IoT in Utilities Market Skyrockets to $94.8 Billion by 2031 Dominated by Tech Giants – IBM, Cisco, Huawei Technologies and Itron Inc | The Insight Partners

The IoT in Utilities Market Increasing adoption of IoT devices, increasing resilience in smart manufacturing, and rapid digitization across various industries are the major factors driving the IoT industry.

/EIN News/ -- US & Canada, Jan. 30, 2025 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, The global IoT in utilities market was valued at $47.1 billion in 2024 and is projected to reach $94.8 billion by 2031; it is expected to register market growth with a CAGR of 10.5% during 2025–2031. The global market is observing significant growth owing to smart grid deployment and urbanization & infrastructure demand.

“IoT in Utilities Market covers analysis by Component (Platform, Solutions, Service); Application (Water and Wastewater Management, Utility Gas Management, Electricity Grid Management), and Geography”, the IoT in the utilities market comprises a vast array of component, deployment, connectivity, application, and geography, which are expected to register strength during the coming years.

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Overview of Report Findings

IoT in Utilities Market Dynamics: The rising demand for IoT in Utilities is closely tied to investments in upgrading the grid infrastructure and the ongoing transition to renewable energy sources. The International Energy Agency (IEA) reports that global investments in electricity grids reached US$ 309 billion in 2021, marking a notable 6% year-on-year increase. These investments primarily stemmed from advanced economies aiming to electrify various sectors, accommodate intermittent renewables, and promote sustainability. Europe faces the challenge of an aging grid infrastructure, with around one-third being approximately 40 years old. Given the scale of this task, digital technology is being harnessed to support existing grid equipment. This digitalization initiative is designed to prepare the grid infrastructure for integrating intermittent renewable energy sources and the expected surge in demand from adopting electric vehicles (EVs), heat pumps, and other sectors. Approximately US$ 600 billion is projected to be invested in the European grid infrastructure between 2020 and 2030, with a significant portion, around US$ 200 billion, being explicitly allocated for digitalization efforts. This substantial investment will facilitate the modernization and optimization of the grid, ensuring its reliability and efficiency in meeting the growing electricity demand. Hence, the increasing investment in grid infrastructure is expected to boost the IoT in utilities market.

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IoT in Utilities Market Insights: One of the most prevalent applications of IoT in the utilities sector is the deployment of Advanced Metering Infrastructure (AMI) through smart meters. These devices establish a direct communication channel between utilities and consumers, enabling the provision of value-added services such as real-time usage feedback, dynamic pricing models, and smart home integrations. As utilities continue to face challenges such as rising customer expectations, regulatory pressures, growing energy demands, the electrification of transportation, and the climate crisis, harnessing the full potential of IoT will be critical in driving the digital transformation of the industry. IoT not only supports the optimization of energy consumption and resource management but also facilitates the transition to more sustainable, efficient, and customer-centric utility systems. This digitalization is pivotal to meeting both current demands and future opportunities, making IoT an essential component in the ongoing evolution of the utilities market.

Geographical Insights: North America is expected to hold a significant share in the IoT in utilities market in 2025.

IoT in Utilities Market Segmentation

• Based on the component, the IoT in utilities market is divided into hardware, software, and services.
• In terms of deployment, the market is segmented into on-premise and cloud.
• Based on the connectivity, the IoT in utilities market is divided into Zigbee, Wi-Fi, Bluetooth, Z-Wave, and others.
• In terms of application, the market is segmented into smart meters, smart grids, energy management systems, water management, waste management, and others.
• The IoT in utilities market is segmented into five major regions: North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
  
  

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Competitive Strategy and Development

• Key Players: A few major companies operating in the IoT in utilities market include Cisco Systems, Inc.; IBM Corporation; General Electric Company; Siemens AG; Microsoft Corporation; Huawei Technologies Co. Ltd; SAP SE; Honeywell International Inc.; Schneider Electric; ABB Ltd.
  
  
• Trending Topics: Integration of Renewable Energy, AI and Data Analytics in Utilities, and Blockchain for Energy Transactions, among others
  
  

Key Players and Competitive Landscape:

The IoT in Utilities Market is characterized by the presence of several major players, including:

• IBM
• Cisco
• Huawei Technologies Co., Ltd.
• Itron Inc
• Landis+Gyr
• Oracle
• Schneider Electric
• Telit
• Verizon
• Vodafone Limited

These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.

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Global Headlines on the IoT in Utilities Market

• "SECO and Hitachi Energy have signed an agreement to develop a new product line under the Utility Smart Box Family to enable communication and data management across utilities infrastructure. As part of the agreement, SECO will lead the design and development of the new product line and will be responsible for integrating its hardware solutions based on Qualcomm IoT processors. Additionally, SECO will manufacture and supply the finished products to Hitachi Energy and ensure that they meet the highest standards of functionality and reliability while underscoring SECO’s commitment to providing comprehensive services and delivering top-tier utility solutions.”
• “Itron, Inc., which is innovating new ways for utilities and cities to manage energy and water, announced the integration of Itron’s Intelligent Connectivity suite with FirstNet, Built with AT&T, the only nationwide, high-speed broadband communications platform dedicated to and purpose-built for America’s first responders and the extended public safety community. Itron has completed integrating an initial round of cellular-enabled products with FirstNet, with more to come. Itron’s participation in the FirstNet Embedded IoT Program further enhances the reliability and resiliency of Itron’s network offering, providing priority access for utility and city critical infrastructure communications and applications.”

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Conclusion

The Internet of Things (IoT) in the utilities market refers to the integration of connected devices, sensors, and smart technologies within utility infrastructure to monitor, manage, and optimize the production, distribution, and consumption of essential services such as electricity, water, gas, and waste management. By leveraging IoT, utilities can collect real-time data from various sources, analyze it for actionable insights, enhance operational efficiency, reduce costs, improve customer engagement, and support sustainability goals. This digital transformation enables utilities to better anticipate demand, optimize energy usage, perform predictive maintenance, improve grid reliability, and offer new services to consumers.

Utility companies are increasingly collaborating with technology providers to leverage IoT, big data, and machine learning innovations. While there is still significant potential for improvement in resource allocation and preservation, the rise of smart cities has introduced advancements such as electric vehicles, IoT-enabled power grids, smart water meters, and cutting-edge energy generation and transportation methods. The widespread implementation of IoT in the utilities sector presents a valuable opportunity to enhance energy monitoring, minimize waste, and improve both safety and operational efficiency. Furthermore, IoT facilitates predictive management, ensuring the stable and secure transmission of energy while promoting the efficient use of natural resources, driving growth in the utilities market.

The report from The Insight Partners, therefore, provides several stakeholders—including utility providers, IoT solution providers, and regulatory authorities & governments—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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