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The global market for the Internet of things (IoT) in energy and utility applications should reach $59.9 billion by 2022 from $21.4 billion in 2017 at a compound annual growth rate (CAGR) of 22.9%, from 2017 to 2022

The global market for the Internet of things (IoT) in energy and utility applications should reach $59.9 billion by 2022 from $21.4 billion in 2017 at a compound annual growth rate (CAGR) of 22.9%, from 2017 to 2022.


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Nov 02, 2017, 07:40 ET

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LONDON, Nov. 2, 2017 /PRNewswire/ -- Download the full report: https://www.reportbuyer.com/product/5171212


• The hardware segment is expected to grow from $6.5 billion in 2017 to $17.3 billion in 2022 at a CAGR of 21.7% for the period 2017-2022.
• The services segment is expected to grow from $5.9 billion in 2017 to $17.0 billion in 2022 at a CAGR of 23.5% for the period 2017-2022.

Chapter 1: Introduction
The Internet of Things (IoT) in energy and utilities applications market report discusses how the market has changed over time and gives an overview of the historical development of the IoT market and its impact on the energy and utility sector. The report also discusses future directions of the market and new technologies that are changing the dynamics of the market.

The report further provides in-depth financial analysis of the market and a detailed view of growth opportunities in various geographical regions, segments and end-user segments.

Additionally, the report discusses various driving factors and challenges faced by the market, as well as analyzes trends that are having an impact. The report further discusses various stakeholders in the market and covers their business overview, strengths, weaknesses, key strategies, etc.

Study Goals and Objectives
The objective of this report is to discuss the changes and new developments in the IoT market in energy and utilities sector, and the opportunities presented to various stakeholders in the market. To indicate the growth opportunity presented by IoT in energy and utilities to various stakeholders and participants, the report forecasts market demand from 2017 through 2022 with historical data for 2016. The report presents an opportunity for all stakeholders in the IoT in energy and utilities market to understand various growth drivers, key trends, growing segments and technologies.

Reasons for Doing This Study
BCC Research has identified the IoT in energy and utilities sector as a growing market that presents strong growth opportunities for all stakeholders. The market is dynamic and growing with new developments and adoption from new industries and sectors.

Scope of Report
Internet of Things (IoT) is defined as a system of interconnected devices, machines, digital devices, objects, animals and/or humans, each provided with unique identifiers and with the ability to transfer data over a network that requires human-to-human or human-to-computer interaction. In IoT, objects are embedded with sensors, actuators and monitors, allowing them to communicate. IoT works in conjunction with software and hardware and includes a range of software such as analytics, data analysis, etc., and hardware such as sensors, actuators and devices.

The IoT in energy and utilities market can be broadly categorized into hardware, software, services and connectivity (technology classification). While hardware and services dominate the market, software, services and connectivity are the three strongest growing categories. In connectivity, low power wide area (LPWA) is the strongest growing subsegment.

IoT is witnessing strong penetration in all industry-level subsegments such as oil and gas, utility gas management, water management, and electricity grid and supply management. The utility gas management subsegment is witnessing the strongest growth, while the mining category is experiencing particularly slow growth.

The scope of this report includes hardware, software, services and connectivity technologies related to IoT in energy and utilities, and hence all calculations and segmentations consider hardware, software, services and connectivity technologies in the IoT in energy and utilities market. Along with product and solutions revenue, BCC Research has also considered services revenue.

The report includes distinct types of companies such as:
• Connected device and IoT technology providers
• Large technology vendors that have a presence in many verticals
• Energy and utility technology manufacturers
• Energy and utility companies that have a presence in the technology space
• Others, including suppliers and distributors

In the services segment, the report covers all forms of services such as professional services, deployment and integration, and support and maintenance. However, stand-alone service providers that provide post-sale services are out of scope of this report. The report also excludes technology companies that may have a strong presence in the IoT space but do not offer any solutions or services in the energy and utilities sector.

The report begins by introducing the reader to how the market for IoT in energy and utilities has evolved over time and how various factors impact the market.

The report will then proceed to identify the following:
• Primary forces with a direct impact on the IoT in energy and utilities sector
• Secondary forces that have an indirect impact
• Key funding and financing in this space
• Some key challenges that may hinder the growth of this market
• Key trends visible in the market
• Leading end users of IoT in the energy and utilities sector
• Demand in Asia-Pacific, North America, Europe, Middle East and Africa, and South America for IoT in energy and utilities

Information Sources
BCC Research studied more than 100 companies to obtain data for this report. These companies include IoT technology providers, large established technology providers, energy and utility companies, energy and utility service providers, other service providers, distributors and suppliers, etc. Studies prepared for peer-reviewed professional literature and reports by technical experts were also reviewed. Other data came from scientific and technical conferences, presentations prepared by the companies and associations, press releases, annual reports, white papers, investor webinars and government sources that are publicly available.

Methodology
To undertake this forecast, BCC Research analyzed the markets for related technologies and products based on the product literature, catalogs and forward-looking statements of public companies. Press releases, innovations and research and development papers, white papers and presentations were also consulted, as well as data from other independent sources.
BCC Research used a dual approach to forecast and estimate the values for the IoT in energy and utilities market.

Firstly, BCC Research analyzed spending by various key IoT in energy and utilities providers and end users. Global, regional and sector-specific IoT in energy and utilities spending was analyzed. Further, other factors, such as research and development spending by companies, increased technology demand were considered. To arrive at the final figures, BCC Research also estimated the overall budget allocation and the forecast spending by major companies around the world.

BCC Research created a detailed survey and collected opinions from industry and domain experts, company executives and others with strong knowledge in the space to provide a qualitative assessment of the trends in the market. Along with the qualitative data, the survey also indicated some quantitative data sets and figures.

The final values were obtained through a combination of the above methods. Compound annual growth rates (CAGRs) were calculated by assigning the appropriate weight to various markets that significantly impact the IoT in energy and utilities market. Calculations were performed using company growth that occurred in this space over the past five to 10 years, along with other factors such as growth in budget allocation, growth of technology in energy and utilities in the past and by analyzing the relationship between sectoral growth and the growth of IoT.
Estimated values used are based on manufacturers' total revenues.

Geographic Breakdown
In this report, the geographic regions considered for market analysis include, and only include:
North America
• United States
• Canada

Europe
• Germany
• United Kingdom
• France
• Italy
• Spain

Asia-Pacific (APAC)
• Australia
• China
• Japan
• South Korea
• India

Middle East and Africa (MEA)
• Saudi Arabia
• UAE
• Qatar

The Internet of Things (IoT) in Energy and Utility Applications, BY TECHNOLOGY
Hardware
Devices
Sensors
Others

Software
Analytics
Security
Operational Control
Grid Management
Others

Services
Professional Services
Deployment and Integration
Support and Maintenance

Connectivity
Short-Range
Technology
Cellular
Low Power Wide
Area (LPWA)
Others

The Internet of Things (IoT) in Energy and Utility Applications, BY END-USE MARKET
Energy
Oil and Gas
Mining

Utilities
Utility Gas Management
Water Management
Electricity Grid and Supply Management

IoT in Energy and Utility Applications, by Connectivity
Cellular
Cellular Connectivity

Noncellular
Short Range Technology
Low Power Wide Area (LPWA)
Others

Chapter 2: Summary and Highlights
BCC Research examines the way in which the Internet of Things (IoT) in the energy and utilities market is changing and how it has evolved. This analysis includes a detailed survey of new organizations
(innovators) in the market as well as existing players. At the industry level, BCC Research identifies, examines, describes and provides global and regional market sizes for 2016 and forecasts demand from
2017 through 2022.

While a wide range of companies operate in the market, below is a broad classification of these companies:
• Connected device and IoT technology providers
• Large technology vendors that have a presence in many verticals
• Energy and utility technology manufacturers
• Energy and utility companies that also operate in the technology space
• Others, including suppliers and distributors

North America is the largest and most prominent user of IoT in the energy and utilities space. The U.S. is the largest market in North America and globally as well. The country is witnessing marginally higher growth compared with the global market average, which means it is far from a saturated market.

Europe follows, with Germany and the U.K. being the largest markets, respectively. APAC and MEA both having similar market share and are witnessing similar strong growth rates. South America has very low penetration and is the slowest growing region globally.

Segmentation by technology shows hardware to be the largest segment, followed by services and software. Connectivity is the smallest segment. However, some subsegments in connectivity are witnessing very strong growth rates, and are expected to increase their share of the overall market. In hardware, devices make up the largest subsegment, while sensors comprise the strongest growth area—
indicating the growing importance and usage of sensors in the IoT space. In software, analytics and security are witnessing the highest demand, indicating the need for prediction and analytics, as well as growing security concerns while adopting and using IoT.

In the analysis presented in this report, BCC Research identified the following key points:
• Global demand for IoT in the energy and utilities market is estimated to have reached $17.4 billion in 2016
• Global demand is expected to increase from nearly $21.4 billion in 2017 to $59.9 billion in 2022
• Total geographically and technology-wide compound annual growth rate (CAGR) is projected to be 22.9% over the forecast period of 2017 through 2022, indicating a very robust growth.

Download the full report: https://www.reportbuyer.com/product/5171212

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