BOULDER — A new report from Navigant Research shows that the global market for Internet of Things solutions when it comes to utilities is expected to grow to $5.1 billion by 2028.
Although the solutions are still maturing, the report suggests utilities should embrace the Internet of Things market for key pain points such as generating assets, transmission and distribution system equipment, smart meters and data analysis.
“Many of the tools are outdated, sit in silos, and were never designed for the complexities of today’s smart grid,” Neil Strother, principal research analyst with Navigant Research, said in a prepared statement. “More advanced utility IoT analytics solutions have entered the market and can be applied to legacy systems and new data flows using edge computing, cloud computing, machine learning, and AI to unlock valuable insights and drive operational efficiencies.”
The full report shows that early adoption of IoT solutions can help cut costs while demand is flat or declining. IoT technologies can also enable disparate systems to operate on the internet and integrate data for enhanced business value. It also allows for the advanced analytics necessary for distributed energy resources like solar panels.