The global Internet of Things (IoT) in utility market size is anticipated to reach over USD 52 billion by 2025. This can be attributed to the increase in internet penetration in developing countries such as India, China, and others. Moreover, developments in technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), machine learning, and big data are also fuelling the demand for the Internet of Things (IoT) in utility market growth.
It’s being expected that by 2032, the Internet of Things (IoT) in Utility market cap will hit US$ 129.1 Billion at a CAGR growth of about 11.9%.
The introduction of the Internet of Things (IoT) in Utility is anticipated to decrease challenges confronted by the utility division and empower progress. The use of IoT in Utility shall enhance efficiency, produce revenue, as well as conserve enterprise resources. On the other hand, the IoT sensors can optimize water and energy generation and distribution to facilitate utility providers sustain with the growing demand for Utility, which include gas, electricity, and water from consumers. Furthermore, IoT sensors can enhance workplace safety for oil & gas laborers.
IoT (Internet of Things) is going to be the next industrial uprising, Industry 4.0. IoT has the concept of developing advance solutions and services, augmenting productivity & efficiency, solve critical problems, and improve real-time decisions. Industrial business models are changing due to IoT, the utility industry is also investing in IoT technology to transform their processes and enhance the customer experience. Currently, the utility sector is governed by government policies and regulations and are driven by the concerns about cost savings.
Internet of Things (IoT) in Utility Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2032||US$ 129.1 Billion|
|Growth Rate||CAGR of 11.9 % during 2022-2032|
|Segment Covered||by Component, by Solution, by Service, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Yokogawa Test & Measurement Corporation, Schneider Electric, National Instruments Corp, Keysight Technologies, HBM, Emerson Electric Co., Honeywell International Inc., Advantech Co., Ltd., Siemens., ABB India Ltd., The MathWorks, Inc., AMETEK.Inc., OMRON Corporation, GENERAL ELECTRIC, Campbell Scientific, Inc., Kistler Group, Mitsubishi Electric Corporation, Brüel&Kjær, and Teledyne UK Limited.|
Key Segment Of The Internet of Things (IoT) in Utility Market
By Component, 2022-2032 (USD Million)
• IoT in Utilities Platform
• IoT in Utilities Solutions
• IoT in Utilities Services
by Solution, 2022-2032 (USD Million)
• Workforce Management
• Network Management
by Service, 2022-2032 (USD Million)
• Integration and Deployment
• Support and Maintenance
Deployment, 2022-2032 (USD Million)
by Application, 2022-2032 (USD Million)
• IoT in Utilities in Water and Wastewater Management
• IoT in Utilities in Utility Gas Management
• IoT in Utilities in Electricity Grid Management
Regional Overview, 2022-2032 (USD Million)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
Currently, the utility sector is governed by government policies and regulations and are driven by the concerns about cost savings. IoT helps the utility industry to overcome challenges and implement advanced services & solutions using IoT technology. IoT intensifies digital transformation in Utility. It transforms the utility industry to a decentralized process from a centralized process and to distantly monitor energy consumption of the connected units and accomplish temporary shortfalls in energy. Integrated with the smart devices and applications it provides the ability to connect with Utility in real-time.
Based on the component segment, the market is bifurcated into three sub-segments that are platforms, solutions, and services. In 2019, the solutions segment gathered the highest market revenue and it is anticipated to govern the IoT in the Utility market throughout the forecast period. The IoT technology is deployed throughout the entire utility division such as energy, transmission, generation, distribution, workforce management, asset management, energy management, security, infrastructure management, consumer side analysis, and remote surveillance & monitoring. This enables to decrease the downtime in offering utility services, enhances overall functional efficiency of the businesses, and enables seamless experience to the consumers.
Based on the application, the market is segmented into utility gas management, water & wastewater management, and electricity grid management. The market for electricity grid management seized the highest revenue in 2019. However, the water & wastewater management sub-segment is anticipated to gather the market growth of over 14% during the forecast period.
The Asia Pacific is expected to lead in the IoT utility market due to the adoption of cloud-based platforms across the sector, along with government initiatives for smart grid modernization across China and India. Emerging economies like China, India, and Russia, are the key growth factors for the Asia Pacific region for IoT in Utility. Asia – Pacific generates the highest amount of energy in the world. In the coming years, due to an increase in technology penetration and huge investments in advanced technologies, it is expected that the adoption of IoT in Utility will significantly grow, due to the advancement in technology. India, China, South Korea, and other Asian countries will take maximum advantages of their key strengths and which will help the market growth in this region.
The major players of the global IoT in the Utility market are PingThings, Inc., Itron, Actility, SA, Trilliant Incorporated, Cisco Systems Inc., Comcast Corporation, IBM Corporation, and Others. The IoT in the Utility market is fragmented with the existence of well-known global and domestic players across the globe. Also, recognized companies are coming up with innovative and new IoT in Utility technologies and solutions.