Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 46.78 Billion | USD 145.07 Billion | 13.4% | 2023 |
FrequentlyAsked Questions
The IoT in Utility Market was valued at USD 46.78 Billion in 2023.
The IoT in Utility Market is expected to reach USD 145.07 Billion by 2032, growing at a CAGR of 13.4% between 2024 to 2032.
Global IoT in Utility Market players such as Silvers Spring Networks, Inc., Osisoft, LLC, Trilliant, Inc., Cryptosoft Ltd., Tibbo Technology Inc., C3 Energy, Energyworx, Amplía Soluciones S.L., Grid4c and Waviot among others.
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.
The Regional segment includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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