Press release
Growing Adoption Of Electric Vehicles Is Driving The Growth Of The Smart Utilities : A Significant Driver Propelling The Smart Utilities Market In 2025
Smart Utilities Market Growth
What Is the Smart Utilities Market Size and Projected Growth Rate?
The smart utilities market will grow from $46.64 billion in 2024 to $53.25 billion in 2025, reflecting a CAGR of 14.2%. The growth is fueled by the adoption of energy storage solutions, demand response management needs, the growing need for renewable energy, increased energy consumption, and investment in modernizing infrastructure.
The smart utilities market is expected to expand quickly, growing to $89.33 billion in 2029 at a CAGR of 13.8%. The market growth is driven by improved grid reliability, weather forecasting, digital adoption, demand for sustainable energy, and rising energy costs. Major trends include edge computing, digital twins for maintenance, cybersecurity enhancements, smart grids, and autonomous tech developments.
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What Are the Major Segments in the Smart Utilities Market?
The smart utilities market covered in this report is segmented -
1) By Components: Hardware, Software, Services
2) By Technology: Wired, Wired-Less
3) By Applications: Meter Hardware, Communications And Networking, Power Quality Equipment, Technologies
Subsegments:
1) By Hardware: Smart Meters (Electricity, Gas, Water), Communication Modules (For Smart Grid Networks), Sensors And Actuators (For Monitoring And Control), Smart Grids And Substations Equipment, Advanced Metering Infrastructure (Ami), Energy Storage Systems (Batteries), Smart Transformers And Circuit Breakers, Iot Devices For Utilities
2) By Software: Smart Grid Management Software, Utility Data Management Systems (Udms), Energy Management Software (Ems), Geographic Information Systems (Gis), Billing And Customer Information Systems (Cis), Predictive Analytics And Forecasting Software, Scada Systems (Supervisory Control And Data Acquisition), Cloud-based Software For Utility Operations
3) By Services: Installation And Commissioning Services, Consulting Services (For Smart Grid Design And Implementation), Maintenance And Support Services, Data Analytics And Reporting Services, Cloud Hosting And Data Storage Services, Cybersecurity Services For Smart Utilities, Managed Services (For Operations And Monitoring), Remote Monitoring And Diagnostics Services
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What Are The Driving Smart Utilities Market Evolution?
The increasing adoption of electric vehicles is expected to contribute to the growth of the smart utilities market. Electric vehicles, which rely on rechargeable batteries, are becoming more popular due to ecological benefits and government incentives. Smart utilities help optimize charging infrastructure and manage energy distribution for EVs. The International Energy Agency reported in October 2023 that the percentage of electric vehicles among all new vehicle purchases rose to 14% in 2022, boosting demand for smart utility solutions.
Which Firms Dominate The Smart Utilities Market Segments?
Major companies operating in the smart utilities market are 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.
What Are the Major Trends Shaping the Smart Utilities Market?
Major companies in the smart utilities market are introducing advanced meter infrastructure (AMI) systems to modernize urban water management and improve utility efficiency. AMI systems allow for automated, real-time data collection and management. For example, in June 2024, Singapore-based ST Engineering launched BrightCity, an AMI solution designed to help utility providers manage water consumption. It transforms traditional meters into smart meters using a Meter Interface Unit (MIU), providing real-time insights and predictive leak detection.
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Which Is The Largest Region In The Smart Utilities Market?
North America was the largest region in the smart utilities market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart 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 Smart Utilities Market?
2. What is the CAGR expected in the Smart Utilities Market?
3. What Are the Key Innovations Transforming the Smart Utilities Industry?
4. Which Region Is Leading the Smart Utilities Market?
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