Global Smart Utilities Management Market 2023-2030
Global Smart Utilities Management Market Size, Share & Trends Analysis Report by Type (Meter Data Management System, Energy Monitoring/ Management, and Smart Distribution Management) Forecast Period (2023-2030)
The global smart utilities management market is anticipated to grow at a considerable CAGR of 18.5% during the forecast period. Advancement of digital technologies presents a transformational opportunity for the utilities sector. Innovations already used in many other industries, such as decentralized production, real-time analytics pulled from big data, sensor networks, and mobile computing, are changing the contours and competitive balance of utilities. Traditional utility models are getting disrupted. Utilities are looking ahead to leverage the rapid advance of digital technologies across the value chain and to streamline their internal processes. The growing investment in smart grids to cater demand for the growing population is driving the global market growth.
As per the United Nations (UN) in 2018, 55.0% of the global population lives in urban areas, which is further expected to increase to 68.0% by 2050. This projection by the UN shows that urbanization combined with the overall growth of the global population could add another 2.5 billion people to urban areas by 2050, with close to 90% of this increase taking place in Asia and Africa. Increasing urban population puts higher pressure on the urban infrastructure for energy saving, and hence, the governments of different economies are taking initiatives for meeting ever-growing needs of the urban population. The governments of several economies are investing in the smart meter and smart grid projects.
In January 2023, Schneider Electric launches home energy management system that integrates solar, storage, EV charging and appliances The Schneider Home platform’s five components include a smartphone app to help monitor and allocate energy resources. New system launches is further contributing to the market growth.
Segmental OutlookThe global smart utilities management market is segmented based on type. Based on type, the market is segmented into meter data management system, energy monitoring/ management, and smart distribution management.
Meter Data Management System Sub-Segment to Hold a Considerable Share in the Global Market
Meter data management (MDM) refers to software that performs long-term data storage and management for the vast quantities of data delivered by smart metering systems. MDM is a component in the smart grid infrastructure promoted by utility companies. This may also incorporate meter data analytics, the analysis of data emitted by electric smart meters that record consumption of electric energy. The growing adoption of advanced metering solutions is driving the growth of this market segment.
Regional OutlookThe global smart utilities management market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, North America is anticipated to exhibit significant growth in the global market. In North America, the US is considered to make major contribution to the North American smart utilities management system market during the forecast period. The growing adoption of smart grid technology in the region to modernize the existing aging grid infrastructure is a major factor creating demand for smart utilities management system for their management. Therefore, the increasing investment in the modernizing of aging grid infrastructure is likely to drive the growth of the regional market.
The Asia-Pacific Region is Expected to Hold a Considerable Share in the Global Smart Utilities Management Market
Among all the region, the Asia-Pacific region is expected to hold a considerable share in the global market owing to the rapid adoption of smart utilities management to increase productivity of renewable energy sector. China, India, and Japan are the major countries of the region that are making considerable contribution to the renewable energy sector globally. China is one of the significant countries for solar PV installations and the production of solar PV panels. As per International Energy Agency (IEA), the country has the largest installed solar power capacity of more than 205 GW by 2019, contributing more than 35.0% of the global installations. The high adoption of smart grid technology in the emerging economies of the region including India and China is further creating demand for smart utilities management system across the region.
Market Players OutlookThe major companies serving the global smart utilities management market includes IBM Corp., Atos SE, Honeywell International Inc., ABB Ltd., and Siemens AG among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in April 2023, the US-based, Tantalus Systems join hands with Savant Systems, which develops smart home and smart power solutions for consumers, businesses and utilities. Their combined offering will deliver demand flexibility by providing utilities with management of behind-the-meter assets through smart electric circuit breakers, Electric Vehicle (EV) chargers and inverters for roof-top solar and battery storage through Tantalus’ TRUSense Gateway. The partnership will enable utilities to dispatch aggregated loads with sub-metering precision by controlling devices inside the home, including EV chargers, roof-top solar, battery storage, hot water heaters, air conditioning units and other large electric appliances. Such developments are anticipated to contribute to the market growth.
The Report CoversMarket value data analysis of 2022 and forecast to 2030.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global smart utilities management market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.