IoT in Utilities Market is Expected to Display a Steady Growth by 2028

According to a new report published by UnivDatos Markets Insights, the IoT in Utilities Market was valued at USD 31 billion in 2020 and is expected to grow at a CAGR of around 10% from 2022-2028.

In recent times, IoT in the utilities market has witnessed significant demand due to its incorporation into several applications such as smart grids to ensure efficiency & sustainability along with real-time consumption monitoring. The integration of IoT could help to lower operational costs, improve efficiency, and ensure the environmental goal of the demand-based power generation and distribution system. Also, the increasing investment coupled with the merger & acquisition is supporting the IoT integration in the utilities market. For instance, in October 2019, Landis+Gyr and Light announced a five-year agreement valued at R$ 750 million for one of the largest grid projects in South America.

The IoT in Utilities Market is expected to grow at a steady rate of around 10% owing to the increasing penetration of the internet coupled with the technological advancement and incorporation of the IoT in asset management, grid management, energy conservation, wastewater management among others. Major companies in the market offer technologically advanced services and features in the IoT in utilities market. For instance, Green IoT, the material used to construct RFID tags is challenging to recycle however applying the green IoT provides the benefit to reduce the size of the tag and reduce electronic waste.