“All end-user segments are expected to perform well,” said Kevin Fitzgerald, BCC Research editorial director. “But the utility gas management and electricity and supply management sectors are expected to outperform across all geographic regions, representing the strongest growth opportunities. The smallest segment—water management—is forecast to have improved growth in the coming years as the growing popularity of water sensors in both developed and emerging countries make this segment highly opportunistic for IoT technology vendors.”