Utility IoT market worth $15 billion by 2024


 A need to enhance the operational efficiency in the utility sector is expected to boost the growth of the utility IoT market, according to a new report. Increasing demand is driving the need for efficient use of electricity. Utility IoT could deliver benefits such as real-time visibility, assisting in this drive.

 Strategies in countries such as India and China will propel the utility IoT market forward as smart grids integrate IoT devices, process and infrastructure into the grid. Integrating distributed generation and managing consumption efficiently and in a timely manner will increase sector reliability and security.

The growth of this market will be affected by the lack of a skilled workforce, coupled with sufficient standards, according to the latest report by Global Market Insights. According to a company release, “growing incidents of cybersecurity breaches  coupled with the lack of interoperability might pose a challenge to the IoT utilities’ market.”

Increasing demand from users for remote monitoring of facilities for quick identification and restoration of any kind of leakage and faults is expected to give rise to the adoption of IoT solutions for gas management. Leakage in the facility assets such as pipelines might cause a large amount of destruction which can be avoided by using such advanced solutions.

The Asia Pacific utility IoT market is expected to witness huge adoption owing to the rising demand for smart metering solutions and efforts to promote smart buildings and cities. The potential of smart meters to significantly reduce cost by improved outage management and easier payments and enhanced customer service are enabling huge growth opportunities in the region.

The rising use cases coupled with the presence of a large number of gas and electricity production facilities and heavy investments to improve the energy infrastructure in the region is fueling the IoT utilities market growth.

Increased demand for smart solutions in the energy sector in the U.S. will continue to bring demand for advanced solutions driving the growth. Moreover, advanced infrastructure is increasing the demand for cloud solutions, which will further drive uptake.

According to the report, the industry is currently witnessing heavy investments in R&D for fully connected solutions by major players. IoT solutions are considered as a necessity for the utility industry to eliminate or reduce physical visits to monitor assets, fault and leakage detection and restoration.