Iot In Utilities Market

IoT In Utilities Market Deployment Type Insights

The Global IoT In Utilities Market is segmented based on deployment type into cloud-based, on-premises, and hybrid. Among these segments, the cloud-based segment is expected to hold the largest market share during the forecast period. The increasing adoption of cloud-based solutions by utilities is attributed to the benefits they offer, such as scalability, flexibility, and cost-effectiveness. Cloud-based solutions also enable utilities to access the latest technologies and applications without the need for significant upfront investment. The on-premises segment is expected to witness steady growth during the forecast period.

Utilities that require complete control over their data and applications may prefer on-premises deployment. The hybrid segment is expected to gain traction as it offers a combination of the benefits of cloud-based and on-premises deployments. Utilities can deploy their applications and data on-premises while leveraging cloud services for additional capacity and flexibility. The Global IoT In Utilities Market is expected to witness significant growth in the coming years, driven by the increasing adoption of IoT technologies by utilities.

The growth of the market is attributed to the increasing demand for smart grid technologies, the need for improved operational efficiency, and the growing adoption of IoT devices by consumers.

 Figure 2 : IoT In Utilities Market By Condition, 2023 & 2032

Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

IoT In Utilities Market Component Insights

The Component segment of the Global IoT in Utilities Market is classified into hardware, software, and services. Among these, the hardware segment held the largest market share in 2023, and it is projected to continue its dominance throughout the forecast period. The growth of this segment can be attributed to the increasing demand for smart devices and sensors in the utility sector. Smart meters, sensors, and other hardware components are essential for collecting and transmitting data, enabling utilities to monitor and manage their operations more efficiently.

The software segment is also expected to witness significant growth, driven by the need for advanced data analytics and management solutions.

Utilities are increasingly adopting software platforms to analyze the vast amount of data generated by their IoT devices, which helps them optimize their operations, reduce costs, and improve customer service. The services segment includes professional services, managed services, and consulting services. This segment is expected to grow steadily as utilities seek expert assistance in deploying and managing their IoT solutions. Overall, the Component segment of the Global IoT in Utilities Market is poised for robust growth in the coming years, driven by the increasing adoption of IoT technologies in the utility sector.

IoT In Utilities Market Utility Type Insights

The Global IoT In Utilities Market segmentation by utility type comprises electric, gas, water, and wastewater. Among these, the electric segment is anticipated to hold the largest market share during the forecast period. The growth of the electric segment can be attributed to the increasing adoption of smart grids, smart meters, and other IoT-enabled devices.

These devices help utilities improve operational efficiency, reduce costs, and provide better services to customers. Additionally, the growing demand for renewable energy sources is also driving the growth of the electric segment. For instance, in 2023, the market revenue for IoT in electric utilities is estimated to be around USD 34.8 billion, which is expected to reach USD 134.2 billion by 2032, exhibiting a CAGR of 15.6%.

IoT In Utilities Market Application Insights

Application Segment Overview The Global IoT in Utilities Market is segmented into several applications, including Metering and Monitoring, Asset Management, Leak Detection, Energy Management, and Customer Service. The Metering and Monitoring segment is estimated to hold the largest market share in 2023, owing to the increasing demand for smart meters and advanced metering infrastructure (AMI) to improve energy efficiency and reduce costs. The Asset Management segment is expected to grow significantly due to the need for utilities to optimize asset utilization and extend their lifespan.

The Leak Detection segment offers substantial growth opportunities, driven by the need to reduce water and energy losses caused by leaks. The Energy Management segment is poised for growth due to the growing focus on energy conservation and sustainability. The Customer Service segment is expected to gain traction as utilities seek to enhance customer engagement and satisfaction through IoT-enabled solutions.

IoT In Utilities Market Data Type Insights

Sensor data, smart meter data, consumption data, outage data, and weather data are the key data types utilized in the IoT in Utilities Market. These data types offer crucial information for optimizing utility operations, enhancing customer service, and promoting sustainability initiatives. Sensor Data: Sensor data plays a vital role in infrastructure monitoring, asset management, and predictive maintenance. By collecting data from sensors installed on equipment and infrastructure, utilities can continuously monitor their condition, detect potential issues, and schedule maintenance proactively, thus minimizing downtime and optimizing performance.

Smart Meter Data: Smart meter data provides detailed insights into energy consumption patterns, enabling utilities to improve energy efficiency, demand-side management, and customer billing accuracy. Utilities can use smart meter data to identify high-consumption customers, implement targeted energy-saving programs, and optimize grid operations to meet fluctuating demand efficiently. Consumption Data: Consumption data helps utilities understand the energy usage patterns of their customers. This data enables them to develop tailored energy-saving recommendations, implement time-of-use pricing models, and provide personalized energy management solutions. Consumption data also supports utilities in forecasting future energy demand and planning for grid upgrades and expansion.

Outage Data: Outage data is critical for utilities to manage and respond to outages effectively. By collecting data on outage duration, frequency, and location, utilities can identify areas prone to outages, analyze the root causes, and prioritize maintenance and investment decisions to improve grid resilience and minimize customer disruption. Weather Data: Weather data is essential for utilities to predict and prepare for weather-related events that can impact grid stability and energy demand.

By integrating weather data into their operations, utilities can optimize renewable energy generation, manage distributed energy resources, and proactively adjust grid operations to mitigate the impact of extreme weather conditions.

The increasing adoption of IoT devices and advanced analytics solutions is driving the growth of the IoT in Utilities Market. Utilities are leveraging these technologies to gain real-time visibility into their operations, improve decision-making, and enhance customer engagement. As a result, the Global IoT in Utilities Market is projected to exhibit substantial growth, reaching a value of USD 102.44 billion by 2024.