Press release
Smart Utilities Market Landscape 2025: Forecast Data and Growth Strategy Insights
Smart Utilities
What Is the Expected CAGR for the Smart Utilities Market Through 2025?
The dimensions of the smart utilities market have been expanding exponentially lately. The market valuation, which was $46.64 billion in 2024, is expected to rise to $53.25 billion in 2025, achieving a compound annual growth rate (CAGR) of 14.2%. Elements such as the rising uptake of energy storage systems, the requirement for demand response handling, growth in demand for renewable energy, higher energy use, and more investment in upgrading infrastructure have contributed to this historical growth.
What's the Projected Size of the Global Smart Utilities Market by 2029?
The smart utilities market is predicted to experience swift expansion in the coming years, expecting to rise to $89.33 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 13.8%. Factors contributing to this growth during the forecast period include enhanced grid reliability and resilience, load forecasting based on weather, the digitization and analysis process, increased demand for eco-friendly energy solutions, the push for efficiency due to higher utility costs, and an escalating inclination towards energy-saving appliances. Key trends expected during this forecast period encompass hyper-automation and edge computing, the application of digital twins for preventative maintenance, emphasis on cybersecurity prepared with quantum threats in consideration, and the evolution of smart grids as a platform for fresh services and advancements in autonomous systems and robotics.
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Top Growth Drivers in the Smart Utilities Industry: What's Accelerating the Market?
The smart utilities market is forecasted to expand due to the increasing popularity of electric vehicles (EVs). These vehicles run on one or more electric motors, powered by either rechargeable batteries or other energy storage devices. The surge in electric vehicle usage can be attributed to their practicality, environmental advantages, increasing model availability, declining costs, and governmental policies supporting decarbonization. Smart utilities play a critical role in the integration of electric vehicles, enhancing charging infrastructure, managing grid demand, and promoting efficient energy distribution. For instance, as reported by the International Energy Agency (IEA), a self-governing intergovernmental organization based in France, in October 2023, the proportion of electric car sales among all new vehicle purchases in 2022 escalated to 14%, demonstrating a rise from almost 9% in 2021. Hence, the increasing acceptance of electric vehicles represents a significant driver for the smart utilities market's expansion.
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What Trends Will Shape the Smart Utilities Market Through 2029 and Beyond?
Leading firms in the smart utilities market are concentrating on creating technologically superior solutions, like advanced meter infrastructure (AMI) solutions, to upgrade urban water management and establish a competitive advantage. AMI solutions consist of integrated systems designed for automated and real-time data harvesting and management, ensuring efficient utility overseeing and maneuvering. For example, ST Engineering., a technology and engineering conglomerate based in Singapore, introduced BrightCity in June 2024. It is an advanced meter infrastructure (AMI) solution that aids utility providers and consumers in controlling water utilization. BrightCity aims to solve the problems associated with obsolete water infrastructure and scattered meter systems by converting traditional meters into intelligent ones through its unique Meter Interface Unit (MIU). This MIU, which is compatible with a majority of water meters, facilitates wireless data harvesting and amalgamation into a centralized Meter Data Management System (MDMS). This system offers real-time data, anticipatory leakage identification, and a consumer portal for tracking water consumption.
What Are the Main 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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Which Top Companies are Driving Growth in the Smart Utilities Market?
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.
Which Regions Will Dominate the Smart Utilities Market Through 2029?
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.
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