Market Size of Smart Utilities Management Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 18.72 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Smart Utilities Management Market Analysis
The smart utilities management market is expected to register a CAGR of 18.72% during the forecast period (2021-2026). Energy consumption has overtaken energy generation by a significant measure and energy conversion is the new norm for organizations and governments. Therefore, the most prominent need for energy companies is to measure consumption, reduce wastage, and, at the same time, decrease the cost of procuring energy.
- The growing importance of smartening a country's power grid system is heightened by the developing consumer model happening through the rise in decentralized power generation systems, such as Waste-to-Power, and Rooftop Solar PV technologies.
- The advent of smart cities and smart grids is also proving as a major driver for smart utility management adoption. Furthermore, innovation in battery technology is allowing smaller devices with longer operating times. Integration of cloud technologies is also expected to provide opportunities to grow in this area.
- The advent of renewable energy, oil price volatility, climate change policies, changing customer behavior, and cost containment pressure are the few challenges the energy sector is seeking to address on a daily basis.
