Asia Pacific Iot In Energy & Utility Application Market Forecast 2018-2026
KEY FINDINGS The Asia Pacific IOT in energy & utility application market is projected to exhibit a healthy CAGR of 25.20% over the forecasted years of 2018-2026. The market worth, which stood at $3429 million in 2017, is expected to catapult to $ 25646 million by the end of 2026.
MARKET INSIGHTS The electricity grid and supply management segment is witnessing strong traction throughout the APAC countries. Water management, the smallest end user, is expected to improve its IoT growth rate in the coming years due to increasing water scarcity and government support in the region. The Indian market is projected to evolve with the highest CAGR over the estimated period, capturing nearly 6.10% APAC market share by 2026. Factors like innovation and development, increased IT spending, new market entrants, and funding and investments are propelling the market growth. The country has launched a SmartSense 2.0 platform which seeks to make industries and buildings smarter using IoT and machine learning. Other key countries contributing to the APAC market are Australia, Japan, South Korea and China.
COMPETITIVE INSIGHTS Established companies like Symboticware Inc, Teradata Corp, Cisco Systems Inc, Networked Energy Services (NES) Corp, Sap Se, Aclara Technologies, Silver Spring Networks Inc, Symboticware Inc, Grid4c, Trilliant Incorporated and Davra Networks Limited are increasingly competing in this market.