PUBLISHER: The Business Research Company | PRODUCT CODE: 1880723
PUBLISHER: The Business Research Company | PRODUCT CODE: 1880723
Smart utilities refer to utility services, such as electricity, water, gas, and district heating, that leverage advanced digital technologies, sensors, and communication networks to monitor, manage, and optimize the generation, distribution, and consumption of resources. These systems integrate smart meters, Internet of Things (IoT) devices, data analytics, and automated control to improve operational efficiency, reliability, and customer service. The primary purpose of smart utilities is to enhance resource efficiency, reduce operational costs, and provide real-time insights for better decision-making.
The smart utilities market consists of sales, by entities (organizations, sole traders, or partnerships), of digital solutions and connected devices designed to modernize electricity, water and gas infrastructure using technologies. These systems enable real-time data collection, remote monitoring and predictive management of utility services, enhancing efficiency and reliability.
The global smart utilities market reached a value of nearly $46,640.68 million in 2024, having grown at a compound annual growth rate (CAGR) of 9.89% since 2019. The market is expected to grow from $46,640.68 million in 2024 to $86,297.61 million in 2029 at a rate of 13.10%. The market is then expected to grow at a CAGR of 12.78% from 2029 and reach $157,469.82 million in 2034.
Growing Investment In Grid Automation
Growing investment in grid automation contributed to the growth of the smart utilities market in the historic period. It enables real-time control, fault detection, and efficient load balancing. Such advancements create a greater need for smart sensors, communication systems, and automation software. For example, in March 2024, TSO RTE, an electricity transmission system operator of France, proposed investments prioritizing developments of its network of the order of €100 billion ($117.67 billion) by 2040. The new network development plan is focused on three broad objectives, of which one is the connection of new producers and consumers of electricity, including the new industries, particularly in port industrial zones, and both onshore and offshore renewables. A second objective is to adapt the structure of the transmission network, mainly at the 400kV level, which forms the 'backbone' of France's electricity system. The third is to adapt the network to the changing climate and the growing prevalence of extreme weather events with a major programme of renewal of the most sensitive infrastructures. Therefore, the Growing investment in grid automation drove the growth of the smart utilities market.
Strategic Partnerships Driving Innovation And Market Expansion In Smart Utilities
Major companies in the smart utilities market are focusing on strategic partnerships and collaborations to accelerate innovation and expand their technological capabilities. These alliances enable the integration of advanced solutions such as AI, IoT, and smart grids, enhancing operational efficiency. Collaborations also help utilities tap into new markets and regulatory environments more effectively. By leveraging each other's strengths, stakeholders can co-develop scalable, sustainable solutions that address the growing global demand for smart energy management. For example, in August 2025, Itron Inc, a US-based technology company that offers products and services for energy and water resource management, partnered with Pacific Technologies (New Zealand-based ovider of water and wastewater management services) and Water Authority of Fiji (WAF), a Commercial Statutory Authority (CSA) and is the water and wastewater management service providers in Fiji, to launch the first-ever smart water metering project in the Fiji Islands. By leveraging Itron's smart water solutions, WAF is accelerating its digital transformation to provide sustainable, efficient and reliable water and sanitation services across the nation.
The global smart utilities market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up to 35.77% of the total market in 2024.
Smart Utilities Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global smart utilities market as it emerges from the COVID-19 shut down.
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 history and forecasts market growth by geography. It places the market within the context of the wider smart utilities market; and compares it with other markets.