New York, US, June 16, 2021 (GLOBE NEWSWIRE) -- Market Scope:
The global IoT in Warehouse Market size is bound to display a stupendous CAGR of 21.21% over the forecast period (2020-2027), according to the latest report by Market Research Future (MRFR). Grid connected photovoltaic (PV) systems contain solar panels that power the appliances of households during the day. Solar PV systems can produce surplus of electricity during summer months and are stored in grid connected systems to be fed back to the electrical network. Use of hybrid systems for leveraging on solar energy as well as sustainable approaches of generating power can drive the market.
Competitive Analysis:
The IoT in warehouse market is very competitive and marked with alliances and joint ventures. New product developments are expected annually owing to government initiatives and schemes.
Dominant Key Players on IoT in Data Warehouse market covered are:
- TECSYS Inc.
- Omnitracs LLC
- Zebra Technologies
- Cisco Systems Inc.
- Software AG
- HCL Technologies Limited
- Infor Inc.
- Oracle Corporation
- Eurotech SpA
- Intel Corporation
- IBM Corporation
- PTC Incorporation
- UltraShipTMS
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Market USP exclusively encompassed:
Market Drivers
The IoT in Warehouse market is bound to reap huge dividends owing to low operating costs, low electricity bills, and simple design. Elimination of expensive back-up batteries from latest and novel grid designs can lower electricity bills. Rising demand for solar powered energy storage solutions, installation of solar panels, and new government schemes for encouraging renewable energy production can bode well for the market. Development of solar photovoltaic power projects by governments by introducing incentives and subsidies is likely to favor the market. According to the Government of India, the New Solar Mission has opened up auctions for bidding on solar panel projects and aims to create self-sufficient business models that can support energy distribution companies of state governments.
Restraints:
Complexities of maintaining grid balance can hamper market growth.
Segmentation of Market Covered in the Research:
The solution segment is sub-segmented into inventory management, workforce management, electronic data interchange, and others (telematics and automation).
The device segment is sub-segmented into sensing devices, networking & gateways, and others.
The industry segment is sub-segmented into retail & logistics, automotive, food & beverage, healthcare, electrical & electronics, and others.
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Regional Analysis:
The IoT in data warehouse market covers regions of the Americas, Europe, and Asia Pacific (APAC).
APAC holds the largest market share owing to increasing investments in solar projects and demand for solar energy sources. Efforts to reduce the reliance on fossil fuels can bode well for the IoT in data warehouse market. Rising number of photovoltaic installations in China and India are evident of the huge potential of the market. But lack of land resources can hamper the market growth in the region. Ease in installation process and access to services can attract domestic consumers. Online portals and mobile appliances to address customer grievances can bode well for the market.
North America may be lucrative for the IoT in warehouse market owing to energy saving schemes and eliminating charges in commercial electricity tariffs. The U.S. is likely to be the biggest revenue generator of the region with installation of solar farms and passing of law for introduction of renewable energy schemes. Deployment of GPV connected systems and regulatory changes can favor the market. Investment tax credits for solar is driving the number of installations in the utility sector. Energy storage mandates and incentive schemes can facilitate the market’s penetration in the region.
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COVID-19 Impact:
The COVID-19 pandemic has negatively affected the global IoT in Warehouse market. The prioritization of healthcare and goals of curbing the disease from spreading in countries has slashed the budgets of renewable energy schemes. Reliance on solar modules and panels imported from China has affected the industry at large. The effect of the pandemic on auction bids and installations can derail future renewable energy investments. Policy changes that usher in flexibility in current models of electricity systems and calculate for losses during cloud cover and wind gusts can push the industry towards new horizons.
Industry Trends:
IoT in Warehouse are likely to be integrated into electrical grids and act as a source of electrical supply. They can act as a storage device and supply power to grids during peak hours. This is evident with various plans and schemes rolled out by governments and linked with incentives. Cost-savings and operational efficiency are major advantages of these systems that can lead to rapid adoption in the coming years.
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