According to a new report, the global utility IOT industry is expected to grow by double digits each year between now and 2024, to $15 billion by 2024.
The new report by Global Market Insights, entitled "IoT Utilities Market Size, Growth - Industry Share Forecast Report 2024", growth will be driven by increasing concerns around efficient use of energy sources in line with growing demand.
According to the report, IoT will massively disrupt the power sector, with the benefits of real-time process insights, and improved operational efficiencies propelling industry demand.
Here is a summary of the report’s findings:
The rise in adoption of cloud-based platforms in the utility sector, in concert with government grid modernisation initiatives in countries like the USA, China and India provide strong growth iopportunities for the Utility Iot market, with examples being the smart grid modernization initiative by Indian MNC Crompton Greaves, NDPL, which in turn offers further opportunities for market development.
The Asia Pacific region is set for substantial growth:
This is attributable to the large number of generation and gas production in the region, and with the growing adoption of digital technologies, followed by an increasing use-cases contribute to the growing demand for new technology.
Smart grids provide a backbone for new technologies:
Smart grids facilitate improved efficiencies in distribution of generated energy, as well as ensuring grid reliability for consumers. It also has the potential to disrupt the grid in further ways such as the integration of devices, processes and the infrastructure.
Cybersecurity poses more than one risk:
The increasing prevalence of cyber-attacks, and with them, hacks of confidential data, are expected to slow implementation of IoT. This, coupled with the lack of a skilled workforce, as well as a set standards framework may limit growth over the period.
Sensors market forecast:
There is an increasing need for grid monitoring at the grid edge, specifically facilities in difficult to reach, remote locations, and this is expected to fuel growth. Additionally, there is increasing demand to monitor worker health and safety, and this may lead to increased demand for advanced sensors and related devices.
Additional growth is expected in sensors for facility management, with sensors deployed at multiple checkpoints to monitor equipment and processes, and offer asset monitoring for scheduled maintenance.
Heavy investments into the upgrading of energy infrastructure by utilities is boosting market participation, and the North American Utility IoT market is expected to grow significantly, due increasing demand for smart solutions based on new, more advanced infrastructure.
Companies in the sector are investing heavily in research and development to create fully connected solutions that cover all aspects of the sector.