IoT In Utilities Global Market 2024 To Reach $89.32 Billion By 2028 At Rate Of 13.7%

The Business Research Company’s IoT In Utilities Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UNITED KINGDOM, October 21, 2024 /EINPresswire.com/ — The iot in utilities market has experienced robust growth in recent years, expanding from the market is projected to grow from $47.8 billion in 2023 to $53.49 billion in 2024, with a compound annual growth rate (CAGR) of 11.9%. This growth during the historic period can be attributed to the activities of early adopters and pilot projects, regulatory requirements, demand response and energy conservation efforts, predictive maintenance practices, and the deployment of smart meters.

What Is The Estimated Market Size Of The Global IoT In Utilities Market And Its Annual Growth Rate?
The iot in utilities market is projected to continue its strong growth, reaching the market is expected to reach $89.32 billion by 2028, with a compound annual growth rate (CAGR) of 13.7%. This growth during the forecast period can be attributed to the rise of customer-centric services, advancements in cybersecurity measures, the development of smart cities and infrastructure, and the implementation of water and waste management solutions.

Explore Comprehensive Insights Into The Global IoT In Utilities Market With A Detailed Sample Report:

Growth Driver Of The IoT In Utilities Market
The growing demand for digitization is anticipated to drive the growth of IoT in the utility market in the future. In this context, digitization involves utilizing digital tools to systematically monitor and enhance physical infrastructure, employing automation to improve workforce safety and efficiency, and ultimately enhancing customer interaction. Additionally, digitization facilitates better integration of distributed systems with advanced grid digital technologies.

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Who Are The Key Players Shaping The IoT In Utilities Market Trends?
Key players in the market include 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

What Are The Dominant Trends In IoT In Utilities Market Growth?
Leading companies in the IoT in utilities market are concentrating on innovative products, such as satellite IoT networks, to boost their revenues. A satellite IoT network is a system that leverages satellite technology to provide connectivity and communication between Internet of Things (IoT) devices.

How Is The Global IoT In Utilities Market 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

Geographical Insights: North America Leading The IoT In Utilities Market
North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the report during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

IoT In Utilities Market Definition
The IoT in utilities refers to the development of advanced solutions that enhance productivity and accuracy, address critical issues, and facilitate real-time decision-making. It aims to reduce emissions, optimize energy resource distribution, support the integration of renewable energy sources, and enhance reliability and efficiency. IoT in utilities facilitates the creation of robust connected networks for data flow among distributed energy resources (DERs), in-home devices, and nano/microgrids.

IoT In Utilities Global Market Report 2024 from The Business Research Company covers the following information:
•Market size data for the forecast period: Historical and Future
•Macroeconomic factors affecting the market in the short and long run
•Analysis of the macro and micro economic factors that have affected the market in the past five years
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

An overview of the global iot in utilities market report covering trends, opportunities, strategies, and more
The IoT In Utilities Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on iot in utilities market size, iot in utilities market drivers and trends, iot in utilities market major players and iot in utilities market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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Oliver Guirdham
The Business Research Company
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