On the other hand, energy market intelligence firm Navigant Research forecast the utility IoT related building energy management services market to generate $1.2 billion under an aggressive scenario by 2026.
In a statement, the research firm says its study analyses how utility firms can create new revenue streams by providing consumers with IoT related energy management services to help them improve energy efficiency in buildings.
The study presents the forecasts of the market in three scenarios namely conservative, aggressive and moderate.
According to the findings of the study, IoT technologies are helping consumers improve their energy management, although the majority of investments towards the sector are from outside the utility industry.
Navigant Research says utility companies investing in new business models have the potential to benefit from the rising demand for IoT intelligent building technologies and services.
“For utilities to be successful in this space, they will need to develop non-energy benefits that align with the in-demand applications in the broader intelligent buildings market. Examples could include operational efficiency, space utilization, physical security, or healthy buildings.”
Casey Talon, a principal research analyst at Navigant Research, commented: “It is not too late for regulated utilities in North America to compete for a share of the IoT intelligent buildings market.
“Creating new value-added services for commercial customers around IoT will help utilities bridge the gap as the industry undergoes transformation toward the Energy Cloud with innovative offerings that amplify customer engagement and satisfaction.”
Building energy management
Meanwhile, in the Canadian province of Alberta, the city of Edmonton unveiled an energy efficiency pilot project to reduce energy usage in large buildings.
A local publication reported that the energy efficiency pilot, ‘Large Building Energy Reporting and Disclosure’, will be implemented in Edmonton over the next three years to improve energy efficiency and reduce energy costs in buildings larger than 20,000 square feet.
Officials at Edmonton estimate that there are over 4,500 buildings of this size in the city. Read more…
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