Tuesday October 18, 2016 0 comments
BOULDER -- Navigant Research today announced the launch of a new research service as part of its Utility Transformations program.
The Internet of Things (IoT) Research Service provides independent and objective intelligence around IoT applications for utilities, commercial buildings, distributed energy resources (DER), and smart cities, covering changing business models affecting a variety of stakeholders.
As connected devices proliferate, Navigant said IoT will play a pivotal role across a variety of industries and applications. Facility managers, homeowners, utilities, transportation executives, governments, and other entities are already leveraging IoT technologies to provide insights that lead to greater efficiency, automation, security, customer engagement, and occupant comfort -- and the adoption of these technologies is expected to expand even further.
“The IoT is like putting together a jigsaw puzzle without any edge pieces,” said Neil Strother, Navigant principal research analyst.
“Hundreds of millions of connected devices are expanding rapidly into tens of billions in the coming decade,” says Neil Strother, principal research analyst. “Communicating devices in the IoT traverse a wide range of industries and sectors -- virtually all areas of life can expect to see some form of this connected world.”
The launch of the IoT Research Service also coincides with the quickly expanding market of Internet-connected devices that support a new digital foundation for the grid, which Navigant has defined as the Energy Cloud.
The emerging IoT touches nearly all aspects of energy generation, transmission and distribution, and consumption. For utilities, the IoT helps utilities transition into new ongoing advisory and managed services relationships to gain better insight into customer loads and improve customer satisfaction.
This new approach to customer engagement will direct behavior modification, load control, and conservation in concert to maximize reliability and resiliency of the grid.
Navigant Research’s key findings and forecasts about Internet of Things markets include the following:
- Overall global commercial and residential IoT revenue is expected to total more than $776 billion on a cumulative basis over the next 10 years
- Cumulative shipments of residential IoT devices is expected to reach 1.9 billion over the next 10 years
- Global revenue attributed to residential Internet of Things devices alone is expected to grow from $26.5 billion in 2016 to $117.3 billion in 2026
- In the United States, 70,000 customers are expected to be in pilot-scale utility IoT engagements by 2020, representing an estimated $50 million market
- Global utility spend for smart grid and smart city networking and communications is projected to grow from $5.4 billion in 2016 to $9.5 billion in 2025