How Has the IoT In Utilities Market Evolved Historically and What is its Current Size?
The iot in utilities market has seen considerable growth due to a variety of factors.
• The market size for IoT in utilities has seen considerable growth recently. It is projected to increase from $52.31 billion in 2024 to $57.91 billion in 2025, indicating a Compound Annual Growth Rate (CAGR) of 10.7%.
The historic growth has been driven by factors such as early adopters and piloted projects, regulatory mandates, energy conservation and demand response, anticipatory maintenance, and deployment of smart meters.
What is the Forecasted Market Size and CAGR for the IoT In UtilitiesMarket?
The iot in utilities market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for a swift expansion in the IoT utilities market size in the coming years, with projections suggesting it will reach $105.03 billion by 2029, growing at a compound annual rate (CAGR) of 16.0%.
The anticipated growth during this period could be attributed to factors such as the provision of customer-centric services, implementation of cybersecurity strategies, development of smart cities and infrastructures as well as the implementation of water and waste management solutions. Looking towards the forecast period, the major trends predicted to dominate are grid modernization, energy efficiency and optimisation, integration of renewable energy sources, asset management and predictive maintenance, along with advancements in smart metering and billing.
What Key Factors and Trends are Driving the Growth of the IoT In Utilities Market?
The surge in the need for digitization is anticipated to boost the IoT in the utility market's expansion in the future. The employment of digital tools in the IoT in the utility market allows for logical surveillance and advancement of physical infrastructure, automation to augment workforce safety and efficiency, and subsequently enhance customer engagement. Digitization additionally facilitates the incorporation of distributed systems with sophisticated grid digital technology. For example, Trade Arabia, a news agency based in Abu Dhabi, reported in April 2022 that there was a significant increase in the adoption of digitization technology in the utility sector, led by a decrease in operating costs by up to 25% and performance improvements of 20% to 40% in areas like safety, reliability, customer satisfaction, and regulatory compliance. Consequently, the advancing demand for digitization is stimulating the growth of the IoT in the utility market.
What are the Market Segments in the IoT In Utilities Market?
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
Subsegments:
1) By Platform: Cloud Platforms, Edge Computing Platforms
2) By Solutions: Smart Metering, Asset Management, Grid Management, Water Management, Energy Management
3) By Services: Consulting Services, Integration Services, Maintenance And Support Services
4) By Other Components: Devices And Sensors, Network Infrastructure, Data Management Tools
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What Trends are Shaping the IoT In Utilities Market?
The advent of innovative technologies' integration stands as a major trend rising in popularity within the IoT utility market. To secure competitive edges, dominant companies in this market are making efforts to incorporate innovative technologies. For example, a Dubai Electricity and Water Authority (DEWA) announced in March 2022 that a Dubai-based utility firm launched a 6U nanosatellite equipped with a bespoke, high-resolution image sensing technology designed particularly to converse with its IoT terminals. These devices are primarily engineered for application in energy and water networks and are planned to be utilized for detecting thermal fingerprints in areas such as high-voltage transmission lines, substations, residential areas, and solar power stations.
Who Are the Key Players in the IoT In Utilities Market?
Major companies operating in the IoT in utilities market include:
• 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
What are the Regional Insights into the IoT In Utilities Market?
North America was the largest region in the IoT in utilities market in 2024.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
