Overview and Scope
The IoT in utilities is the concept for developing advanced solutions that improve productivity and accuracy, solve critical problems, and improve real-time decision-making. It is used to reduce emissions, distribute energy resources, accommodate the integration of renewables, and improve reliability and efficiency. IoT in the utility is used for creating powerful connected networks of data flows among distributed energy resources (DERs), in-home devices, and nano/microgrids.
Sizing and Forecast
The iot in utilities market size has grown rapidly in recent years. It will grow from $47.8 billion in 2023 to $53.49 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to early adopters and pilot projects, regulatory requirements, demand response and energy conservation, predictive maintenance, smart meter deployment
The iot in utilities market size is expected to see rapid growth in the next few years. It will grow to $89.32 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to customer-centric services, cybersecurity measures, smart cities and infrastructure development, water and waste management solutions.. Major trends in the forecast period include grid modernization, energy efficiency and optimization, renewable energy integration, asset management and predictive maintenance, smart metering and billing
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Segmentation & Regional Insights
The iot in utilities market covered in this report is segmented –
1) By Component: Platform, Solutions, Services, Other Components
2) By Technology: Sensors, RFID, Connectivity Technology
3) By Application: Electricity Grid Management, Gas Management, Water and Waste Management, Other Applications
North America was the largest region in the IoT in utilities market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the iot in utilities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing demand for digitization is expected to propel the growth of the IoT in the utility market going forward. Digitization in the IoT in the utility market uses digital tools to logically monitor and upgrade physical infrastructure, automation to improve workforce safety and efficiency, and hence improve customer interaction. Digitization also improves the integration of distributed systems with an advanced grid digital technology. For instance, according to Trade Arabia, an Abu Dhabi-based news agency, in April 2022, the utility sector saw a spike in the implementation of digitization technology driven by a reduction in operating expenses of up to 25% and performance gains of 20% to 40% in areas such as safety, reliability, customer satisfaction, and regulatory compliance. Therefore, increasing demand for digitization is driving the IoT in the utility market growth.
Key Industry Players
Major companies operating in the iot in utilities market report are International Business Machines Corporation, Oracle Corporation, Verizon Communications Inc., Cisco Systems Inc., Vodafone Group Plc, Telit Communications PLC, Landis+Gyr AG, Itron Inc., Schneider Electric SE, Huawei Technologies Co. Ltd., Trimble Inc., Asea Brown Boveri Corporation, Honeywell International Inc., Siemens AG, General Electric, Aclara Technologies LLC, Trilliant Networks Inc, Energyworx, Hindustan Computers Limited, Altair Engineering, Actility S. A, WAVIoT, Rayven LLC, Bosch Software Innovations, C3. ai Inc., Parametric Technology Corporation, Spectrum, Samsara Inc., Advanced RISC Machines Ltd., Sierra Wireless, SoluLab, Silver Spring Networks, Sensus, Badger Meter Inc., Kamstrup A/S, Elster Group GmbH
The iot in utilities market report table of contents includes:
1. Executive Summary
2. IoT In Utilities Market Characteristics
3. IoT In Utilities Market Trends And Strategies
4. IoT In Utilities Market – Macro Economic Scenario
5. Global IoT In Utilities Market Size and Growth
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26. South America IoT In Utilities Market
27. Brazil IoT In Utilities Market
28. Middle East IoT In Utilities Market
29. Africa IoT In Utilities Market
30. IoT In Utilities Market Competitive Landscape And Company Profiles
Top Major Players:
- International Business Machines Corporation
- Oracle Corporation
- Verizon Communications Inc
- Cisco Systems Inc
- Vodafone Group Plc
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