The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Market Overview
The smart utilities market has witnessed significant growth recently. In 2023, the market size was $41.00 billion and is projected to reach $46.64 billion in 2024, reflecting a robust compound annual growth rate (CAGR) of 13.8%. Key drivers of this growth include:

• Energy Storage Solutions: Increased adoption of energy storage technologies.
• Demand Response Management: Enhanced systems for managing energy demand.
• Renewable Energy Demand: Growing need for renewable energy sources.
• Energy Consumption: Rising energy consumption rates.
• Infrastructure Modernization: Increased investment in updating infrastructure.

Future Growth Projections
The smart utilities market is expected to experience accelerated growth in the coming years. By 2028, the market is forecasted to expand to $78.52 billion, with a CAGR of 13.9%. This growth will be driven by several factors:

• Grid Reliability and Resilience: Improving the reliability and resilience of the energy grid.
• Weather-Based Forecasting: Advanced load forecasting based on weather patterns.
• Digitalization and Analytics: Increased use of digital technologies and data analytics.
• Sustainable Energy Solutions: Rising demand for energy solutions that are sustainable.
• Utility Costs: Higher utility costs pushing for greater efficiency.
• Energy-Efficient Appliances: Growing preference for appliances that use less energy.

Major Trends and Technological Advances

Several key trends are expected to shape the smart utilities market:

• Hyper Automation and Edge Computing: Implementation of advanced automation and edge computing technologies.
• Digital Twins for Predictive Maintenance: Use of digital twins to predict maintenance needs and enhance system performance.
• Cybersecurity Focus: Emphasis on cybersecurity to address quantum threats and protect infrastructure.
• Smart Grids: Development of smart grids as platforms for new services and innovations in autonomous systems and robotics.

Read The Full Smart Utilities Market Report Here:
https://www.thebusinessresearchcompany.com/report/smart-utilities-global-market-report

Impact of Electric Vehicles on Smart Utilities

The rise in electric vehicle (EV) adoption is a significant driver for the smart utilities market:

• EV Growth: Electric vehicles are gaining popularity due to their ecological benefits, availability of models, and decreasing costs.
• Integration Needs: Smart utilities help integrate EVs by optimizing charging infrastructure, managing grid demand, and ensuring efficient energy distribution.
• Market Statistics: As of October 2023, electric vehicles represented 14% of new vehicle purchases, up from 9% in 2021, according to the International Energy Agency (IEA). This growing trend is expected to drive further market expansion.

Major Companies in the Smart Utilities Market

Several key players are leading the smart utilities market:

• 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
• Trilliant Holdings Inc.

Technological Innovations Driving Market Growth

Innovations in technology are crucial for the growth of the smart utilities market:

• Advanced Meter Infrastructure (AMI): Development of AMI solutions for efficient urban water management.
• BrightCity Launch: In June 2024, ST Engineering launched BrightCity, an AMI solution that modernizes water management through smart meters and real-time data collection. This system addresses challenges in aging infrastructure and provides predictive leakage detection and a customer portal.

Strategic Acquisitions

SEW Acquires 3Insys

• Acquisition Details: In February 2023, Smart Energy Water (SEW) acquired 3Insys to enhance its digital solutions portfolio.
• Strategic Benefits: The acquisition aims to leverage 3Insys’ technology to improve SEW’s offerings and expand its market presence in digital solutions for energy and utilities.

Market Segmentation

The smart utilities market is segmented as follows:

1. By Components:
   • Hardware
   • Software
   • Services
2. By Technology:
   • Wired
   • Wireless
3. By Applications:
   • Meter Hardware
   • Communications and Networking
   • Power Quality Equipment
   • Other Technologies

Regional Insights

• North America: Dominated the smart utilities market in 2023.
• Asia-Pacific: Expected to be the fastest-growing region in the forecast period due to increased investment and expanding infrastructure.

Conclusion
The smart utilities market is poised for significant growth, driven by technological advancements, the rise of electric vehicles, and increasing demand for efficient and sustainable energy solutions. With ongoing innovations and strategic acquisitions, the market is set to continue its expansion, offering new opportunities and improvements in utility management and infrastructure.

Get A Free Sample On The Global Smart Utilities Market Report:
https://www.thebusinessresearchcompany.com/sample_request?id=16194&type=smp

The Smart Utilities Global Market Report 2024  provides an overview of the smart utilities market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The smart utilities market forecast analyzes smart utilities market size, smart utilities market share, leading competitor and their market positions.

Explore Similar Reports From The Business Research Company
Utilities Global Market Report 2024
IoT In Utilities Global Market Report 2024
Utility Communication Global Market Report 2024

Learn More About The Business Research Company
The Business Research Company has published over 6500+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info

Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on: