Internet of Things (IoT) in Utilities

Global Internet of Things (IoT) in Utilities Market to Reach US$158.1 Billion by 2030

The global market for Internet of Things (IoT) in Utilities estimated at US$66.9 Billion in the year 2023, is expected to reach US$158.1 Billion by 2030, growing at a CAGR of 13.1% over the analysis period 2023-2030. Solutions Component, one of the segments analyzed in the report, is expected to record a 13.9% CAGR and reach US$94.1 Billion by the end of the analysis period. Growth in the Platform Component segment is estimated at 10.9% CAGR over the analysis period.

The U.S. Market is Estimated at US$18.3 Billion While China is Forecast to Grow at 12.4% CAGR

The Internet of Things (IoT) in Utilities market in the U.S. is estimated at US$18.3 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$24.2 Billion by the year 2030 trailing a CAGR of 12.4% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 11.6% and 10.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9.2% CAGR.

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.

Select Competitors (Total 37 Featured) -

• 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

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