Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 681

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 681
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, is a developing trend that is expected to accelerate due to the combination of increased data speeds and data capacity capabilities of wireless and wireline networks, developing IoT applications, cloud computing and artificial intelligence.  Smart City initiatives include such technologies as Wi-Fi kiosks, smart lighting solutions, utility meters, smart traffic management systems, video sensors, weather sensors, drone sensors for public safety efforts and radio frequency identification sensors in the pavement.  Grand View Research, in their 2024-2030 U.S. Smart Cities Market Size, Share & Trends Analysis report, estimated that the Smart Cities market size was valued at approximately $179 billion in 2023, and is expected to grow at an estimated compound annual growth rate of approximately 23.1% from 2024 to 2030.  Smart Home technologies represent a wide range of solutions for monitoring, controlling and automating functions in a home, including home intelligence and connected home technologies.  These technologies are expected to benefit from the global rollout of 5G, which are revolutionizing the delivery of IoT services, and improvements in Wi-Fi technologies.  Mordor Intelligence, in their Smart Homes Market in the US 2024-2029 report, predicts that the U.S. Smart Home market, which was estimated at approximately $40 billion in 2024, will grow at an estimated compound annual growth rate of approximately 9% from 2024 to 2029.  We believe that opportunities for installation and maintenance of both Smart City and Smart Home technologies will provide future growth opportunities, including for our install-to-the-home services business.

As one of the largest providers of communications infrastructure services, we believe that we are well-positioned to benefit from the expected multi-year significant and broad opportunities in the telecommunications market as previously described.

Opportunities in our Clean Energy and Infrastructure Segment

The need for expanded energy generation, together with climate change and carbon emission reduction initiatives, continue to drive trends in the mix of fuel sources used in energy generation toward cleaner and more sustainable energy sources.  According to Deloitte’s 2025 Renewable Energy Industry Outlook, continued growth is expected in clean energy and renewables deployment, in part by, record public and private investment and the cleantech manufacturing, artificial intelligence and carbon industries.  According to its 2024 Renewable Energy Industry Outlook, many businesses, states, cities and utilities have either mandatory or announced decarbonization plans, with many utilities having decarbonization targets, and an increasing number of major corporations that have joined the RE100