Groowe Groowe BETA / Newsroom
⏱ News is delayed by 15 minutes. Sign in for real-time access. Sign in

Global Smart Utilities Market to Surge, Reaching $157.46 Billion by 2034

globenewswire.com
GE GE Vernova is mentioned as a key player in the growing global smart utilities market, indicating potential for growth but without specific positive or negative performance indicators. ITRN Itron Inc is listed as a dominant company in the expanding smart utilities market, suggesting it is well-positioned within a growing industry, but no specific performance details are provided. ORCL Oracle Corporation is identified as a major player in the smart utilities market, which is projected for significant growth. This suggests a positive outlook for the company within this sector. ACN Accenture plc is named as a key company in the smart utilities market, which is experiencing substantial growth. This indicates a potentially favorable environment for Accenture's services in this sector. ETN Eaton Corporation plc is recognized as a significant player in the expanding smart utilities market. The overall market growth suggests a positive outlook for Eaton within this sector.

Dublin, Dec. 12, 2025 (GLOBE NEWSWIRE) -- The "Smart Utilities Global Market Opportunities and Strategies to 2034" has been added to ResearchAndMarkets.com's offering.

The global smart utilities market, significant in shaping the future of energy management, has showcased robust growth trends from 2019 to 2029 with projections further extending to 2034. In 2024, the market was valued at approximately $46.64 billion and is anticipated to accelerate at a compound annual growth rate (CAGR) of 13.10% to reach $86.29 billion by 2029, eventually soaring to $157.46 billion by 2034 at a CAGR of 12.78%.

The momentum in the historic period was driven by increasing electricity demand, amplified investment in grid automation, government incentives, and the integration of energy storage systems. Challenges included high capital requirements and cybersecurity risks. Looking ahead, the expansion of smart meter deployments, the development of smart grids and microgrids, and the rise of digitalization and IoT in the energy sector promise to fuel market growth. Potential obstacles could include issues integrating with legacy systems, regulatory ambiguities, and trade conflicts.

Regionally, North America led the market with a 35.64% share in 2024, valued at $16.62 billion. Asia Pacific and the Middle East are poised to be the fastest-growing regions moving forward with CAGRs of 16.51% and 14.58%, respectively. These regions are followed by Africa and Eastern Europe, displaying CAGRs of 13.32% and 13.17%.

The smart utilities market exhibits a fair degree of concentration, dominated by major players. In 2024, the top ten companies held a 35.77% market share. Key players included Schneider Electric SE (10.81% market share), Siemens AG, GE Vernova, ABB Ltd, Itron Inc, Oracle Corporation, Landis+Gyr AG, Accenture plc, Eaton Corporation plc, and Enel X.

Segment-wise, the market is divided by component into hardware, software, and services. Software emerged as the largest segment with 52.61% market share in 2024, valued at $24.53 billion. The services segment is anticipated to lead future growth with a 17.04% CAGR from 2024 to 2029. By communication technology, the wired-less segment accounted for 85.33% of the market share, expected to grow at a 14.37% CAGR. In applications, meter hardware was prominent, but technologies will likely drive future growth at an 18.35% CAGR.

Key opportunities lie in the software and wired-less segments, expected to gain significant global annual sales by 2029, with major growth in the USA projected at $9.95 billion. Strategy-wise, market players are advised to form strategic partnerships, enhance intelligent home energy management, leverage edge computing, and pursue metering-as-a-service models. Emphasis on digitalization, IoT analytics, and integration of renewable and distributed energy resources forms the backbone of modern smart utility strategies.

For optimal growth, recommended actions include focusing on integrated home energy systems, expanding edge intelligence, enhancing metering services, and scaling water management solutions. Also, targeting emerging markets and Aiming for strategic alliances will enhance outreach. Transparent pricing, value-driven tariffs, and targeted incentives are essential to bolster trust and drive adoption in the expanding smart utilities landscape.

Reasons to Purchase:

Key Attributes:

Companies Featured

The companies featured in this Smart Utilities market report include:

For more information about this report visit https://www.researchandmarkets.com/r/5a4s9r

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Attachment