South Korea Iot In Energy & Utility Application Market Forecast 2024-2032
The South Korea IoT in energy & utility application market is projected to register a CAGR of 11.59% during the forecast period, 2024-2032.
MARKET INSIGHTS
South Korea is at the forefront of technological innovation, and its energy and utility sectors are no exception. The adoption of Internet of Things (IoT) technologies in these sectors is transforming how energy is managed, distributed, and consumed.
South Korea's energy and utility market is increasingly integrating IoT solutions to enhance efficiency, reliability, and sustainability. The country's advanced infrastructure and strong governmental support for smart technologies have facilitated rapid IoT adoption. Major energy companies and utility providers are leveraging IoT to monitor and manage energy consumption, reduce operational costs, and improve service delivery.
Also, South Korea's leadership in technology and innovation provides a strong foundation for IoT integration. Advances in AI, machine learning, and data analytics are pivotal in developing sophisticated IoT solutions for the energy and utility sectors.
SEGMENTATION ANALYSIS
The South Korea IoT in energy & utility application market segmentation includes connectivity, end-user, and component. The end-user segment includes utility gas management, oil and gas, water management, electricity grid & supply management, and mining.
Sensors can measure the quality of raw catchment water, as well as the chemical composition of water after treatment and in wastewater. They can monitor varying quantities in storage reservoirs, pipe pressure in distribution pipelines, leakages, and the wear and tear on equipment that processes and delivers water to end-users. The data generated by these sensors provide critical insights into the changing conditions of water resources and equipment, enabling data-driven corrective measures as needed. Sensors can also monitor usage patterns. Collectively, these capabilities lead to cost savings, resource conservation, reduced manpower, and overall smarter water management.
According to the World Water Forum, agriculture and inefficient irrigation systems account for up to 70% of global water use, with much of it being wasted. This is often because irrigation occurs automatically, regardless of weather conditions or soil moisture levels. By utilizing data collected by IoT sensors in the field, irrigation can be optimized based on insights into weather conditions, soil moisture, and other factors, ensuring that only the appropriate amount of water is used at the right time.
COMPETITIVE INSIGHTS
Some of the leading firms in the South Korea IoT in energy & utility application market are Eaton Corporation plc, General Electric Company, Infosys Limited, etc.
General Electric Company (GE or 'the company') is an industrial corporation that provides financial services and industrial equipment. GE offers a diverse range of products and services, including aircraft engines, oil and gas production equipment, power generation equipment, medical imaging products, and financing solutions. Additionally, it provides financial solutions, underwriting capabilities, working capital services, and insurance services.
GE serves various industries, including oil & gas, telecommunications, water, mining, transportation, aerospace, power, metals, and healthcare. It operates across the Americas, Europe, Asia, the Middle East, and Africa. The company is headquartered in Boston, Massachusetts, 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-south Korea
- 2.3. Country Analysis-south Korea
- 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 - South Korea
- 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. Siemens Ag
- 8.2.10.1. Company Overview
- 8.2.10.2. Products
- 8.2.10.3. Strengths & Challenges
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