The global IoT in utilities market size is expected to grow from USD 28.6 billion in 2019 to USD 53.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 13.5% during the forecast period. The advent of IoT in utilities is expected to reduce challenges faced by the utilities sector and help evolve it. The application of IoT in utilities is expected to improve efficiency, generate revenue, and conserve resources. IoT sensors can optimize energy and water generation and distribution to help utility providers keep up with the increasing demand. Additionally, IoT sensors can improve workplace safety for oil and gas workers.
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Asset monitoring and management solution to account for the largest market size during the forecast period
IoT-enabled asset monitoring solutions are a combination of all processes, assets, workflows, and analytics into a single solution, which offer centrally consolidated tracking, monitoring, and analytics system for asset-intensive sectors, such as utilities, mining, oil and gas, and healthcare. Asset monitoring and management solutions include the management of utility meters, predictive asset maintenance, and control operations of assets. Asset management for utilities help in the optimum and sustainable management of water and gas pipelines. In order to achieve the organizational strategic plan, the associated performance, risks, and expenditures over the lifecycle of assets are taken care of by asset management solutions. These solutions generally include type and asset tracking; work order creation; maintenance, repair, and operations inventory and procurement; asset tracking; and planned maintenance history.
The electricity grid management application to account for the largest market size during the forecast period
The use of IoT in the electricity grid offers an unprecedented opportunity to move the energy industry into a new era of reliability, availability, and efficiency, which will contribute in enhancing the overall economic and environmental health. An electricity grid having IoT capabilities has smart sensors, receivers, smart meters, and energy boxes which communicate with each other. In the traditional electricity grid, utilities would gain knowledge about an existing power failure through consumers. However, with the Adavanced Metering Infrastructure (AMI) in place, utility providers are well-aware about the failure once the smart meter stops sending meter data, owing to the presence of Internet Protocol (IP) addresses and two-way communication across all components. n This leads to lower response time and real-time information about maintenance-related issues, leading to better management of electricity distribution . Use of IoT in electricity grid is not limited to technology and utility operators but it helps consumers manage day-to-day energy consumption.
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Unique Features in the IoT in Utilities Market
Real-time monitoring and data gathering from smart metres are made possible by IoT-enabled AMI systems, which give utilities the ability to precisely measure and manage electricity, water, and gas usage as well as providing customers with comprehensive consumption statistics.
By proactively scheduling maintenance and anticipating equipment failures, utilities may increase infrastructure longevity, decrease downtime, and increase dependability. This is made possible by IoT sensors and data analytics.
With the use of automated demand response programmes, IoT solutions allow utilities to optimise energy distribution and consumption, manage and balance energy demand in real-time, and avoid grid overloads during moments of peak demand.
IoT devices continuously monitor the electrical grid, providing information on defect detection, performance, and real-time grid operation optimisation. This improves the efficiency, dependability, and stability of the grid.
IoT sensors in water utilities reduce water loss, ensure safety, and boost the effectiveness of water distribution systems by detecting leaks and tracking water quality in real-time.
Major Highlights of the IoT in Utilities Market
Collaborations between public and commercial technology providers are common in the development and implementation of IoT solutions in the utilities sector, which promotes innovation and speeds up the uptake of smart utility technologies.
Because IoT devices create vast amounts of data, utilities may use advanced analytics to make data-driven decisions. Better risk management, strategic planning, and utility operational optimisation result from this.
IoT makes it possible for utilities to monitor and manage infrastructure from a distance, which minimises the need for staff to be present on site, speeds up issue resolution, and increases overall operational effectiveness.
Because IoT technologies automate operations, optimise resource allocation, and minimise manual intervention in regular tasks, they help utilities achieve considerable operational efficiencies and cost reductions.
IoT solutions give utilities fast and precise data for reporting and audits, helping them to stay in compliance with regulations. This improves operational openness and guarantees compliance with industry rules.
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Top Companies in the IoT in Utilities Market
The major vendors in the IoT in utilities market include IBM (US), Oracle (US), Verizon (US), Cisco (US), Vodafone (UK), Telit (UK), Landis Gyr (Switzerland), Itron (US), Schneider Electric (France), Huawei (China), Trimble (US), Aclara (US), Trilliant (US), Energyworx (Netherlands), HCL (India), Altair (US), Actility (France), Waviot (Russia), Rayven (Australia), Saviant Consulting (India), ABB (Switzerland), Siemens (Germany), Honeywell (US), and GE (US). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global IoT in utilites market. New product launches, agreements, and collaborations have been the most adopted strategies by major players from 2018 to 2019, which helped them innovate their offerings and broaden their customer base.
IBM (US) is one of the leading company in IoT in utilities market. The company offers the Watson IoT Platform and Maximo APM for energy and utilities. The Watson IoT Platform provides capabilities, such as device registration, connectivity, control, rapid visualization and storage of IoT data. Maximo APM for energy and utilities offers benefits to the customers, including improving maintenance of practices and plans, quickly access to risk and impact on grid, performance management to optimize the operations of the utilities assets. IBM uses the linear analytics algorithm with accuracy greater than 90% to identify smart meter data to identify which meters are connected to which electric phase and accordingly provide recommendations to fix connectivity records without sending its crew into the field.
Itron (US), one of the leading utility solutions and services provider in the market, offers Automated Meter Reading (AMR), Distribution Automation, and OpenWay Riva solutions. The AMR solution provides remote reading of data to improve services, protect enterprises against revenue losses, cut costs, and streamline field operations with a variety of deployment options. It helps utility companies to improve data accuracy and protect their data against tampering. Itron’s Distribution Automation solution is based on the multi-application smart grid technology platform, which enhances reliability and efficiency by extending secure grid monitoring and control outside the substation fence. It further enables utility companies to utilize a highly resilient network to increase grid reliability by improving problem identification, real-time decision making, automated outage resolution, and reduced truck rolls. Moreover, it optimizes grid operations, quickly retrieves restoration alerts to determine outage impact, and leverages distribution automation devices and data analysis to identify faults and restore power. Itron’s OpenWay Riva, an IoT solution includes an open, standards-based network for gas, electricity, and water. It helps utility companies improve operations and enhance the customer experience.
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