IoT in utilities market expected to grow to $43.78 billion

The global IoT in utilities market is expected to grow from $38.21 billion in 2021 to $43.78 billion in 2022 at a compound annual growth rate (CAGR) of 14.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The IoT in the utilities market is expected to reach $69.86 billion in 2026 at a CAGR of 12.4%.

The IoT in the utility market consists of the sales of IoT services by entities (organizations, sole traders, and partnerships) that are used for creating powerful connected networks of data flows among distributed energy resources (DERs), in-home devices, and nano/microgrids. The IoT in utilities is the concept for developing advanced solutions that improve productivity and accuracy, solve critical problems, and improve real-time decision-making.

It is used to reduce emissions, distribute energy resources, accommodate the integration of renewables, and improve reliability and efficiency.

The main types of IoT in utilities are platforms, solutions, services, and others. IoT utility solutions refer to a set of activities conducted for the development and sale of IoT in utilities for solutions.

An IoT solution is a seamlessly integrated array of technologies, including multiple sensors, to solve a problem and create new organizational value. The different technologies include sensors, RFID, and connectivity technology, which are used in various applications such as electricity grid management, gas management, water and waste management, and others.

North America was the largest region in the IoT in utilities market in 2021. The regions covered in the IoT in utilities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.