Comprehensive 2025 Smart Utilities Market Overview: Trends, Forecasts, and Growth Drivers

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What Is the Expected CAGR for the Smart Utilities Market Through 2025?
The market size for smart utilities has experienced rapid growth in the past few years. The market is projected to expand from a value of $46.64 billion in 2024 to $52.83 billion in 2025, marking a compound annual growth rate (CAGR) of 13.3%. This progression in the historical period can be linked to the rise in adopting energy storage solutions, the necessity for demand-response management, escalating demand for renewable energy, enhanced energy consumption, and growth in investments revolving around infrastructure modernization.

What's the Projected Size of the Global Smart Utilities Market by 2029?
Projected growth trends suggest a significant rise in the smart utilities market over the forthcoming years. The prediction is that the market will expand to $85.73 billion by 2029, boasting a compound annual growth rate (CAGR) of 12.9%. The anticipated growth during the forecast period can be credited to a variety of factors such as the requirement for grid resilience and reliability, predictive load forecasting based on weather patterns, increasing digitalization and analytics, growing demand for eco-friendly energy options, escalating utility expenditure encouraging the search for efficiency, and a growing inclination towards energy-conserving appliances. The forecast period also expects to witness certain trends like hyper automation and edge computing, the use of digital twins for anticipatory maintenance, attention toward cybersecurity in view of quantum threats, and the evolution of smart grids as platforms for novel services and developments in autonomous systems and robotics.

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Top Growth Drivers in the Smart Utilities Industry: What's Accelerating the Market?
The surge in electric vehicles (EVs) usage is anticipated to boost the smart utilities market expansion in the future. EVs, which utilize energy stashed in rechargeable batteries or other energy storage gadgets to power one or more electric motors, are growing in popularity due to their convenience, environmental advantages, wider model variety, decreasing expenses, and government policies that support decarbonization. Smart utilities support the incorporation of EVs by improving charging infrastructure, managing grid demand, and ensuring effective energy distribution. The International Energy Agency (IEA), a France-based independent intergovernmental organization, reported in October 2023 that the proportion of new vehicle buys made up of electric cars had climbed to 14% in 2022, up from about 9% in 2021. Hence, the increased uptake of electric vehicles is fuelling the growth of the smart utilities market.

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What Trends Will Shape the Smart Utilities Market Through 2029 and Beyond?
Major firms involved in the smart utilities industry are prioritizing the creation of advanced technical solutions, including advanced meter infrastructure (AMI) solutions, aiming to upgrade urban water management processes and achieve a market advantage. AMI solutions are integrated systems designed to facilitate automated and instant data gathering and management for efficient utility monitoring and supervision. For instance, BrightCity, an AMI solution developed by ST Engineering, a technology and engineering corporation based in Singapore, was unveiled in June 2024. This solution aids utility service providers and consumers in managing water usage. It solves problems associated with outdated water infrastructure and disorganized meter systems by converting traditional meters into smart meters through its pioneering Meter Interface Unit (MIU). This MIU, compatible with a wide range of water meters, enables wireless data gathering and inclusion into a central Meter Data Management System (MDMS). The system offers real-time reports, predictive leakage detection, and a customer portal for tracking water consumption.

What Are the Main Segments in the Smart Utilities Market?
The smart utilitiesmarket 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 2024. 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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