Latin America Iot In Energy & Utility Application Market 2022-2028
MARKET OUTLOOK
Triton’s research report insinuates that the Latin American IoT in energy & utility application market is estimated to register growth at a CAGR of 13.16% during the forecasting years 2022-2028. Brazil, Mexico, and Rest of Latin America outline the market in this region.
With a population of over 120 million, the Mexican government has installed a large number of drinking fountains that provide efficient water services with the help of IoT. In order to provide a safe water supply, the country requires a robust technological infrastructure. This has resulted in the surge of investments in various technologies like IoT. Furthermore, the nation has a large number of IoT devices in operation, which is expected to increase significantly by 2023. As a result, internet of things technology is gaining momentum across numerous sectors, including manufacturing, energy & utility, and transportation. Thus, these factors are fueling the IoT in energy & utility application market.
In Peru, there is a high demand for IoT devices that can function in remote places without requiring high maintenance, frequent replacement, or power supply. Here, the country requires a well-developed solution to monitor water canals across the country. The National Water Authority is exploring the benefits of IoT devices to reactivate agricultural activity in desert areas, further creating job opportunities. Thus, the rising benefits of IoT devices will widen the scope of the IoT in energy & utility application market during the forecast period.
COMPETITIVE OUTLOOK
The popular companies in the IoT in energy & utility application market are IBM, Siemens, ABB Ltd, SAP SE, General Electric Company, and Aclara Technologies LLC.
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