The latest report from Navigant Research has argued the market for communications nodes and associated infrastructure for water and gas utility networks is estimated to go above £1.97 billion in 2019 and is expected to reach £2.22bn in 2024.
The report also found that post 2024, the rising market share among LPWA solutions is expected to cause communications infrastructure revenue to decrease, even as equipment and node shipments continue to increase globally.
Richelle Elberg, principal research analyst at Navigant Research, said: “IoT and LPWA technologies are changing the game with newer networking protocols, such as Long Range (LoRa) and narrowband IoT (NB-IoT), expected to cut the cost of a utility’s smart water or gas network drastically compared with legacy solutions.”
Various startups are looking to explore this ecosystem. Validere, a venture-backed oil and gas IoT and AI platform announced in Novemberthat it had raised £5.76m in seed funding to modify oil and gas trading and logistics through reliable data and AI insights.
According to the company, as of now, several oil and gas firms are making use of unreliable product quality data so that they could make critical operational decisions and in order to address this concern, Validere is therefore using IoT technologies to improve confidence in product quality and AI predictive insights to guide optimal blending, logistics, and trading decisions.
Interested in hearing industry leaders discuss subjects like this? Attend the IoT Tech Expo World Series events with upcoming shows in Silicon Valley, London, and Amsterdam.
