Internet of Things (IoT) in Utilities - Global Strategic Business Report

The global market for Internet of Things (IoT) in Utilities was estimated at US$66.9 Billion in 2023 and is projected to reach US$158.1 Billion by 2030, growing at a CAGR of 13.1% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

Global Internet of Things (IoT) in Utilities Market - Key Trends and Drivers Summarized

How Is the Internet of Things (IoT) Revolutionizing Utilities?

The Internet of Things (IoT) is revolutionizing the utilities sector by enabling smarter, more efficient management of energy, water, and gas resources. IoT devices such as smart meters, sensors, and connected grids allow utility companies to monitor resource consumption in real time, helping to balance supply and demand more effectively and reduce waste. By providing continuous data on energy usage, smart meters enable utilities to offer dynamic pricing models, encourage energy conservation, and detect anomalies such as leaks or faults in the system. IoT solutions also help utility companies improve operational efficiency through predictive maintenance of infrastructure, reducing downtime and extending the lifespan of critical assets.

How Are Technological Advancements Driving IoT Adoption in Utilities?

Technological advancements in IoT sensors, AI-driven analytics, and edge computing are driving the widespread adoption of IoT in the utilities sector. IoT sensors are becoming more sophisticated and energy-efficient, enabling continuous monitoring of utility infrastructure such as power grids, water pipelines, and gas distribution networks. AI and machine learning algorithms analyze the vast amounts of data generated by IoT devices, offering predictive insights that help utility companies optimize grid performance, detect faults, and improve service reliability. Edge computing is enhancing IoT systems by allowing data to be processed closer to the source, reducing latency and enabling faster responses to critical events such as power outages or water leaks.

How Do Market Segments Define the Growth of IoT in Utilities?

Components include hardware such as smart meters and sensors, software for data management and analytics, and services for system integration and maintenance. Key applications of IoT in utilities include energy management, grid monitoring, water management, and predictive maintenance, with smart metering being the largest segment due to the growing adoption of connected meters by utility companies. Geographically, North America and Europe are leading the market, driven by government regulations promoting smart grid development and energy efficiency, while emerging markets in Asia-Pacific are seeing rapid growth due to increasing investments in digital infrastructure and urbanization.

What Factors Are Driving the Growth in the IoT in Utilities Market?

The growth in the IoT in utilities market is driven by several factors, including the increasing demand for energy efficiency, the growing adoption of smart grid technologies, and the need for real-time monitoring of critical infrastructure. As utilities seek to improve resource management and reduce operational costs, IoT solutions offer real-time insights into energy, water, and gas usage, helping to optimize supply and reduce waste. Technological innovations in AI, edge computing, and advanced sensor technology are further driving market growth by enabling predictive maintenance and improving the reliability of utility services. Additionally, regulatory mandates aimed at promoting energy conservation and sustainability are pushing utility companies to adopt IoT technologies to meet environmental goals and ensure long-term infrastructure resilience.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Solutions Component segment, which is expected to reach US$94.1 Billion by 2030 with a CAGR of a 13.9%. The Platform Component segment is also set to grow at 10.9% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, which was estimated at $18.3 Billion in 2023, and China, forecasted to grow at an impressive 12.4% CAGR to reach $24.2 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Internet of Things (IoT) in Utilities Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Internet of Things (IoT) in Utilities Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Internet of Things (IoT) in Utilities Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of major players in the Internet of Things (IoT) in Utilities market such as ABB, Aclara, Actility, Altair, Cisco and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Some of the 37 companies featured in this Internet of Things (IoT) in Utilities market report include:

• ABB
• Aclara
• Actility
• Altair
• Cisco
• Energyworx
• General Electric
• HCL
• Honeywell
• Huawei
• IBM
• Itron
• Landis+Gyr
• Oracle
• Rayven
• Saviant Consulting
• Schneider Electric
• Siemens
• Telit
• Trilliant
• Trimble
• Verizon
• Vodafone
• Waviot