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Global Smart Utilities Market 2024 : Trends, Business Growth And Major Driving Factors
Smart Utilities Global Market Report 2024
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According to The Business Research Company's, The smart utilities market size has grown rapidly in recent years. It will grow from $41.00 billion in 2023 to $46.64 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to increased adoption of energy storage solutions, the need for demand response management, increased demand for renewable energy, increased energy consumption, and increased investment in infrastructure modernization.
The smart utilities market size is expected to see rapid growth in the next few years. It will grow to $78.52 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to rising grid reliability and resilience, weather-based load forecasting, digitalization and analytics, increasing demand for sustainable energy solutions, rising utility costs driving the need for efficiency, and increasing preference for energy-efficient appliances. Major trends in the forecast period include hyper automation and edge computing, digital twins for predictive maintenance, a focus on cybersecurity with quantum threats in mind, and smart grids as a platform for new services and advancements in autonomous systems and robotics.
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Market Drivers and Trends:
The growing adoption of electric vehicles is expected to propel the growth of the smart utilities market going forward. Electric vehicles (EVs) are powered by one or more electric motors using energy stored in rechargeable batteries or another energy storage device. The growing use of electric vehicles is due to convenience and ecological benefits, as well as the increasing availability of models, decreasing costs, and government policies favoring decarbonization. Smart utilities facilitate the integration of electric vehicles (EVs) by optimizing charging infrastructure, managing grid demand, and enabling efficient energy distribution. For instance, in October 2023, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, the percentage of electric cars among all new vehicle purchases rose to 14% in 2022, marking an increase from approximately 9% in 2021. Therefore, the growing adoption of electric vehicles is driving the growth of the smart utilities market.
Major companies operating in the smart utilities market are focusing on developing technologically advanced solutions, such as advanced meter infrastructure (AMI) solutions, to modernize urban water management and gain a competitive edge in the market. Advanced Meter Infrastructure (AMI) solutions refer to integrated systems that enable automated, real-time data collection and management for efficient utility monitoring and control. For instance, in June 2024, ST Engineering., a Singapore-based technology and engineering group, launched BrightCity, an advanced meter infrastructure (AMI) solution for helping utility providers and end users manage water consumption. BrightCity addresses challenges in aging water infrastructure and fragmented meter systems by transforming conventional meters into smart meters using its innovative Meter Interface Unit (MIU). This MIU, compatible with most water meters, enables wireless data collection and integration into a central Meter Data Management System (MDMS). The system provides real-time insights, predictive leakage detection, and a customer portal for monitoring water usage.
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Major Key Players of the Market:
Siemens AG, General Electric Company, International Business Machines Corporation (IBM), Cisco Systems Inc., Oracle Corporation, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd, SAP SE, Eaton Corporation plc, Atos SE, Wipro Limited, Tech Mahindra Limited, Xylem Inc., Hubbell Incorporated, Itron Inc., Enel X S.r.l., Landis+Gyr Group AG, S&C Electric Company, Semtech Corporation, Kamstrup A/S, Smart Energy International, Tantalus Systems Corporation, Trilliant Holdings Inc.
Smart Utilities Market 2024 Key Insights:
• The smart utilities market size is expected to see rapid growth in the next few years. It will grow to $78.52 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%.
• Growing Adoption Of Electric Vehicles Is Driving The Growth Of The Smart Utilities
• Technologically Advanced Smart Water Solution To Drive Innovation In Smart Utilities
• North America was the largest region in the smart utilities market in 2023
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