IoT in Utility Market Size, Share, Trends, Opportunities Analysis Forecast Report by 2032

IoT in Utility Market Insights

According to Zion Market Research, the global IoT in Utility Market was worth USD 46.78 Billion in 2023. The market is forecast to reach USD 145.07 Billion by 2032, growing at a compound annual growth rate (CAGR) of 13.4% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the IoT in Utility Market industry over the next decade.

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The utility industry is linked to Internet of Things as smart grids are essentially the application of IoT technology. This industry is expected to grow in the coming years with exponential growth of new IoT applications.

The IoT in utility market shows a significant demand owing to rising need to improve utility efficiency and customer service level. Moreover, decreasing cost of IoT components, emergence of cloud platform, and initiatives taken by regional government for smart grid rollouts are other factors driving the demand for IoT in utility market. In addition, depletion in carbon foot prints and effective cost savings, and IoT for water utilities are certain aspects that are predicted to provide potential growth opportunity for the IoT in utility market over the forecast period. However, lack of specialized experience and skills might hinder the growth of IoT in utility market.

The IoT solutions have led to the convergence of different business processes which has exponentially pushed the utility sector into the growth phase. Integrating technology into current processes will improve operational efficiency with even less investment in infrastructure. The demand for operational control technology is the highest sales category of software. The analytics solution is anticipated to grow at a fastest rate due to the growing trends in cloud mobile and smart devices, along with factors like predictive analysis, end-to-end automation, and conductive analytics platforms.

The application segment is categorized into water and waste water management, electricity grid management, and utility gas management. With many utility companies transforming their traditional activities into an analysis-driven strategy, the industry is showing a rising trend. The electricity grid management segment is expected to grow at a highest CAGR and is considered to have the largest market share during the forecast period.

Global IoT in Utility Market: Segmentation

The study provides a decisive view of the IoT in utility market by segmenting the market based on by software, by service, by platform, application and by Region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

By software segment analysis includes software, analytics, operational control, security, predictive asset management, customer information system (cis) and utility billing, smart grid management.

By service segment analysis includes services, professional services, deployment and integration, support and maintenance.

By platform segment analysis includes platform, application management platform, network management platform, device management platform.

By application segment analysis includes utility gas management, electricity grid management, water and waste water management.

The Regional segment includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

IoT in Utility Market: Report Scope

The global IoT in Utility market covers five major geographic regions, namely, Asia Pacific, North America, Middle East & Africa, Europe, and Latin America. The IoT in utility market is expected to expand in the in North America by 2023, as the majority of projects funded by large U.S. companies will be finished by the end of 2032.

Nevertheless, the current market size is projected to be the largest for the area. While the APAC is expected to develop significantly in the coming years, owing to increased use of smart grid infrastructure, innovations in software, energy management and regulatory requirements as well as prosperous countries like South Korea, Hong Kong, and Singapore are major factors contributing to the growth of IoT solutions in the region.

Some of the leading players in the global market include

• Silvers Spring Networks Inc.
• Osisoft LLC
• Trilliant Inc.
• Cryptosoft Ltd.
• Tibbo Technology Inc.
• C3 Energy
• Energyworx
• Amplía Soluciones S.L.
• Grid4c
• Waviot

The report segments the IoT in Utility market as follows:

By Software Segment Analysis

• Software
• Analytics
• Operational Control
• Security
• Predictive Asset Management
• Customer Information System (CIS) and Utility Billing
• Smart Grid Management

By Service Segment Analysis

• Services
• Professional Services
• Deployment and Integration
• Support and Maintenance

By Platform Segment Analysis

• Platform
• Application Management Platform
• Network Management Platform
• Device Management Platform

By Application Segment Analysis

• Utility Gas Management
• Electricity Grid Management
• Water and Waste Water Management

By Regional Segment Analysis

• North America

  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa