Internet of Things (IoT) in Energy Market

Internet of Things (IoT) in Energy Market Size

             2020                         2024-2032      

Report	Details
Market Size Value	USD 24.9 billion in 2022
Market Size Value	USD 59.1 billion by 2030
CAGR	11.6%
Forecast Period	2024-2032
Base Year	2023
Historic Data	2020
Segments Covered	By Component, Network Technology, Application and Region
Geographics Covered	North America, Latin America, Europe, Asia-Pacific, Rest of the World

Major players Internet of Things (IoT) in Energy Market include: IBM (US), ABB (Switzerland), Actility (France), Cisco Systems (US), SAP (Germany), Intel (US), Siemens (Germany), Altair Engineering (US), AGT International (Switzerland), Davra Networks (US), Flutura (US), Schneider Electric (France), Wind River (US), Aclara (US), HCL Technologies (India), Bosch (Germany), Rockwell Automation (US), Trimble (US), smartGAS (Germany), Infosys (India) & others.

The utilization of Internet of Things (IoT) technology in the energy sector aims to enhance efficiency and effectiveness of processes. The global IoT in the energy market is driven by various factors, with the increasing demand for energy being a primary catalyst for growth. IoT technology finds extensive applications across sectors such as coal mining, oil and gas, and electricity industries.

Technological advancements also play a crucial role in propelling the growth of IoT in the energy market, as they boost productivity and lead to time and cost savings. Furthermore, the rapid pace of urbanization and industrialization contributes to the expansion of IoT solutions in the global energy market. However, a shortage of skilled labor poses a challenge to the market's growth during the forecast period. Additionally, concerns surrounding data privacy and security hinder the widespread adoption of IoT in the energy sector globally.

On the other hand, the market is witnessing growth due to increasing government initiatives and investments in advanced and innovative technologies, including IoT in the energy sector. Governments are actively supporting the development and expansion of the energy industry, further fueling the growth of IoT solutions in the global market.

Environmental concerns also serve as a driving force behind the adoption of IoT in the energy sector, as the technology aids in reducing carbon emissions and greenhouse gases. Consequently, IoT contributes to lowering pollution levels and positively impacting the environment within the energy sector. To establish a strong presence in the global market, major IoT in the energy market players are employing aggressive growth tactics, such as mergers and acquisitions and product development enhancements. These strategies are commonly adopted by well-established businesses to strengthen their market position. Additionally, some key market players are collaborating with government agencies to foster growth and development in the global IoT in the energy market.

Solution Segment Dominate the Internet of Things (IoT) in Energy Market.

Based on Component, The IoT in energy market is dominated by the solutions segment, which is expected to continue during the forecast period. IoT solutions in the energy sector are used to achieve operational efficiency targets by converging machines and intelligent data. They also improve analytics-based decision-making by mitigating the threats and vulnerabilities of the market. IoT applications enable energy companies to control assets from anywhere and monitor their performance.

IoT technology is implemented across the entire energy value chain, including energy generation, transmission, distribution, asset management, workforce management, security, energy management, consumer side analysis, infrastructure management, and remote monitoring. This helps to reduce downtime, improve customer experience, and increase operational efficiency.

North America Dominates the Global Internet of Things (IoT) in Energy Market.

The Market for internet of things (IoT) in energy market dominated by North America in 2022. The increasing adoption of innovative technologies like big data analytics and internet of things (IoT) technology and growing number of energy plants and project and early adoption IoT technology in the region are the main factors behind the growth. North America has a large number of energy projects, both in the traditional and renewable energy sectors. This provides a large potential market for IoT solutions, as these projects can benefit from the use of IoT to improve efficiency, reliability, and sustainability. Also, the Increasing research and development endeavors are fueling the expansion of the Internet of Things (IoT) within the energy market in the North American region.

However, Asia-Pacific region expected to witness a highest CAGR in the internet of things (IoT) in energy market during the forecast period 2023 to 2030. China led the Asia pacific region with major market share in 2022.

The Internet of Things (IoT) in Energy Market research report provides an in-depth overview of the industry including market segmentation by component, network technology, application and region. Analysis of the global market with a special focus on high-growth applications in each vertical and fast-growing market segment. It includes a detailed competitive landscape with identification of the key players with respect to each type of market, in-depth market share analysis with individual revenue, market shares, and top player’s rankings. Impact analysis of the market dynamics with factors currently driving and restraining the growth of the market, along with their impact in the short, medium, and long-term landscapes. Competitive intelligence from the company profiles, key player strategies, and game-changing developments such as new product launches, collaborations, expansions, investment analysis, mergers, and acquisitions.

Internet of Things (IoT) in Energy Market is segmented by region and further component, network technology, and application. Players, stakeholders, and other participants in the global Internet of Things (IoT) in Energy Market will be able to gain a strong position as this report will surely benefit their marketing strategies. The market analysis focuses on revenue and forecast by region/countries and by application in terms of revenue forecast for the period 2023-2030.

The report further studies the market strategies of key players, recent development status, future plans, and Internet of Things (IoT) in Energy Market trends across the world. Also, it splits Internet of Things (IoT) in Energy Market Segmentation by component, network technology, application and region to deep dive research and reveals company profile and prospects.

Major Classifications are as follows:

• Internet of Things (IoT) in Energy Market, By Component
  • Platform
  • Solutions
    • Asset Management
      • Predictive Maintenance
      • Asset Condition Monitoring
  • Safety
    • Physical Security
    • Cybersecurity
  • Connected Logistics
    • Fleet Management
    • Freight Management
    • Port Management
  • Compliance and Risk Management
    • Sustainability Monitoring
    • Emission Monitoring and Control
  • Data Management and Analytics
  • SCADA
  • Mobile Workforce Management
  • Network Management
  • Energy Management
  • Services
    • Consulting
    • Integration and Deployment
    • Support and Maintenance
• Internet of Things (IoT) in Energy Market, By Network Technology
  • Satellite Network
  • Cellular Network
  • Radio Network
• Internet of Things (IoT) in Energy Market, By Application
  • Oil and Gas
    • Upstream
    • Midstream
    • Downstream
  • Coal Mining
    • Open-pit Mining
    • Underground Mining
  • Smart Grid
    • Generation
    • Power Transmission and Distribution
    • Substation Automation
• Internet of Things (IoT) in Energy Market, By Geography
  • North America
    • US
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Rest of the World
    • Middle East
      • UAE
      • Saudi Arabia
      • Israel
    • Africa
      • South Africa
      • Rest of Africa      

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