IoT In Utilities Market Outlook 2024-2033: Trends and Projections

Market Size –
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 growth in the historic period can be attributed to early adopters and pilot projects, regulatory requirements, demand response and energy conservation, predictive maintenance, smart meter deployment..

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 growth in the forecast period can be attributed to customer-centric services, cybersecurity measures, smart cities and infrastructure development, water and waste management solutions.. Major trends in the forecast period include grid modernization, energy efficiency and optimization, renewable energy integration, asset management and predictive maintenance, smart metering and billing..

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Scope Of IoT In Utilities Market
The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Market Drivers –
The increasing demand for digitization is expected to propel the growth of the IoT in the utility market going forward. Digitization in the IoT in the utility market uses digital tools to logically monitor and upgrade physical infrastructure, automation to improve workforce safety and efficiency, and hence improve customer interaction. Digitization also improves the integration of distributed systems with an advanced grid digital technology. For instance, according to Trade Arabia, an Abu Dhabi-based news agency, in April 2022, the utility sector saw a spike in the implementation of digitization technology driven by a reduction in operating expenses of up to 25% and performance gains of 20% to 40% in areas such as safety, reliability, customer satisfaction, and regulatory compliance. Therefore, increasing demand for digitization is driving the IoT in the utility market growth.

Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

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

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Regional Insights –
North America was the largest region in the IoT in utilities market in 2023. 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

Key Companies –
Major companies operating in the iot in utilities market report are 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

Table of Contents
1. Executive Summary
2. IoT In Utilities Market Report Structure
3. IoT In Utilities Market Trends And Strategies
4. IoT In Utilities Market – Macro Economic Scenario
5. IoT In Utilities Market Size And Growth
…..
27. IoT In Utilities Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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