IoT In Utilities Market
Which drivers are expected to have the greatest impact on the over the iot in utilities market’s growth?
The growth of IoT in the utility market is set to be boosted by the rising need for digitization. Digital resources are utilized in this market to intelligently update and monitor physical structures, improve worker safety and efficiency through automation, and enhance customer engagement. The assimilation of distributed networks with high-tech grid digital technology is made possible by digitization. For instance, Trade Arabia, a news agency based in Abu Dhabi, reported in April 2022 that there was a surge in the use of digitization technology in the utility sector. This was primarily motivated by a decrease in operational costs by up to 25% and an increase in performance by 20% to 40% in regards to safety, reliability, customer satisfaction, and compliance to regulations. As a result, the growing demand for digitization is stimulating the expansion of IoT in the utility market.
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What is the future CAGR of the iot in utilities market, and how will it impact industry expansion?
In recent years, the market size for IoT in utilities has seen significant expansion. It is predicted to rise from $52.31 billion in 2024 to $57.91 billion in 2025 with a compound annual growth rate (CAGR) of 10.7%. Factors contributing to growth in the historical period include early adopters and pilot projects, regulatory requirements, energy conservation and demand response, predictive maintenance, and the implementation of smart meters.
Expectations are high for the IoT in utilities market, with predictions of accelerated expansion over the coming years. By 2029, the market should hit a size of $105.03 billion, increasing at a compound annual growth rate (CAGR) of 16.0%. Driving this trend in the projected period are factors such as services focused on the customer, cybersecurity initiatives, the rise of smart cities and the development of infrastructure, and solutions for managing water and waste. Key trends in this period will revolve around modernizing grids, optimizing energy efficiency, integrating renewable energy, managing assets and predictive maintenance, and the advent of smart metering and billing.
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What are the most significant trends transforming the iot in utilities market today?
The adoption and incorporation of cutting-edge technologies has become a primary trend in the IoT in the utility market, gaining increasing traction. Main players in the market are striving to incorporate these new technologies to secure a competitive edge. For example, the Dubai Electricity and Water Authority (DEWA), a utility company based in Dubai, reportedly launched a 6U nanosatellite featuring a tailored high-resolution image sensing technology for communication with its IoT terminals in March 2022. These are generally purposed for use in water and energy networks and are set to be utilized to pinpoint thermal fingerprints in high-voltage transmission lines, substations, residences, and solar power facilities.
Which key market segments comprise the iot in utilities market and drive its revenue growth?
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 regions are at the forefront of iot in utilities market expansion?
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
Who are the leading players fueling growth 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
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What Is Covered In The IoT In Utilities Global Market Report?
•Market Size Forecast: Examine the iot in utilities market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the iot in utilities market for a structured understanding.
•Key Players Overview: Analyze major players in the iot in utilities market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the iot in utilities market.
•Segment Contributions: Evaluate how different segments drive overall growth in the iot in utilities market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the iot in utilities market.
•Industry Challenges: Identify potential risks and obstacles affecting the iot in utilities market.
•Competitive Landscape: Review strategic developments in the iot in utilities market, including expansions, agreements, and new product launches.
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