WELLESLEY, Mass., Nov. 06, 2017 (GLOBE NEWSWIRE) -- The Internet of Things (IoT) in the energy and utilities market continues to grow rapidly thanks to big demand in electricity grid and supply management, as well as utility gas management. In a new report The Internet of Things (IoT) in Energy and Utility ApplicationsBCC Research  estimates the market will reach $59.9 billion in 2022 at a compound annual growth rate (CAGR) of 22.9%. 

The new report categorizes the technologies related to IoT in energy and utilities by hardware, software, services and connectivity. While hardware, services and software will dominate the market in terms of size, connectivity is the fastest growing category. In connectivity, low power wide area (LPWA) is the strongest growing subsegment.

Key factors driving the adoption of IoT in the energy and utilities space: 

  • Renewed focus and requirement to engage with customers 
  • Need to adhere to increasingly strict reforms and regulations 
  • Move to next-generation smart meters and setting up advanced infrastructure 
  • Real-time information and usage of analytics 
  • Strong need to increase efficiency 

 “All end-user segments are expected to perform well,” said Kevin Fitzgerald, BCC Research editorial director. “But the utility gas management and electricity and supply management sectors are expected to outperform across all geographic regions, representing the strongest growth opportunities. The smallest segment—water management—is forecast to have improved growth in the coming years as the growing popularity of water sensors in both developed and emerging countries make this segment highly opportunistic for IoT technology vendors.”

Company Profiles

Traditional technology companies included in this report: Cisco Systems Inc., Comcast Corp., Ericsson, Fujitsu Ltd., General Electric Corp., Honeywell International Inc., IBM Corp., Oracle Corp., Qualcomm, Robert Bosch GmbH, SAP SE and Teradata Corp.

Energy and utility-specific technology companies included in this report: Envision Energy, NES Corp., S&C Electric Co. and Silver Spring Network Inc.

Energy producing and utility service companies included in this report: Alectra Utilities Corp., Enel, Hanergy Holding Group Limited, Iberdrola, San Diego Gas & Electric and South East Water (Australia).

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About BCC Research

BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.

Editors/reporters requesting analyst interviews should contact steven.cumming@bccresearch.com.

Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC, 49 Walnut Park, Building 2, Wellesley, MA 02481, Telephone: 866-285-7215; Email: editorial@bccresearch.com as the source and publisher. Thank you.