IoT in Utilities Market Size

IoT in Utilities Market size was valued at USD 46.73 billion in 2023 and is poised to cross USD 194.64 billion by 2036, registering more than 11.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of IoT in utilities is estimated at USD 51.07 billion.

Further, the market generated noteworthy revenue in the year 2021. The growth of the market can primarily be ascribed to the spiking number of devices connected to IoT. For instance, over 70 billion devices connected to the internet of things are estimated to be in the presence by the year 2050.

IoT application is helpful to improve the efficiency and durability of enterprise resources. These applications are used to assist utility providers to manage their business and reach their goals. IoT applications are used to manage the distribution of general utilities such as, gas, water, and electricity. For instance, more than 5 trillion kWh of energy is consumed in China every year while in the USA, the annual electricity consumption rate is projected to be around 3 trillion kWh. Additionally, factors such as, rising demand for electricity grid management and escalating need for IoT in water distribution and generation are further projected to expand the global IoT in utilities market size over the forecast period.