PUBLISHER: The Business Research Company | PRODUCT CODE: 1706935
PUBLISHER: The Business Research Company | PRODUCT CODE: 1706935
Smart utilities encompass modernized systems and technologies utilized for the management, monitoring, and optimization of utility services such as electricity, water, and gas. These systems leverage connected sensors and the Internet of Things (IoT) to enhance efficiency, optimize asset performance, provide real-time insights, and mitigate utility loss risks.
The key components of smart utilities include hardware, software, and services. Hardware comprises the physical devices and equipment used for managing and monitoring utility services, including meter hardware, communication and networking devices, and power quality equipment. The technology encompasses both wired and wireless solutions, catering to various end applications within the utility sector.
The smart utilities market research report is one of a series of new reports from The Business Research Company that provides smart utilities market statistics, including the smart utilities industry global market size, regional shares, competitors with the smart utilities market share, detailed smart utilities market segments, market trends, and opportunities, and any further data you may need to thrive in the smart utilities industry. These smart utilities market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The smart utilities market size has grown rapidly in recent years. It will grow from $46.64 billion in 2024 to $53.25 billion in 2025 at a compound annual growth rate (CAGR) of 14.2%. 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 $89.33 billion in 2029 at a compound annual growth rate (CAGR) of 13.8%. 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.
The smart utilities market is expected to experience growth due to the increasing adoption of electric vehicles (EVs). Electric vehicles are powered by electric motors using energy stored in rechargeable batteries. The rise in electric vehicle usage is driven by factors such as convenience, environmental advantages, the expanding range of models, decreasing costs, and governmental initiatives promoting decarbonization. Smart utilities play a crucial role in integrating EVs by optimizing charging infrastructure, managing grid demand, and ensuring efficient energy distribution. For example, the International Energy Agency reported in October 2023 that electric cars accounted for 14% of new vehicle purchases in 2022, up from around 9% in 2021, highlighting the growing adoption of EVs driving the smart utilities market's growth.
Leading companies in the smart utilities sector are concentrating on developing advanced solutions such as advanced meter infrastructure (AMI) systems to modernize urban water management and gain a competitive advantage. AMI solutions are comprehensive systems that automate real-time data collection and management for efficient utility monitoring and control. For instance, ST Engineering introduced BrightCity in June 2024, an AMI solution designed to assist utility providers and consumers in managing water consumption effectively. BrightCity addresses challenges posed by aging water infrastructure and disparate meter systems by converting traditional meters into smart meters using its innovative Meter Interface Unit (MIU). This MIU, compatible with most water meters, enables wireless data collection and integrates with a central Meter Data Management System (MDMS) for real-time insights, predictive leakage detection, and customer usage monitoring through a dedicated portal.
In February 2023, Smart Energy Water (SEW), a US-based digital customer and workforce solutions provider, acquired 3Insys. The acquisition aimed to enhance SEW's offerings and expand its market presence in digital solutions for the energy and utility sectors. 3Insys, known for its Agile Integration Platform as a Service (iPaaS) tailored to energy and utility industries, brought valuable expertise and technology to SEW through this acquisition.
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.
North America was the largest region in the smart utilities market in 2024. 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.
The countries covered in the smart utilities market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The smart utilities market consists of revenues earned by entities by providing services such as energy auditing services, utility billing services, grid management services, and remote monitoring services. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart utilities market also includes sales of products including smart meters, smart grids, smart sensors, and smart thermostats. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Smart Utilities Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on smart utilities market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for smart utilities ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The smart utilities market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.