IoT in Utilities Market Size & Share, by Component (Software, Hardware, Services); Application (Gas, Water, Electricity Grid, Wastewater); Management Type (Application, Device, Network) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2031

 Global IoT in Utilities Market Size, Forecast, and Trend Highlights Over 2022 - 2031

The global IoT in utilities market is estimated to garner robust revenue by the end of 2031 by growing at a CAGR of ~10% over the forecast period, i.e., 2022 – 2031.

Further, the market generated noteworthy revenue in the year 2021. The growth of the market can primarily be ascribed to the spiking number of devices connected to IoT. For instance, over 70 billion devices connected to the internet of things are estimated to be in the presence by the year 2050.

IoT application is helpful to improve the efficiency and durability of enterprise resources. These applications are used to assist utility providers to manage their business and reach their goals. IoT applications are used to manage the distribution of general utilities such as, gas, water, and electricity. For instance, more than 5 trillion kWh of energy is consumed in China every year while in the USA, the annual electricity consumption rate is projected to be around 3 trillion kWh. Additionally, factors such as, rising demand for electricity grid management and escalating need for IoT in water distribution and generation are further projected to expand the global IoT in utilities market size over the forecast period.

Global IoT in Utilities Market: Growth Drivers and Challenges

Growth Drivers

• Rising Funding by the IoT Companies to Boost the Market Growth- In 2022, about 3 thousand European organizations were observed to be making a significant funding in the internet of things.

• Escalating Manufacturing of Underground Pipeline- The segment for water treatment is noticed to grow by approximately USD 60 billion annually generating about 11% of revenue. Increasing urbanization has led to the mounting process of underground pipeline manufacturing. The underground pipeline is generally utilized to supply gas and water to household facilities. It is important to install a leak detection system in pipelines to monitor flow rate or any sudden accident due to leakage. Furthermore, these systems are also used to perform statistical computations regarding temperature, flow rate, and pressure of the pipelines.

• Ongoing Advancement in Irrigation Methods- As of 2019, about 200,000 farms were observed with nearly 50 million irrigated acres along with almost 80 million acre-feet in the US region.

• Higher Utilization in the Development of Smart Cities- Revenue generated from the smart city project was estimated to be about USD 100 billion in the year 2021.

• Spiking Demand for IoT in Supply Chain Management- In 2022, nearly 55% of the organization believed that robust supply chain management can assist their business to reach higher levels while around 65% admitted that supply chain is the major factor to enhance customer service quality.

Challenges

• Requirement for Associated Low-Cost Technology
• Lack of Awareness About the System
• Scarcity of Requisite Technically Skilled Labor

The global IoT in utilities market is segmented and analyzed for demand and supply by application into gas, water, electricity grid, wastewater, and others, out of which, the electricity grid segment is projected to acquire the largest share in the market over the forecast period. The growth of the segment can be accounted to the skyrocketing demand for electricity in each sector of all sorts of industries. Electricity grids comprise enhanced meters, receivers, sensors, and energy boxes that share data pockets by communicating with each other. For instance, about 25,000 terawatts of energy were produced in the year 2021.  

Major Macro-Economic Indicators Impacting the Market Growth

In 2019, the world’s total energy supply was 606EJ, wherein the highest share in terms of the source was captured by oil, accounting for 30.9%, followed by coal (26.8%), natural gas (23.2%), biofuels and waste (9.4%), nuclear (5.0%), hydro (2.5%), and other (2.2%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to a decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 1% due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by the shutdown of numerous business operations impacting their growth. This also resulted in the decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas, and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environmental degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Global IoT in Utilities Market Regional Synopsis

Regionally, the global IoT in utilities market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2031. Factors such as, higher adoption of smart grid technology and the presence of large investors are projected to propel the growth of the market in the region during the forecast period. Additionally, rising demand for electricity and exponential growth in the metering industry of the region are also estimated to drive the market growth over the forecast period. Data released by U.S. Energy Information Administration (EIA) stated that in 2021, the electricity consumed in the USA region was nearly 3.9 trillion kilowatt-hours.

The global IoT in utilities market is further classified on the basis of region as follows:

• North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global IoT in utilities market includes the following segments:

Top Featured Companies Dominating the Global IoT in Utilities Market

• IBM Corporation
  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis

• General Electric Company
• Cisco Systems, Inc.
• Vodafone Group Plc 
• Oracle Corporation
• Honeywell International Inc.
• Telit IoT Platforms, LLC 
• Trimble Inc.
• Landis+Gyr AG
• Schneider Electric SE