- The solutions segment that led the IoT in utilities market in 2019 include asset monitoring and management, safety and security among others
- North America has been the leader in the IoT in utilities market in 2019
The global Internet of Things (IoT) in utilities market size is expected to grow to $53.8 billion by 2024 from $28.6 billion in 2019. As per a report by ResearchAndMarkets titled “IoT in Utilities Market by Component, Application, Region – Global Forecast to 2024”, the market is projected to grow at a Compound Annual Growth Rate (CAGR) of 13.5 per cent during the forecast period.
The report says that the factors for such growth are the rising trend of deregulating utility industry and need for operational efficiency and control. The deregulation leads to the entry of new new innovative players into the market. It also increases the market competitiveness to provide efficient services to the consumer. The report said that companies offering IoT, Artificial Intelligence (AI), and Machine Learning (ML)-enabled utility solutions will focus on improving plant control and overall production and management. This will lead to more agility and flexibility and increase the control of the system.
Supervisory control and data acquisition
The report added that the solutions segment that led the IoT in utilities market in 2019 include asset monitoring and management, safety and security, supervisory control and data acquisition (SCADA), network management, workforce management, and customer information system (CIS) and billing system. It also said that electricity grid management application segment was the leader in the market in 2019. It was due to the replacement of aging utility infrastructure and use of Advanced Metering Infrastructure (AMI)and smart grid applications.
North America leads
As per the report, North America has been the leader in the IoT in utilities market in 2019. It has also been the leader in adoption of smart grid technology. In the recent past, many utility companies in the US have started to deploy smart utility schemes. Canada has also emphasised on increasing its power supply capabilities and upgradation of its electric grid infrastructure. This has led to enforced technology vendors in the region to increase their presence in the North American region.