Canada Iot In Energy & Utility Application Market Forecast 2024-2032
The Canada IoT in energy & utility application market is set to project a CAGR of 10.52% during the forecast period, 2024-2032.
MARKET INSIGHTS
Canada has recently witnessed a boost in investment by several multinational companies for their upcoming projects. Further, government initiatives to introduce energy-efficient residential buildings in several parts of the country are expected to significantly propel the demand for IoT in energy & utility applications.
Besides, IoT devices, data center management software, integration software, and reduced power usage enabled the creation of affordable cloud computing solutions in Canada. Due to its shared cost module, data analytics is now employed in various applications, including seismic data processing and reservoir modeling. Hence, cost-effectiveness and wide-scale adoption of this software drive the market growth of IoT in energy & utility applications during the forecast period.
SEGMENTATION ANALYSIS
The Canada IoT in energy & utility application market segmentation includes connectivity, end-user, and component. The component segment includes hardware, software, and services. The hardware segment is further sub-segmented into sensors, devices, and other hardware components.
In the energy & utility sector, various types of sensors are utilized extensively, with temperature, humidity, light, air, and others being prominent examples. Temperature sensors play a crucial role in detecting fluctuations in heating and cooling systems, as temperature is a fundamental environmental parameter. In the energy sector, the primary principle of power generation involves converting mechanical energy into electrical energy, where mechanical energy originates from heat energy sources such as thermal power plants, wind, water flow, and solar power plants. These energy transformations rely on temperature measurements. On the energy consumption side, temperature sensors are employed to optimize system performance amidst temperature variations during normal operations.
Similarly, humidity sensors are utilized to measure moisture levels and air humidity, finding widespread applications in the energy sector. For instance, they are commonly employed in wind energy production, especially crucial when turbines are located offshore due to higher atmospheric moisture levels. Placed in key areas such as the nacelle and base of wind turbines, humidity sensors provide continuous moisture monitoring. This allows operators to promptly respond to changes or deviations in turbine operation conditions, ensuring consistent operations, improved performance, and reduced energy costs.
COMPETITIVE INSIGHTS
Some of the prominent firms in the Canada IoT in energy & utility application market are Cisco Systems Inc, Eaton Corporation plc, General Electric Company, etc.
Cisco Systems Inc, commonly referred to as Cisco or 'the company', engages in the design, manufacturing, and sale of internet protocol (IP)-based networking products and other items associated with the communications and information technology (IT) sector. Additionally, Cisco provides services related to these products and their usage. The company's primary product lineup encompasses switches, routers, set-top boxes, cable modems, videoscape software products, headend equipment, security products, controllers, and antennas. Its operational focus spans across the Americas, Europe, and the Asia-Pacific region, with headquarters located in San Jose, California, the US.
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- 1. Research Scope & Methodology
- 1.1. Study Objectives
- 1.2. Methodology
- 1.3. Assumptions & Limitations
- 2. Executive Summary
- 2.1. Market Size & Estimates
- 2.2. Country Snapshot-canada
- 2.3. Country Analysis-canada
- 2.4. Scope Of Study
- 2.5. Crisis Scenario Analysis
- 2.5.1. Impact Of Covid-19 On Iot In Energy & Utility Application Market
- 2.6. Major Market Findings
- 2.6.1. Surging Demand For Smart Meters
- 2.6.2. Increasing Adoption Of Advanced Grid Management Solutions
- 2.6.3. Investments In Infrastructure Development
- 3. Market Dynamics
- 3.1. Key Drivers
- 3.1.1. Increasing Consumption And Demand For Energy Generation
- 3.1.2. Emphasis On A Greener Environment Raising Demand For Energy & Utility Analytics
- 3.1.3. Declining Prices Of Iot Components And Availability Of Next-generation Sensors
- 3.2. Key Restraints
- 3.2.1. High Upfront Costs For Deployment
- 3.2.2. Lack Of Skilled Workforce
- 3.2.3. Security Concerns
- 3.2.4. Challenges Associated With Integrating Iot With Subsystems
- 4. Key Analytics
- 4.1. Key Market Trends
- 4.1.1. Demand For Automation Tools In Energy Management
- 4.1.2. Growing Consumer Focus On Energy Consumption Pattern Analysis
- 4.1.3. Improvement In The Operations Of The Oil & Gas Industry
- 4.2. Porter’s Five Forces Analysis
- 4.2.1. Buyers Power
- 4.2.2. Suppliers Power
- 4.2.3. Substitution
- 4.2.4. New Entrants
- 4.2.5. Industry Rivalry
- 4.3. Growth Prospect Mapping-canada
- 4.4. Market Concentration Analysis
- 4.5. Value Chain Analysis
- 4.5.1. Raw Materials
- 4.5.2. Manufacturing
- 4.5.3. Distribution
- 4.5.4. End-users
- 4.6. Key Buying Criteria
- 4.6.1. Mode Of Deployment
- 4.6.2. Price
- 4.6.3. Application
- 5. Market By Connectivity
- 5.1. Non-cellular
- 5.2. Cellular
- 6. Market By End-user
- 6.1. Utility Gas Management
- 6.2. Oil & Gas
- 6.3. Electricity Grid & Supply Management
- 6.4. Water Management
- 6.5. Mining
- 7. Market By Component
- 7.1. Hardware
- 7.1.1. Sensors
- 7.1.2. Devices
- 7.1.3. Other Hardware Components
- 7.2. Services
- 7.2.1. Deployment And Integration
- 7.2.2. Support And Maintenance
- 7.2.3. Professional Services
- 7.3. Software
- 7.3.1. Analytics
- 7.3.2. Grid Management
- 7.3.3. Operational Control
- 7.3.4. Water Management
- 7.3.5. Security
- 8. Competitive Landscape
- 8.1. Key Strategic Developments
- 8.1.1. Mergers & Acquisitions
- 8.1.2. Product Launches & Developments
- 8.1.3. Partnerships & Agreements
- 8.1.4. Business Expansions & Divestitures
- 8.2. Company Profiles
- 8.2.1. Abb Ltd
- 8.2.1.1. Company Overview
- 8.2.1.2. Products
- 8.2.1.3. Strengths & Challenges
- 8.2.2. Capgemini Se
- 8.2.2.1. Company Overview
- 8.2.2.2. Products
- 8.2.2.3. Strengths & Challenges
- 8.2.3. Cisco Systems Inc
- 8.2.3.1. Company Overview
- 8.2.3.2. Products
- 8.2.3.3. Strengths & Challenges
- 8.2.4. Eaton Corporation Plc
- 8.2.4.1. Company Overview
- 8.2.4.2. Products
- 8.2.4.3. Strengths & Challenges
- 8.2.5. General Electric Company
- 8.2.5.1. Company Overview
- 8.2.5.2. Products
- 8.2.5.3. Strengths & Challenges
- 8.2.6. Infosys Limited
- 8.2.6.1. Company Overview
- 8.2.6.2. Products
- 8.2.6.3. Strengths & Challenges
- 8.2.7. International Business Machines Corporation (Ibm)
- 8.2.7.1. Company Overview
- 8.2.7.2. Products
- 8.2.7.3. Strengths & Challenges
- 8.2.8. Oracle Corporation
- 8.2.8.1. Company Overview
- 8.2.8.2. Products
- 8.2.8.3. Strengths & Challenges
- 8.2.9. Sap Se
- 8.2.9.1. Company Overview
- 8.2.9.2. Products
- 8.2.9.3. Strengths & Challenges
- 8.2.10. Sas Institute Inc
- 8.2.10.1. Company Overview
- 8.2.10.2. Products
- 8.2.10.3. Strengths & Challenges
- 8.2.11. Schneider Electric Se
- 8.2.11.1. Company Overview
- 8.2.11.2. Products
- 8.2.11.3. Strengths & Challenges
- 8.2.12. Siemens Ag
- 8.2.12.1. Company Overview
- 8.2.12.2. Products
- 8.2.12.3. Strengths & Challenges
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