Nov 25, 2022   SOURCE: BusinessWire

Global IoT in Energy & Utility Application Market Report 2022 to 2028 - Need for Real-Time Monitoring Systems in the Mining and Petroleum Industries Presents Opportunities - ResearchAndMarkets.com

The "Global IoT in Energy & Utility Application Market 2022-2028" report has been added to ResearchAndMarkets.com's offering.

The global IoT in the energy & utility application market is anticipated to progress with a CAGR of 12.78% during the forecast period 2022-2028.

Companies Mentioned

  • Aclara Technologies LLC
  • Capgemini Se
  • ABB Ltd
  • IBM
  • General Electric Company
  • Sas Institute
  • Siemens
  • SAP Se
  • Schneider Electric
  • Buildingiq Inc
  • Teradata Corporation
  • Cisco Systems Inc
  • Infosys Ltd
  • Wipro Ltd
  • Eaton Corporation plc
  • Oracle Corporation

Factors such as emphasis on a greener environment, rising consumption and demand for energy generation, increasing focus on energy consumption pattern analysis, and decline in costs of IoT components drive the studied market on a growth path. Besides this, the rising adoption of cloud technology has opened new avenues for the IoT in the energy & utility application market.

However, security issues, the need for high capital investment, IoT integration with subsystems, and the lack of a skilled workforce negatively impact the market's growth.

Regional Outlook

The global IoT in energy & utility application market covers Latin America, Europe, North America, Asia-Pacific, and the Middle East and Africa regions.

The Asia-Pacific is anticipated to emerge as the fastest-growing region over the forecast period. The union of technologies like cloud, analytics, mobility, and big data are major factors driving IoT adoption in the region. As per estimates, companies, developers, and decision-makers widely opt for IoT for various purposes. This is because they consider IoT an integral part of business operations.

Furthermore, the pandemic became a major driving force in encouraging companies to invest heavily in IoT to facilitate remote working. Along with this, the availability of low-cost hardware and software fuels IoT adoption. Therefore, these factors are expected to boost the growth of the IoT in the energy & utility application market over the forecast period.

Key Topics Covered:

1. Global IoT in Energy & Utility Application Market - Summary

2. Industry Outlook

2.1. Impact of Covid-19 on IoT in the Energy & Utility Application Market

2.2. Key Insights

2.2.1. Increasing Economic Value of Iot

2.2.2. Increase in Microgrids Control System Use

2.2.3. Significant Investments in Research & Development Activities

2.3. Porter's Five Forces Analysis

2.4. Key Impact Analysis

2.4.1. Mode of Deployment

2.4.2. Price

2.4.3. Application

2.5. Market Attractiveness Index

2.6. Vendor Scorecard

2.7. Industry Components

2.8. Key Market Strategies

2.8.1. Acquisitions

2.8.2. Product Launches

2.8.3. Partnerships

2.9. Market Drivers

2.9.1. Emphasis on a Greener Environment Surging Energy and Utility Analytics Demand

2.9.2. Increasing Consumption and Demand for Energy Generation

2.9.3. Growing Consumer Focus on Energy Consumption Pattern Analysis

2.9.4. Decline in Prices of IoT Components and Availability of Next-Generation Sensors

2.9.5. Improvement in the Oil & Gas Industry Operations

2.9.6. Demand for Automation Tools in Energy Management

2.10. Market Challenges

2.10.1. Security Concerns

2.10.2. Need for High Capital Investment for Deployment

2.10.3. Lack of Skilled Employees

2.10.4. IoT Integration With Subsystems

2.11. Market Opportunities

2.11.1. Need for Real-Time Monitoring Systems in the Mining and Petroleum Industries

2.11.2. Rising Adoption of Cloud Technology in Utility & Energy Analytics

2.11.3. Increasing Share of Renewable Energy Sector in Electricity Generation

3. Global IoT in Energy & Utility Application Market Outlook - by Connectivity

4. Global IoT in Energy & Utility Application Market Outlook - by Component

5. Global IoT in Energy & Utility Application Market Outlook - by End-User

6. Global IoT in Energy & Utility Application Market - Regional Outlook

7. Competitive Landscape

8. Research Methodology & Scope

For more information about this report visit https://www.researchandmarkets.com/r/9f1d1a