Research Reports
Utility Equipment Market Projected to Reach $20 Billion by 2034 Amidst Technological Advancements and Sustainable Initiatives
Published by Wanda Rich
Posted on March 3, 2025
Global Banking and Finance Review
Company
Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
Published by Wanda Rich
Posted on March 3, 2025
The global utility equipment market, projecting tremendous growth from $12.19 billion in 2024 to $20.04 billion by 2034. This 5.1% compound annual growth rate (CAGR) is due to the fast-paced integration of cutting-edge technologies and the world's movement towards sustainable energy solutions.
The Utility Equipment Market is pivotal to facilitating infrastructure construction, energy supply, and public services in various industries like power generation, water management, and telecommunications. This market encompasses an array of equipment such as utility vehicles, transformers, generators, and grid modernization solutions. Increasing investments in smart grids, renewable energy, and automation are fueling the demand for next-generation utility equipment, allowing efficiency, reliability, and sustainability in service delivery. On top of that, government policies supporting infrastructure upgrades and electrification projects add to market growth even more.
IoT-enabled monitoring, AI-based predictive maintenance, and electrification of utility fleets are shaping the market landscape. The growing emphasis on green practices has also created a trend towards adopting energy-efficient and green equipment, such as battery storage solutions and electric utility vehicles. North America and Europe are market leaders owing to the high level of infrastructure investments, whereas Asia-Pacific is witnessing speedy growth fueled by industrialization and urbanization. As the demand for smart and resilient utility networks increases, innovative and reliable utility equipment demand will significantly increase.
For More Insights into the Market, Request a Sample of this Report:https://www.factmr.com/connectus/sample?flag=S&rep_id=9499
Market Insights
The utility equipment industry is experiencing a revolutionary phase, driven by the adoption of digital technologies like artificial intelligence (AI), data analytics, and the Internet of Things (IoT). These technologies are improving operational efficiency, facilitating predictive maintenance, and enhancing infrastructure resilience. Also, there is a strong trend towards decentralized power solutions, such as community microgrids and rooftop solar arrays, that are transforming energy infrastructures to be more adaptable and robust. Decentralization not just empowers the customer but also is conducive to world-wide sustainability objectives.
Key Statistics & Forecasts
Upgrading Aging Infrastructure with Utility Equipment to Fuel Growth in the U.S. Market
The United States utility equipment market is likely to reach an estimated value of US$ 2,686.6 million in 2024, grabbing 79.3% market share. Efforts to update aging infrastructure are a major source of growth and, more urgently, a consequence of climate stressors.
It is driven by a move towards distributed energy systems, increased resilience in the face of natural disasters, and the embracing of grid modernization technologies. Private sector financing in smart technologies and grid resiliency has also been supporting the industry towards faster progress as it adapts to changing energy and infrastructure demands.
Key Players
The utility equipment market is experiencing some significant trends:
Electrification of Utility Vehicles: Increasingly, governments are encouraging electric utility vehicles due to the shift towards green transport. Not only does this reduce carbon footprints, but also improves operational efficiency with the implementation of cutting-edge technologies such as telematics and autonomous technologies.
Supply Chain Issues: Top manufacturers, including Hitachi Energy, have said they have been "overwhelmed" by the soaring demand for grid gear, potentially delaying key infrastructure projects that will expand the percentage of renewable energy used worldwide.
Investment in Infrastructure: Governments across the globe are investing large amounts in upgrading utility infrastructure. As an example, the $1.2 trillion Infrastructure Investment and Jobs Act of the U.S. government will invest heavily in utilities and energy projects, driving the demand for utility equipment in the upcoming decade.
Industry Applications of Utility Equipment Across Key Sectors:
The report also points out various uses in various industries:
Get Customization on this Report for Specific Research Solutions: https://www.factmr.com/connectus/sample?flag=S&rep_id=9499
More Valuable Insights Available:
Fact.MR offers an unbiased analysis of the global utility equipment market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the utility equipment market, the market is segmented based on product (garbage trucks, street sweeper, static compactors, winter maintenance equipment, sewer & drainage equipment), by end use (garbage trucks, street sweeper, static compactors, winter maintenance equipment, sewer & drainage equipment) and region (North America, Europe, Latin America, East Asia, South Asia & Oceania, and Middle East & Africa).
Conclusion
Fact.MR's most recent report highlights the dynamic nature of the utility equipment market's evolution, influenced by technological development and global efforts towards sustainability. Players in the municipal, industrial, and energy sectors are to gain from the developments, situating themselves at strategic points in a fast-growing market.
Check out More Related Studies Published by Fact.MR:
Lift trucks market, valued at $48.52B in 2022, is set to hit $94.56B by 2032, growing at a 6.9% CAGR due to rising worldwide sales.
Vocational truck market valued at $7.1B in 2023 are set to hit $13.6B by 2033, growing at a 6.7% CAGR, per Fact.MR's industry survey.
Street sweepers market is set to grow at a 7% CAGR (2019-2027), driven by rising urban demand for cleanliness and disease prevention.
Airport catering trucks market is projected to expand at a 5.7% CAGR in terms of value during the period of forecast, 2018 to 2028.
Hybrid EV market is set for strong growth, with a 14%+ CAGR through 2031. Gasoline hybrids may exceed US$100M in value by 2031
High voltage electric heater market will grow from $2.31B in 2024 to $16.7B by 2034, expanding at a 21.9% CAGR through 2034.
Truck campers market is estimated at US$ 1.34 billion in 2022 and is predicted to reach a market valuation of US$ 1.75 billion by 2032, increasing at a CAGR of 2.7% between 2022 and 2032.
Truck crane market were $9.1B in 2023 and are set to hit $14.9B by 2033, growing at a steady 5% CAGR over the next decade.