Internet of Energy Market 2030, by Application, Technology, End User (Utilities, Industrial Consumers, Commercial and Residential Consumers), and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits

Industry : Information Technology | Pages : 181 Pages | Published On : Apr 2024

         
     

The Internet of Energy Market was valued USD 5.2 Billion in 2023 and projected to reach USD 7.7 Billion by 2030, growing at a CAGR of 5.9% during the forecast period of 2023-2030.

Internet of Energy Market Size


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             2019                         2023-2030      

ReportDetails
Market Size ValueUSD 5.2 Billion in 2023
Market Size ValueUSD 7.7 Billion by 2030
CAGRCAGR of 5.9%
Forecast Period2023-2030
Historic Data2019
Segments CoveredApplication, Technology, End User and Region
Geographics CoveredNorth America, Europe, Asia Pacific, and RoW

Major vendors in the global Internet of Energy Market are ABB Ltd., Cisco Systems, General Electric Company, HCL Technologies, Honeywell International, Huawei Technologies, Ingersoll Rand Plc, Intel Corporation, IBM Corporation, Microsoft Corporation, Rockwell Automation, Schneider Electric, Siemens AG, Telit Communications PLC and Others.

Market Overview

The Internet of Energy (IoE) market is experiencing rapid growth, driven by the integration of advanced technologies in the energy sector. IoE leverages the power of the internet to enhance the efficiency, reliability, and sustainability of energy systems. Key components include smart grids, IoT devices, and data analytics, enabling real-time monitoring, control, and optimization of energy production and consumption. The market is witnessing increased investments in smart infrastructure, renewable energy sources, and grid modernization initiatives. With a focus on reducing carbon emissions and enhancing energy resilience, the IoE market is poised for significant expansion. As industries and governments embrace digital transformation in the energy sector, the IoE market is expected to play a pivotal role in shaping the future of energy management globally.

Growing emphasis on sustainable energy

The escalating focus on sustainable energy serves as a pivotal driver for the Internet of Energy (IoE) market. With an increasing global commitment to reduce carbon emissions and transition towards renewable energy sources, IoE plays a crucial role in optimizing and integrating sustainable energy systems. Smart grids, IoT devices, and data analytics within the IoE framework enable real-time monitoring, management, and optimization of renewable energy resources. The demand for efficient energy use and the integration of clean technologies amplify the significance of IoE, fostering a resilient and environmentally conscious energy ecosystem. As sustainability goals continue to drive energy policies worldwide, the IoE market stands poised to expand, facilitating the evolution towards a more sustainable and greener energy landscape.

Market Dynamics

Drivers:

  • Growing emphasis on sustainable energy
  • Increasing investments in smart grid infrastructure

Opportunities:

  • Decentralized Energy Systems
  • Increasing adoption of electric vehicles

Blockchain for Energy Transactions:

Blockchain for energy transactions presents a compelling opportunity to propel the Internet of Energy (IoE) market into a new era of efficiency, transparency, and decentralization. By leveraging blockchain technology, energy transactions can be securely recorded and verified in a decentralized ledger, enabling transparent and tamper-proof records. This not only facilitates peer-to-peer energy trading but also streamlines complex processes in energy markets. Smart contracts, powered by blockchain, automate and enforce the terms of energy agreements, reducing administrative overhead and fostering a trustful environment. As the energy sector embraces digital transformation, the incorporation of blockchain in IoE not only enhances transactional security but also promotes the creation of decentralized energy ecosystems, unlocking innovative possibilities for more sustainable and resilient energy systems.

The market for Internet of Energy is dominated by North America.

The Internet of Energy (IoE) market is predominantly led by North America, with the United States and Canada emerging as key contributors to this dominance. In the United States, robust investments in smart grid technologies, renewable energy integration, and the widespread adoption of IoT devices in the energy sector have propelled the IoE market forward. Government initiatives promoting grid modernization and sustainability further fuel the growth. Meanwhile, Canada's commitment to clean energy and advancements in smart infrastructure contribute significantly to the regional IoE landscape. The North American market benefits from a mature energy ecosystem, strong technological innovation, and supportive regulatory frameworks, positioning the region as a frontrunner in shaping the future of IoE technologies and solutions.

The Smart Grids Segment is Anticipated to Hold the Largest Market Share During the Forecast Period

The dominant application segment within the Internet of Energy (IoE) market is smart grids, representing a transformative force in the energy sector. Smart grids leverage advanced communication and information technologies to enhance the efficiency, reliability, and sustainability of energy distribution. The integration of IoT devices and real-time data analytics in smart grids enables utilities to monitor, control, and optimize energy flow, reducing wastage and enhancing grid resilience. As the global push for grid modernization intensifies, the smart grid application within the IoE framework becomes increasingly crucial. It not only addresses the challenges of conventional grids but also paves the way for a more adaptive, responsive, and intelligent energy infrastructure that aligns with the evolving needs of the modern world.

Major Segmentations Are Distributed as follows:

  • By Application:
    • Smart Grid
    • Renewable Energy
    • Oil & Gas
    • Coal Mining
    • Buildings
  • By Technology:
    • Blockchain
    • Cloud Computing
    • Artificial Intelligence
  • By End User:
    • Utilities
    • Industrial Consumers
    • Commercial and Residential Consumers
  • By Region
    • North America
      • U.S.
      • Canada
    • Latin America
      • Brazil
      • Mexico
      • Argentina
      • Colombia
      • Chile
      • Peru
      • Rest of Latin America
    • Europe
      • Germany
      • France
      • Italy
      • Spain
      • U.K.
      • BENELUX
      • CIS & Russia
      • Nordics
      • Austria
      • Poland
      • Rest of Europe
    • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Thailand
    • Indonesia
    • Malaysia
    • Vietnam
    • Australia & New Zealand
    • Rest of Asia Pacific
    • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Nigeria
    • Egypt
    • Israel
    • Turkey
    • Rest of MEA

 Recent Developments

  • In July 2021, Siemens cooperated on a high-performance processing solution with Oracle, a global key cloud provider, to enable energy suppliers better manage the significant data processing demands that will come with market-wide ‘Half Hourly Settlement (HHS)’. The automated solution uses Oracle Cloud Infrastructure (OCI) to query and process Smart Meter readings in 30-minute intervals, thereby assisting in smart grid transition.
  • In September 2021, ABB teamed up with Omnio, a start-up that specializes in industrial data collection and unification, to provide comprehensive monitoring for all low voltage power distribution systems. ABB Ability Energy and Asset Manager and Omnio data unification solutions have created integration for thousands of third-party devices, such as breakers and energy meters, to provide complete monitoring across all low voltage power distribution systems.

Answers to Following Key Questions:

  • What will be the Internet of Energy Market’s Trends & growth rate? What analysis has been done of the prices, sales, and volume of the top producers in the Internet of Energy Market?
  • What are the main forces behind worldwide Internet of Energy Market? Which companies dominate Internet of Energy Market?
  • Which companies dominate Internet of Energy Market? Which business possibilities, dangers, and tactics did they embrace in the market?
  • What are the global Internet of Energy industry's suppliers' opportunities and dangers in Internet of Energy Market?
  • What is the Internet of Energy industry's regional sales, income, and pricing analysis? In the Internet of Energy Market, who are the distributors, traders, and resellers?
  • What are the main geographic areas for various trades that are anticipated to have astounding expansion over the Internet of Energy Market?
  • What are the main geographical areas for various industries that are anticipated to observe astounding expansion for Internet of Energy Market?
  • What are the dominant revenue-generating regions for Internet of Energy Market, as well as regional growth trends?
  • By the end of the forecast period, what will the market size and growth rate be?
  • What are the main Internet of Energy Market trends that are influencing the market's expansion?
  • Which key product categories dominate Internet of Energy Market? What is Internet of Energy Market’s main applications?
  • In the coming years, which Internet of Energy Market technology will dominate the market?

 Reason to purchase this Internet of Energy Market Report:

  • Determine prospective investment areas based on a detailed trend analysis of the global Internet of Energy Market over the next years.
  • Gain an in-depth understanding of the underlying factors driving demand for different Internet of Energy Market segments in the top spending countries across the world and identify the opportunities each offers.
  • Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
  • Identify the major channels that are driving the global Internet of Energy Market, providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion.
  • Channelize resources by focusing on the ongoing programs that are being undertaken by the different countries within the global Internet of Energy Market.
  • Make correct business decisions based on a thorough analysis of the total competitive landscape of the sector with detailed profiles of the top Internet of Energy Market providers worldwide, including information about their products, alliances, recent contract wins, and financial analysis wherever available.

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Table and Figures

Methodology:

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This methodology is built upon the integration of all seven research methodologies developed by MarketDigits, a renowned global research and consulting firm. By leveraging the collective strength of these methodologies, we are able to deliver a 360° view of the challenges, trends, and issues impacting your industry.

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Furthermore, our methodology incorporates technology-based research techniques, such as data mining, text analytics, and predictive modelling, to uncover hidden patterns, correlations, and trends within the data. This data-driven approach enhances the accuracy and reliability of our analysis, enabling us to make informed and actionable recommendations.

In addition, our analysts bring their industry expertise and domain knowledge to bear on the research process. Their deep understanding of market dynamics, emerging trends, and future prospects allows for insightful interpretation of the data and identification of strategic opportunities.

To ensure the highest level of quality and reliability, our research process undergoes rigorous validation and verification. This includes cross-referencing and triangulation of data from multiple sources, as well as peer reviews and expert consultations.

The result of our 360° Research Methodology is a comprehensive and robust research report that empowers you to make well-informed business decisions. It provides a panoramic view of the industry landscape, helping you navigate challenges, seize opportunities, and stay ahead of the competition.

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Covered Key Topics

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Market Growth Drivers

Leading Market Players

Company Market Share

Market Size and Growth Rate

Market Trend and Technological

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