The telemetry hardware market is divided between two important players who provide the devices to distributors or IoT integrators. We position ourselves on a niche market.
The IOT market is huge and predicted to grow at a CAGR of 20% until 2023. Smart metering is part of the trend and expected to grow as fast.
The first vertical we choose with our IOT service is a market with a downward trend where the main actors need diversification and cost-cutting to keep up their growth. This opportunity is captured by Fullup through its Tankconnect offer.
The company has some indirect competition with other gauge manufacturers. Two OEM players are dominating the market for gauges (gas & fuel) and are now also manufacturing the smart version of their products.
We position ourselves rather as a complementary company by integrating their hardware into our software. Some other companies are providing remote monitoring services for tanks.
The energy consumption of buildings represents 40% of the energy used in the EU and represents a considerable cost-effective energy saving potential. The market for smart metering is growing and still quite unexplored, leaving enough room for different actors.