Emerging Trends to Drive IoT In Utilities Market Growth at 16% CAGR Through 2029

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IoT In Utilities Market Size Growth Forecast: What to Expect by 2025?
In recent times, the IoT in utilities market size has seen a significant surge. The market, which stood at $52.31 billion in 2024, is expected to expand to $57.91 billion in 2025, at a compound annual growth rate (CAGR) of 10.7%. Factors contributing to the growth during the historic period include initial adopters and pilot projects, regulatory obligations, the necessity for energy conservation and demand response, anticipatory maintenance, and the roll-out of smart meters.

How Will the IoT In Utilities Market Size Evolve and Grow by 2029?
The market size for IoT in utilities is predicted to experience swift expansion in the coming years, reaching a value of $105.03 billion in 2029 with a compound annual growth rate (CAGR) of 16.0%. This growth during the projected period can be attributed to factors such as customer-focused services, cybersecurity initiatives, the proliferation of smart cities and infrastructure advancements, as well as water and waste management solutions. Some of the main trends anticipated in this period encompass grid modernization, optimization and enhancement of energy efficiency, integration of renewable energy, asset management combined with predictive maintenance, and a sophisticated approach to metering and billing.

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What Drivers Are Propelling the Growth of IoT In Utilities Market Forward?
The drive towards digitization is anticipated to fuel the expansion of the IoT in the utility market in the future. Digital tools used in this sector allow for logical supervision and enhancements of physical infrastructure, augmenting worker safety and efficiency, and thus boosting customer engagement. Moreover, digitization facilitates the incorporation of disparate systems with progressive grid digital technology. For instance, as reported by Trade Arabia, an Abu Dhabi news agency, in April 2022 there was a notable rise in the adoption of digitization technology in the utility sector. This was owing to a decrease in operating costs by up to 25% and performance improvements ranging from 20% to 40% in areas like safety, dependability, customer fulfillment, and compliance with regulations. As such, the escalating demand for digitization is pushing the growth of the IoT in the utility market.

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Which Emerging Trends Are Transforming the IoT In Utilities Market in 2025?
The rise of emerging technologies and their incorporation has become a significant trend in the IoT utility market. To gain an upper hand in the competitive landscape, notable companies in the market are actively emphasizing the fusion of these new technologies. For instance, in March 2022, a significant announcement was made by the Dubai Electricity and Water Authority (DEWA), a utility firm based in Dubai. They launched a 6U nanosatellite with a specially customized high-resolution image sensing technology to communicate with their IoT terminals. These are primarily designed for utility applications in energy and water networks, with a unique functionality to identify thermal fingerprints in high-voltage transmission lines, substations, households, and solar power plants.

What Are the Key Segments in the IoT In Utilities Market?
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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Who Are the Key Players Shaping the IoT In Utilities Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the IoT In Utilities Market?
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

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