The smart utilities global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Smart Utilities Market, 2024 report by The Business Research Company offers
comprehensive insights into the current state of the market and highlights
future growth opportunities.
Market Size -
The smart utilities market size has grown rapidly in recent years. It will grow
from $41.00 billion in 2023 to $46.64 billion in 2024 at a compound annual
growth rate (CAGR) of 13.8%. The growth in the historic period can be
attributed to increased adoption of energy storage solutions, the need for
demand response management, increased demand for renewable energy, increased
energy consumption, and increased investment in infrastructure modernization.
The smart utilities market size is expected to see rapid growth in the next few
years. It will grow to $78.52 billion in 2028 at a compound annual growth rate
(CAGR) of 13.9%. The growth in the forecast period can be attributed to rising
grid reliability and resilience, weather-based load forecasting, digitalization
and analytics, increasing demand for sustainable energy solutions, rising
utility costs driving the need for efficiency, and increasing preference for
energy-efficient appliances. Major trends in the forecast period include hyper
automation and edge computing, digital twins for predictive maintenance, a
focus on cybersecurity with quantum threats in mind, and smart grids as a
platform for new services and advancements in autonomous systems and robotics.
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Scope Of Smart Utilities Market
The Business Research Company's reports encompass a wide range of information,
including:
1. Market Size (Historic and Forecast): Analysis of the market's historical
performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market
landscape.
4. Key Segments: Breakdown of the market into its primary segments and their
respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and
geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting
the market.
Smart Utilities Market Overview
Market Drivers -
The growing adoption of electric vehicles is expected to propel the growth of
the smart utilities market going forward. Electric vehicles (EVs) are powered
by one or more electric motors using energy stored in rechargeable batteries or
another energy storage device. The growing use of electric vehicles is due to
convenience and ecological benefits, as well as the increasing availability of
models, decreasing costs, and government policies favoring decarbonization.
Smart utilities facilitate the integration of electric vehicles (EVs) by
optimizing charging infrastructure, managing grid demand, and enabling
efficient energy distribution. For instance, in October 2023, according to the
International Energy Agency (IEA), a France-based autonomous intergovernmental
organization, the percentage of electric cars among all new vehicle purchases
rose to 14% in 2022, marking an increase from approximately 9% in 2021.
Therefore, the growing adoption of electric vehicles is driving the growth of
the smart utilities market.
Market Trends -
Major companies operating in the smart utilities market are focusing on
developing technologically advanced solutions, such as advanced meter
infrastructure (AMI) solutions, to modernize urban water management and gain a
competitive edge in the market. Advanced Meter Infrastructure (AMI) solutions
refer to integrated systems that enable automated, real-time data collection
and management for efficient utility monitoring and control. For instance, in
June 2024, ST Engineering., a Singapore-based technology and engineering group,
launched BrightCity, an advanced meter infrastructure (AMI) solution for
helping utility providers and end users manage water consumption. BrightCity
addresses challenges in aging water infrastructure and fragmented meter systems
by transforming conventional meters into smart meters using its innovative
Meter Interface Unit (MIU). This MIU, compatible with most water meters,
enables wireless data collection and integration into a central Meter Data
Management System (MDMS). The system provides real-time insights, predictive
leakage detection, and a customer portal for monitoring water usage.
The smart utilities market covered in this report is segmented –
1) By Components: Hardware, Software, Services
2) By Technology: Wired, Wired-Less
3) By Applications: Meter Hardware, Communications And Networking, Power
Quality Equipment, Technologies
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Regional Insights -
North America was the largest region in the smart utilities market in 2023.
Asia-Pacific is expected to be the fastest-growing region in the forecast
period. The regions covered in the smart utilities market report are
Asia-Pacific, Western Europe, Eastern Europe, North America, South America,
Middle East, Africa.
Key Companies -
Major companies operating in the smart utilities market are Siemens AG, General
Electric Company, International Business Machines Corporation (IBM), Cisco Systems
Inc., Oracle Corporation, Mitsubishi Electric Corporation, Schneider Electric
SE, Honeywell International Inc., ABB Ltd, SAP SE, Eaton Corporation plc, Atos
SE, Wipro Limited, Tech Mahindra Limited, Xylem Inc., Hubbell Incorporated,
Itron Inc., Enel X S.r.l., Landis+Gyr Group AG, S&C Electric Company,
Semtech Corporation, Kamstrup A/S, Smart Energy International, Tantalus Systems
Corporation, Trilliant Holdings Inc.
Table of Contents
1. Executive Summary
2. Smart Utilities Market Report Structure
3. Smart Utilities Market Trends And Strategies
4. Smart Utilities Market – Macro Economic Scenario
5. Smart Utilities Market Size And Growth
…..
27. Smart Utilities Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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