Global IoT Utilities Market Growth (Status and Outlook) 2024-2030

Global IoT Utilities Market Growth (Status and Outlook) 2024-2030

According to our LPI (LP Information) latest study, the global IoT Utilities market size was valued at US$ 5508.3 million in 2023. With growing demand in downstream market, the IoT Utilities is forecast to a readjusted size of US$ 11970 million by 2030 with a CAGR of 11.7% during review period.

The research report highlights the growth potential of the global IoT Utilities market. IoT Utilities are expected to show stable growth in the future market. However, product differentiation, reducing costs, and supply chain optimization remain crucial for the widespread adoption of IoT Utilities. Market players need to invest in research and development, forge strategic partnerships, and align their offerings with evolving consumer preferences to capitalize on the immense opportunities presented by the IoT Utilities market.

The Internet of things (IoT) is the network of physical devices, vehicles, home appliances, and other items embedded with electronics, software, sensors, actuators, and connectivity which enables these things to connect, collect and exchange data,creating opportunities for more direct integration of the physical world into computer-based systems, resulting in efficiency improvements, economic benefits, and reduced human exertions.The utility industry continues to face difficulty related to the complexity and high costs associated with maintaining their assets. Increasing incidents of cyber threats poses significant challenge to the industry growth. IoT technology is witnessing huge adoption in industries to remote monitoring of assets, pre-identification of faults and restoring without actually visiting the facility. Also, the implementation of the technology for electricity grid management is helping the companies to achieve their goals of efficiency, reliability and environmental responsibility.

According to our research, the number of global connected IoT devices was about 14 billion, grew by 18% compared to 2021. The data released by the Office of the Central Cyberspace Affairs Commission shows that, by the end of 2022, China has built and opened a total of 2.3 million 5G base stations. 110 cities across the country have reached the gigabit city construction standards. Gigabit optical network has the ability to cover more than 500 million households. IPv6 scale deployment application is deeply promoted. The number of active users exceeds 700 million, mobile network IPv6 traffic accounted for nearly 50%. The total size of China's data center racks exceeds 6.5 million standard racks, with an average annual growth rate of more than 30% in the past five years.

Key Features:

The report on IoT Utilities market reflects various aspects and provide valuable insights into the industry.

Market Size and Growth: The research report provide an overview of the current size and growth of the IoT Utilities market. It may include historical data, market segmentation by Type (e.g., Sensor, Rfid), and regional breakdowns.

Market Drivers and Challenges: The report can identify and analyse the factors driving the growth of the IoT Utilities market, such as government regulations, environmental concerns, technological advancements, and changing consumer preferences. It can also highlight the challenges faced by the industry, including infrastructure limitations, range anxiety, and high upfront costs.

Competitive Landscape: The research report provides analysis of the competitive landscape within the IoT Utilities market. It includes profiles of key players, their market share, strategies, and product offerings. The report can also highlight emerging players and their potential impact on the market.

Technological Developments: The research report can delve into the latest technological developments in the IoT Utilities industry. This include advancements in IoT Utilities technology, IoT Utilities new entrants, IoT Utilities new investment, and other innovations that are shaping the future of IoT Utilities.

Downstream Procumbent Preference: The report can shed light on customer procumbent behaviour and adoption trends in the IoT Utilities market. It includes factors influencing customer ' purchasing decisions, preferences for IoT Utilities product.

Government Policies and Incentives: The research report analyse the impact of government policies and incentives on the IoT Utilities market. This may include an assessment of regulatory frameworks, subsidies, tax incentives, and other measures aimed at promoting IoT Utilities market. The report also evaluates the effectiveness of these policies in driving market growth.

Environmental Impact and Sustainability: The research report assess the environmental impact and sustainability aspects of the IoT Utilities market.

Market Forecasts and Future Outlook: Based on the analysis conducted, the research report provide market forecasts and outlook for the IoT Utilities industry. This includes projections of market size, growth rates, regional trends, and predictions on technological advancements and policy developments.

Recommendations and Opportunities: The report conclude with recommendations for industry stakeholders, policymakers, and investors. It highlights potential opportunities for market players to capitalize on emerging trends, overcome challenges, and contribute to the growth and development of the IoT Utilities market.

Market Segmentation:

IoT Utilities market is split by Type and by Application. For the period 2019-2030, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of value.

Segmentation by type
Sensor
Rfid
Connectivity Technologies
Others

Segmentation by application
Electricity Grid Management
Gas Management
Waste Management
Others

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
ABB
Bosch Software Innovations
Cisco Systems
General Electric
Hitachi
Honeywell International
Huawei Technologies
IBM Corporation
Intel Corporation
Microsoft Corporation
NEC Corporation

Please note: The report will take approximately 2 business days to prepare and deliver.