The Business Research Company’s IoT in Utilities Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
LONDON, GREATER LONDON, UK, November 17, 2023 /EINPresswire.com/ — The global IoT in utilities market, estimated at $43.86 billion in 2022, is expected to expand to $49.68 billion in 2023, registering a notable compound annual growth rate (CAGR) of 13.3%. Despite the challenges posed by the Russia-Ukraine conflict and the lingering effects of the COVID-19 pandemic, the market is anticipated to reach a significant valuation of $81.01 billion by 2027. This growth is attributed to the increasing demand for digitization in the utility sector, fostering efficiency and enhancing customer engagement.
Rising Demand for Digitization Drives Market Growth
The mounting demand for digitization in the IoT in utilities market is playing a crucial role in propelling market expansion. Leveraging digital tools for comprehensive monitoring and optimization of physical infrastructure, along with streamlined automation to enhance workforce safety and efficiency, has become pivotal. The integration of distributed systems with advanced grid digital technology has further strengthened the case for digitization. Notably, the utility sector has witnessed significant improvements, including reduced operating expenses and substantial performance gains, driven by the implementation of digitization technology.
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Leading Players and Notable Trends
Key players such as International Business Machines Corporation, Oracle Corporation, and Cisco Systems Inc., among others, are actively involved in integrating new technologies to gain a competitive edge in the market. For instance, the Dubai Electricity and Water Authority (DEWA) launched a 6U nanosatellite in March 2022 equipped with high-resolution image sensing technology tailored to communicate with IoT terminals, aiming to detect thermal anomalies in energy and water networks for improved operational efficiency.
• Component: Platform, Solutions, Services, Other Components
• Technology: Sensors, RFID, Connectivity Technology
• Application: Electricity Grid Management, Gas Management, Water and Waste Management, Other Applications
Geographical Insights: North America Leads the Market
North America, holding the largest share in the IoT in utilities market in 2022, continues to exhibit robust growth and innovation. The Asia-Pacific region is expected to emerge as the fastest-growing market during the forecast period, presenting significant opportunities for market expansion and development.
To gain comprehensive insights into regional dynamics, emerging market trends, and growth prospects, access the complete report:
IoT In Utilities Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The IoT In Utilities Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on IoT In utilities market size, IoT In utilities market drivers and trends, IoT In utilities market major players, IoT In utilities market competitors’ revenues, IoT In utilities market positioning, and IoT In utilities market growth across geographies. The IoT In utilities market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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