What Is The Overview Of The Global Smart Utilities Market?
Smart utilities refer to modernized systems and technologies employed in the management, monitoring, and optimization of various utility services such as electricity, water, and gas. Smart utilities utilize connected sensors across their grids to deliver services more efficiently, leveraging the Internet of Things (IoT) and digital technologies to optimize asset performance, provide real-time business intelligence, and prevent utility loss.
Smart Utilities Global Market Report 2024 provides data on the global smart utilities market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Smart Utilities market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Expected Annual Growth Rates And Market Size Estimates For The Global Smart Utilities Sector?
The smart utilities market has grown rapidly in recent years, rising from $41.00 billion in 2023 to $46.64 billion in 2024, with a compound annual growth rate (CAGR) of 13.8%. This historical growth is driven by increased adoption of energy storage solutions, the need for demand response management, rising demand for renewable energy, increased energy consumption, and greater investment in infrastructure modernization. The market is projected to grow to $78.52 billion by 2028 at a CAGR of 13.9%. This anticipated growth is attributed to rising grid reliability and resilience, weather-based load forecasting, digitalization and analytics, increasing demand for sustainable energy solutions, rising utility costs driving the need for efficiency, and a growing preference for energy-efficient appliances. Major trends in the forecast period include hyper automation and edge computing, digital twins for predictive maintenance, a focus on cybersecurity with quantum threats in mind, smart grids as a platform for new services, and advancements in autonomous systems and robotics.
Which Factors Are Boosting Growth In The Smart Utilities Market?
The growing adoption of electric vehicles is expected to boost the growth of the smart utilities market. Electric vehicles (EVs) are powered by electric motors using energy stored in rechargeable batteries or other storage devices. Their increasing use is driven by convenience, ecological benefits, more available models, decreasing costs, and supportive government policies. Smart utilities optimize EV charging infrastructure, manage grid demand, and enable efficient energy distribution. According to the International Energy Agency (IEA) in October 2023, the percentage of electric cars among all new vehicle purchases rose to 14% in 2022, up from approximately 9% in 2021. Thus, the growing adoption of electric vehicles is driving the smart utilities market.
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What Key Areas Define The Segmentation Of The Global Smart Utilities Market?
The smart utilities market covered in this report is segmented –
1) By Components: Hardware, Software, Services
2) By Technology: Wired, Wired-Less
3) By Applications: Meter Hardware, Communications And Networking, Power Quality Equipment, Technologies
How Are Emerging Trends Reshaping The Dynamics Of The Smart Utilities Market?
Companies in the smart utilities market are focusing on advanced solutions such as advanced meter infrastructure (AMI) to modernize urban water management and gain a competitive edge. AMI solutions involve integrated systems for automated, real-time data collection and management for efficient utility control. For example, in June 2024, ST Engineering, a Singapore-based technology and engineering group, launched BrightCity, an AMI solution to aid utility providers and users in managing water consumption. BrightCity addresses issues with aging water infrastructure and fragmented meter systems by converting traditional meters into smart meters using its innovative Meter Interface Unit (MIU), which supports wireless data collection and integration into a central Meter Data Management System (MDMS). This system offers real-time insights, predictive leakage detection, and a customer portal for monitoring water usage.
Which Region Has The Fastest Expansion In The Smart Utilities Market?
North America was the largest region in the smart utilities market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart utilities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
