IoT in Utilities Market Trends

Growth Drivers

• Rising Funding by the IoT Companies to Boost the Market Growth- In 2022, about 3 thousand European organizations were observed to be making a significant funding in the internet of things.  
   
• Escalating Manufacturing of Underground Pipeline- The segment for water treatment is noticed to grow by approximately USD 60 billion annually generating about 11% of revenue. Increasing urbanization has led to the mounting process of underground pipeline manufacturing. The underground pipeline is generally utilized to supply gas and water to household facilities. It is important to install a leak detection system in pipelines to monitor flow rate or any sudden accident due to leakage. Furthermore, these systems are also used to perform statistical computations regarding temperature, flow rate, and pressure of the pipelines.
   
• Ongoing Advancement in Irrigation Methods- As of 2019, about 200,000 farms were observed with nearly 50 million irrigated acres along with almost 80 million acre-feet in the US region.

• Higher Utilization in the Development of Smart Cities- Revenue generated from the smart city project was estimated to be about USD 100 billion in the year 2021.
   
• Spiking Demand for IoT in Supply Chain Management- In 2022, nearly 55% of the organization believed that robust supply chain management can assist their business to reach higher levels while around 65% admitted that supply chain is the major factor to enhance customer service quality.

Challenges

• Requirement for Associated Low-Cost Technology
• Lack of Awareness About the System
• Scarcity of Requisite Technically Skilled Labor