Dublin, Jan. 09, 2024 (GLOBE NEWSWIRE) -- The "IoT In Utilities Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The IoT in utilities market size has grown rapidly in recent years. It will grow from $47.8 billion in 2023 to $53.49 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The expansion observed in the historical period can be attributed to early adopters and pilot projects, regulatory requirements, the demand for response and energy conservation measures, predictive maintenance strategies, and the deployment of smart meters.
The IoT in utilities market size is expected to see rapid growth in the next few years. It will grow to $89.32 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The anticipated growth in the forecast period can be attributed to the focus on customer-centric services, the implementation of cybersecurity measures, the development of smart cities and infrastructure, and the adoption of water and waste management solutions. Major trends expected during this forecast period include grid modernization, efforts towards energy efficiency and optimization, the integration of renewable energy sources, the emphasis on asset management and predictive maintenance, as well as advancements in smart metering and billing systems.
The growing demand for digitization is set to drive the expansion of the IoT in the utility market. In this context, digitization employs digital tools to systematically monitor and enhance physical infrastructure, incorporating automation to enhance workforce safety and efficiency, ultimately improving customer interactions. This approach also facilitates the integration of distributed systems with advanced grid digital technology. As reported by Trade Arabia in April 2022, the utility sector experienced a surge in digitization technology implementation, resulting in a notable reduction of up to 25% in operating expenses and performance gains ranging from 20% to 40% in areas such as safety, reliability, customer satisfaction, and regulatory compliance. Hence, the escalating demand for digitization acts as a catalyst for the growth of the IoT in the utility market.
The increasing emphasis on waste management is anticipated to fuel the expansion of the IoT in the utilities market. Waste management involves the responsible and efficient collection, treatment, disposal, and management of waste materials. IoT integration in waste management presents utilities and municipalities with opportunities to streamline operations, cut costs, enhance sustainability, and improve the overall quality of waste management services, contributing to cleaner and more sustainable urban environments. According to a report from the European Parliament in June 2023, France led the way in recycling, with 49.6% of municipal waste recycled in 2021. The EU has set an ambitious goal of recycling and reusing 60% of municipal waste by 2030, underscoring the increasing demand for waste management that propels the growth of the IoT in the utilities market.
The integration of new technologies stands out as a significant trend gaining momentum in the IoT in the utility market. Key industry players are actively integrating new technologies to secure a competitive advantage. An illustration of this trend is evident in the initiative by the Dubai Electricity and Water Authority (DEWA), as of March 2022. DEWA launched a 6U nanosatellite equipped with customized high-resolution image sensing technology specifically designed for communication with IoT terminals. These nanosatellites are tailored for use in energy and water networks, serving to detect thermal irregularities in high-voltage transmission lines, substations, homes, and solar power stations
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Report Scope
- Markets Covered:
- By Component: Platform; Solutions; Services; Other Components
- By Technology: Sensors; RFID; Connectivity Technology
- By Application: Electricity Grid Management; Gas Management; Water and Waste Management; Other Applications
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Companies Profiled
- IBM
- 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
For more information about this report visit https://www.researchandmarkets.com/r/q3mt70
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