The IoT in Smart Utility and Energy Market is projected to reach a market size of USD 66.92 billion by the end of 2030

According to the report published by Virtue Market Research in Global IoT in Smart Utility and Energy Market was valued at $27.41 Billion and is projected to reach a market size of $66.92 Brillion by 2030. Over the forecast period of 2024-2030 market is projected to grow at a CAGR of 11.8%. 

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In the dynamic landscape of the Smart Utility and Energy industry, the Internet of Things (IoT) has emerged as a transformative force, reshaping the way we manage and harness power. With over a decade of expertise and 200 published articles, our industry expert delves into the long-term and short-term market drivers, opportunities, and trends, all while navigating the impactful ripples of the COVID-19 pandemic.

A pivotal long-term driver propelling the Smart Utility and Energy market is the relentless pursuit of sustainability. Governments worldwide are tightening regulations and encouraging the adoption of clean energy solutions to combat climate change. IoT plays a crucial role in this shift, offering real-time monitoring and control of energy systems. The demand for sustainable practices has only intensified post-COVID-19, with a heightened awareness of the delicate balance between human activity and environmental health. The pandemic has accentuated the need for resilient energy infrastructures, further fuelling the long-term growth of the IoT in the Smart Utility and Energy sector.

In the short term, the market is driven by the pressing need for grid optimization. The growing population and urbanization have led to an increased strain on existing power grids. IoT solutions offer a real-time analysis of grid performance, allowing utilities to identify and rectify inefficiencies promptly. This immediate impact on grid reliability has become a key driver for IoT adoption, as energy providers seek to enhance their infrastructure to meet the escalating demand for electricity.

An exciting opportunity lies in the integration of Artificial Intelligence (AI) with IoT in the Smart Utility and Energy sector. The synergy between AI and IoT technologies enhances predictive analytics, enabling utilities to foresee potential issues and proactively address them. Predictive maintenance, optimized load forecasting, and efficient resource allocation are areas where this amalgamation can yield significant benefits. This opportunity not only improves operational efficiency but also contributes to cost savings, making it a lucrative prospect for industry players.

A prominent trend reshaping the industry is the increasing adoption of edge computing. Traditionally, data processing occurred in centralized cloud servers, leading to latency and bandwidth issues. Edge computing, however, involves processing data closer to the source – at the edge of the network. In the context of Smart Utility and Energy, this means faster and more efficient decision-making. Real-time analytics at the edge empower utilities to respond swiftly to changing conditions, ensuring a seamless and reliable energy supply. The trend towards edge computing is set to revolutionize how data is handled in the industry, optimizing performance and reliability.

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Segmentation Analysis:

By Components: Platform, Solutions, Services

The market share was controlled by the solution category. The growth of the utility and energy industries is accelerated by IoT technology solutions that help utilities integrate a range of corporate processes. It is anticipated that integrating technology with current processes will increase businesses' overall operational efficiency with little investment in new infrastructure. IoT applications in the energy and utility sectors include energy generation and transmission, consumer side analysis, asset and infrastructure management, workforce management, security, and remote surveillance and monitoring. Through the use of efficient tools and procedures, IoT solutions in the energy and utility sectors enhance analytics-based decision-making by lowering market risks and vulnerabilities. IoT technology have also made it possible for energy companies to remotely monitor and regulate the functioning of their assets.

By Solution: Asset Monitoring Management, Safety & Security, Supervisory Control and Data Acquisition (SCADA), Connected Logistics, Energy Management, Mobile Workforce Management, Others.

The connected logistics category and the energy management category made major contributions to the market's growth. The market's revenue growth is being driven by the growing demand to lower energy costs and promote energy efficiency. Energy management systems are being used more frequently as a result of growing concerns about climate change and the rising cost of fossil fuels. The desire to reduce dependency on fossil fuels as a result of the depletion of natural resources is driving up demand for energy conservation solutions. Energy management systems facilitate the preservation of a comfortable and energy-efficient atmosphere within a facility by enabling real-time control and monitoring of a wide range of connected equipment. This, in turn, drives the growth of the market.

By Services: Consulting, Integration and Deployment, Support and Maintenance.

The Smart Utility and Energy Market's IoT is divided into three segments based on services: consulting, integration & deployment, and support & maintenance. The integration & deployment category was one of them that significantly influenced market growth. To link IoT devices to IoT solutions and integrate them into planned or current IT infrastructure, enterprises use integration and deployment services. These services improve business agility and operational efficiency by tying enterprise IT solutions to business requirements. The primary driving force behind firms' adoption of system integration services is to improve overall operational quality and efficiency. Using these services can help a company combine its many IT systems, which will improve information flow and reduce operating costs.

By Application: Water and Wastewater Management, Oil & Gas Management, Electricity Grid Management, Coal Mining, Others.

The IoT category with the most market share in the smart utility and energy market is electricity grid management. An electric grid is largely responsible for the efficient management and delivery of power to its final customers. By utilizing network capabilities and computational intelligence, a smart, automated, and modern grid can be created, as opposed to a conventional grid. IoT-capable smart meters, energy boxes, receivers, and smart sensors are all connected to one another in a grid. When there was a power outage in a traditional electrical grid, customers alerted utility providers. The Advanced Metering Infrastructure (AMI) is operational today since all components have two-way communication capabilities and Internet Protocol (IP) addresses are available. Over the course of the projection period, the oil and gas management market are also expected to increase significantly. Companies that explore for and refine oil and gas need a large sum of money to meet their daily operating needs. Energy companies constantly create new technology and streamline their operations to remain competitive. IoT adoption is expected to boost the operational efficiency of the oil and gas industry, enabling businesses in this sector to weather the recent drop in oil prices. IoT technology can help with pipeline integrity and remote oil rig monitoring.

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Regional Analysis:

IoT is categorised into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa in the context of the smart utility and energy market. The regions of Europe and Asia Pacific trailed North America in terms of IoT growth in the smart utility and energy market. Due to measures taken by the governments in the individual regions, Europe is also expected to have rapid growth during the projection period. North America emerged as the industry leader in the Internet of Things (IoT) space. Throughout the projection period, it is predicted to maintain its position as the leading region. With a large number of the largest institutions in the region either fully deployed or in the planning stages of full-scale rollouts, North America has led the way in the implementation of smart grids. In the upcoming years, it is anticipated that major utility companies in the United States that are controlled by investors and have not yet implemented smart metres for their customers will continue to grow throughout North America. Additionally, it is anticipated that a sizable number of municipal and local cooperative utilities will be crucial in boosting adoption.

With a projected CAGR of 24.67% over the course of the forecast period, Asia Pacific is also expected to develop at one of the quickest rates due to increased disposable income, rapid urbanisation, and a move towards digitization. Advanced factory automation systems are being widely used in the region, mostly in China, Taiwan, and Japan. Manufacturing companies all around the region are gradually modernising their operations as they become aware of the advantages that come with implementing robot arms technology.

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Latest Industry Developments:

Strategic Collaborations and Partnerships:

A prevailing trend in the Smart Utility and Energy sector involves companies forming strategic collaborations and partnerships. This approach enables them to leverage complementary strengths and resources, fostering innovation and addressing complex challenges collectively. Recent developments showcase utilities partnering with tech companies, sharing expertise to enhance the integration of IoT solutions into existing infrastructures. These collaborations not only accelerate the development of cutting-edge technologies but also contribute to the expansion of market reach for all involved entities.

Focus on Interoperability Standards:

Another noteworthy strategy revolves around the emphasis on interoperability standards. Recognizing the need for seamless integration of diverse IoT devices and platforms, companies are increasingly working towards establishing common standards. Recent developments indicate a concerted effort to create open-source frameworks and industry-wide protocols. This trend not only streamlines the integration of IoT solutions but also ensures compatibility across various devices, fostering a more interconnected and efficient Smart Utility and Energy ecosystem.

Investment in Research and Development (R&D):

Companies are allocating substantial resources to research and development, aiming to stay at the forefront of technological advancements. Recent developments highlight a surge in R&D investments, with a focus on enhancing the scalability, security, and functionality of IoT applications in the Smart Utility and Energy domain. This strategic approach not only enables companies to introduce innovative solutions but also positions them as market leaders, attracting partnerships and collaborations for mutual growth.