IoT in Utilities Market - Industry Structure Evaluation, Demand Drivers Analysis, Regional Growth Analysis and Identification, Competitive Positioning Review & Global Market Size Forecast to 2030
Overview
The IoT in Utilities Market size was valued at USD 47.39 Billion in 2023 and the total IoT in Utilities revenue is expected to grow at a CAGR of 13.5% from 2024 to 2030, reaching nearly USD 115.00 Billion.
The report covers the detailed analysis of the global IoT in the utility industry with the classifications of the market on the basis of component, technology, application, and region. Analysis of past market dynamics from 2024 to 2030 is given in the report, which will help readers to benchmark the past trends with current market scenarios with the key players' contribution in it.
The report has profiled major key players in the market from different regions. However, the report has considered all market leaders, followers, and new entrants with investors while analyzing the market and estimating the size of the same. The manufacturing environment in each region is different and focus is given on the regional impact on the cost of manufacturing, supply chain, availability of raw materials, labor cost, availability of advanced technology, trusted vendors are analyzed and the report has come up with recommendations for a future hot spot in North America region.
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IoT in Utilities Market Dynamics
Increasing adoption of smart meters and smart grid to drive the market
The global energy demand rose by 2.3% in 2023, which is the highest increase since 2010 due to the high adoption of smart devices is rising the electricity consumption across the globe. Global energy consumption is expected to grow by 48% by 2030. In recent time utilities are using smart meter reading to gain analytical understanding down to the substation level, feeder and last mile.
Smart meters have become a preferred IoT device among utility service provider as it allows to track, forecast and plan the volatility of today’s energy consumption and production patterns. However, smart grid smart grids offer real-time data that can help utility providers to carry out demand-based power generation and distribution. With this approach, providers can distribute a utility based on consumption.
Governments of different countries are moving towards smart meters to manage utilities and offer customer value-adding services such as direct usage feedback, flexible tariffs and smart home applications. As result, the increasing adoption of smart meters and smart grids is expected to drive the global IoT in the utilities market during the forecast period.
The electricity grid management segment is expected to hold the largest market share of xx% by 2030. The electrical grid serves residents, business and infrastructure service for efficient management and delivery of power. Most utilities industries are held by the government, municipalities are adopting electric grid technology to improve electricity usage and provide better customer service to the citizens.
Grid with IoT uses smart sensors, smart meters, smart receivers etc. for communication. With the smart meters, the service provider can discover real-time power demands with granularity and accuracy, which is simply not possible with older technology. The electrical grid helps to collect and analyze data that are acquired from transmission lines, distribution substations, and consumers, which allows the service provider to predict sudden increases in demand and how to best manage power.
Regional Insights
North America is expected to witness the highest growth during the forecast period
North America is expected to lead the IoT in the utility market during the forecast period due to the increased adoption of advanced technologies and connected devices in countries like the US and Canada. The energy consumption of the US is expected to rise by 43% by 2023.
In the US there are 200,000 miles of high voltage transmission lines, which collectively carry more than one million megawatts of electricity in the country. As result, it increased demand for smart meters and smart grid for efficient management and delivery of power in the region, which is expected to boost the market in North America.
Asia Pacific is expected to hold the largest market share of xx% by 2030. The large market share in the region is attributed to developing countries like India and China. The awareness of technological advancements and benefits of IoT led to adopt cutting-edge IoT solutions in utility industries in countries like India, China and GCC countries. However, other factors like government initiative to promote smart cities & smart buildings and the expansion of gas & electricity production facilities are expected to create many lucrative opportunities in the Asia Pacific.
The objective of the report is to present a comprehensive analysis of the global IoT in the utilities market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.
The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants.
PORTER, SWOT, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding global IoT in utility market dynamics, structure by analyzing the market segments and project global IoT in utility market clear representation of competitive analysis of key players by price, financial position, by detection and equipment portfolio, growth strategies, and regional presence in the global IoT in utility market make the report investor’s guide.
IoT in utility Market Scope: Inquire before buying
| IoT in utility Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2023 | Forecast Period: | 2024-2030 |
| Historical Data: | 2018 to 2023 | Market Size in 2023: | USD 47.39 Billion |
| Forecast Period 2024 to 2030 CAGR: | 13.5% | Market Size in 2030: | USD 115.00 Billion |
| Segments Covered: | by Component | Platform Solutions Asset Monitoring Management Safety and Security Supervisory Control and Data Acquisition (SCADA) Workforce Management Network Management Customer Information System (CIS) and Billing System Services Consulting Integration and Deployment Support and Maintenance |
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| by Technology | Sensors RFID Connectivity Technology |
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| by Application | Water and Wastewater Management Gas Management Electricity Grid Management |
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by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
IoT in Utilities Market Key Players
1. IBM
2. Oracle
3. Verizon
4. Cisco
5. Telit
6. Landis Gyr
7. Itron
8. Schneider Electric
9. Huawei
10. Trimble
11. Aclara
12. Trilliant
13. Energyworx
14. HCL
15. Altair
16. Actility
17. Waviot
18. Rayven
19. Saviant Consulting
20. ABB
21. Siemens
22. Honeywell
23. GE
24. GSMA
25. SAS
26. Comcast Corporation
27. Ericsson
28. Fujitsu
29. Sierra Wireless
30. AT&T
31. Sprint
32. Carina Technology
33. Hunt Power
34. Juniper Networks
35. Silicon Labs
36. Tantalus Systems
37. GridPoint
Frequently Asked Questions:
1. Which region has the largest share in Global IoT in Utilities Market?
Ans: Asia Pacific region held the highest share in 2023.
2. What is the growth rate of Global IoT in Utilities Market?
Ans: The Global IoT in Utilities Market is growing at a CAGR of 13.5% during forecasting period 2024-2030.
3. What is scope of the Global IoT in Utilities market report?
Ans: Global IoT in Utilities Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.
4. Who are the key players in Global IoT in Utilities market?
Ans: The important key players in the Global IoT in Utilities Market are – IBM, Oracle, Verizon, Cisco, Telit, Landis Gyr, Itron, Schneider Electric, Huawei, Trimble, Aclara, Trilliant, Energyworx, HCL, Altair, Actility, Waviot, and Rayven
5. What was the Global IoT in Utilities Market size in 2023?
Ans: The Global IoT in Utilities Market size was USD 47.39 Billion in 2023.