IoT In Utilities Market Anticipated To Witness Robust Growth, Surpassing $105.03 Billion By 2029

The IoT In Utilities Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Current IoT In Utilities Market Size and Its Estimated Growth Rate?
The market size for IoT in utilities has experienced a swift expansion in recent years. There is a projected growth from $52.31 billion in 2024 to $57.91 billion in 2025, indicating a compound annual growth rate (CAGR) of 10.7%. The significant growth during the historical period can be credited to factors such as early adopters and pilot initiatives, regulatory obligations, energy conservation and demand response, predictive upkeep, and the implementation of smart meters.

The market size for IoT in utilities is predicted to experience a rapid expansion in the coming years, growing to $105.03 billion in 2029 with a compound annual growth rate (CAGR) of 16.0%. This growth over the forecast period can be credited to factors such as services centered around the customer, actions towards cybersecurity, evolution of smart cities and infrastructure, and solutions for water and waste management. Key trends for this forecast period include modernizing the grid, enhancing energy efficiency and optimization, integrating renewable energy, managing assets and carrying out predictive maintenance, and implementing smart metering and billing.

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How Are Emerging Segments Shaping the IoT In Utilities Market Landscape?
The IoT in utilities market covered in this report is segmented -

1) By Component: Platform, Solutions, Services, Other Components
2) By Technology: Sensors, RFID, Connectivity Technology
3) By Application: Electricity Grid Management, Gas Management, Water and Waste Management, Other Applications

Subsegments:
1) By Platform: Cloud Platforms, Edge Computing Platforms
2) By Solutions: Smart Metering, Asset Management, Grid Management, Water Management, Energy Management
3) By Services: Consulting Services, Integration Services, Maintenance And Support Services
4) By Other Components: Devices And Sensors, Network Infrastructure, Data Management Tools

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Which Growth Factors Are Influencing IoT In Utilities Market Expansion?
Influenced by a growing inclination toward digitization, the IoT in the utility market is projected to experience substantial growth. The adoption of digital tools in this market allows for strategic management and enhancement of physical infrastructures, offering improved workforce safety and efficiency and boosting customer engagement. Digitization further augments the cohesion of distributed systems with superior grid digital technology. For instance, Trade Arabia, a news resource based in Abu Dhabi, reported in April 2022 that there was a significant increase in the deployment of digitization technology in the utility sector. This was attributed to a decrease in operational costs by up to 25% and performance improvements ranging from 20% to 40% in facets like safety, reliability, customer satisfaction, and regulatory compliance. Given these benefits, the growing demand for digitization is a key driver propelling the growth of the IoT in the utility market.

Who Are the Dominant Players Across Different IoT In Utilities Market Segments?
Major companies operating in the IoT in utilities market include International Business Machines Corporation, Oracle Corporation, Verizon Communications Inc., Cisco Systems Inc., Vodafone Group Plc, Telit Communications PLC, Landis+Gyr AG, Itron Inc., Schneider Electric SE, Huawei Technologies Co. Ltd., Trimble Inc., Asea Brown Boveri Corporation, Honeywell International Inc., Siemens AG, General Electric, Aclara Technologies LLC, Trilliant Networks Inc, Energyworx, Hindustan Computers Limited, Altair Engineering, Actility S. A, WAVIoT, Rayven LLC, Bosch Software Innovations, C3. ai Inc., Parametric Technology Corporation, Spectrum, Samsara Inc., Advanced RISC Machines Ltd., Sierra Wireless, SoluLab, Silver Spring Networks, Sensus, Badger Meter Inc., Kamstrup A/S, Elster Group GmbH

What Are the Latest Developing Trends in the IoT In Utilities Market?
The incorporation of innovative technologies has become a prominent trend in the IoT in the utility market. Major market players are striving to integrate these new technologies to secure a competitive edge. For example, as reported in March 2022 by the Dubai Electricity and Water Authority (DEWA), a utility company based in Dubai, launched a 6U nanosatellite equipped with a bespoke high-resolution imaging technology explicitly built to interact with its IoT terminals. These are primarily created for use in energy and water systems and will be employed to identify thermal fingerprints in high voltage transmission lines, substations, homes, and solar power stations.

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Which Geographic Regions Are Expected to Dominate the IoT In Utilities Market in the Coming Years?
North America was the largest region in the IoT in utilities market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the IoT in utilities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the IoT In Utilities Market?
2. What is the CAGR expected in the IoT In Utilities Market?
3. What Are the Key Innovations Transforming the IoT In Utilities Industry?
4. Which Region Is Leading the IoT In Utilities Market?

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