Global Market Size, Forecast, and Trend Highlights Over 2025-2037
IoT in Utilities Market size was over USD 52.15 billion in 2024 and is anticipated to cross USD 217.21 billion by 2037, growing at more than 11.6% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of IoT in utilities is estimated at USD 57.29 billion.
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.
