IoT in Utilities Market Key Highlights:
- Market Size (2024): USD 41.73 Billion
- Projected Market Size (2034): USD 128.45 Billion
- CAGR (2023-2034): 11.9%
Pricing Analysis:
- Price Growth
- Regional Variations
Market Historic Sales
- Total sales volume, year-over-year growth, product categories, and market share.
Revenue Estimation
- Forecasting future revenues based on historical data, market trends, and economic indicators.
Sales by Region
- Breakdown of sales performance across different geographical areas.
Revenue by Manufacturer
- Analysis of revenue contributions from different manufacturers in the market.
IoT in Utilities Market Definition
The IoT in utilities market deals with developing internet-enabled solutions that can connect to utility systems such as water, gas, power, electricity, and some others for monitoring their operations. These kits are equipped with software, smart devices, sensors, and some others that help analyze operations in the utility sector. The various components of this industry consist of solutions, platforms, and services. The various solutions provided by this industry include asset monitoring management, safety and security, supervisory control and Data Acquisition (SCADA), workforce management, network management, and others. This market is anticipated to rise significantly with the growth of the energy and power industry across the world.
The growing demand for several IoT-based utility services, such as consulting, integration, and deployment, along with support and maintenance, has propelled the market growth. Also, the rising use of customer information systems and billing systems in the energy sector for monitoring revenue, along with maintaining the database of consumers, is shaping the market in a positive direction. Moreover, the increased application of IoT in several sectors, including utility gas management, electricity grid management, and wastewater management, is expected to boost the growth of the IoT in utilities market.
Advancements in grid balancing along with ongoing developments associated with asset connectivity is expected to create ample growth opportunities for the market players in the future. In May 2024, Honeywell launched Honeywell Forge Performance+. Honeywell Forge Performance+ is an IoT-enabled platform designed to optimize and enhance the performance of existing grids.
IoT in Utilities Market Segmentation:
By Type
By Application
- Power Management
- Water Management
- Others
IoT in Utilities Market Companies:
- IBM
- ABB
- Siemens
- Honeywell
- GE
- Oracle
- Verizon
- Cisco
- Vodafone
- Telit
- Landis Gyr
- Itron
- Schneider Electric
- Huawei
- Trimble
- Aclara
- Trilliant
- Energyworx
- HCL
- Altair
- Actility
- Waviot
- Rayven
- Saviant Consulting
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