The IoT utility market has been expanding at a robust pace over the last few years, pertaining to the rising energy consumption. The enforcement of government regulations regarding energy conservation has urged utility companies to adopt better means of energy utilisation and Internet of Things (IoT) is expected to emerge as one such promising element.
The utility industry at present is facing complex pressure. While on one hand, energy consumption around the world is rising exponentially with the US Energy Information Administration estimating energy consumption to rise by 48% by 2040, energy generation, especially through renewable resources has also increased remarkably.
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Source: Smart Energy International