NEW YORK, United States, Aug. 20, 2024 (GLOBE NEWSWIRE) — The global Internet of Things (IoT) in energy market size is expected to grow from USD 28.9 billion in 2023 to USD 87.2 billion by 2033, growing at a CAGR of 11.68% during the forecast period 2023-2033.
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A network of physical objects, including cars, appliances, and other items with embedded sensors, software, and network connectivity, is called the Internet of Things (IoT). These networked devices collect and share data, forming a vast ecosystem where data moves easily between the digital and physical realms. The Internet of Things (IoT) helps address various issues in the energy sector, such as renewable energy integration, workplace safety, supply and demand balance, and fluctuating energy prices. Predictive maintenance capabilities allow you to manage asset performance, optimize operations, and engage customers in reducing energy costs. With over 75 billion IoT devices predicted by 2025, IoT offers opportunities for consumer interaction and improved efficiency of the power grid. IoT-based smart grid technologies improve load management, fault detection, and system resilience. With increased energy efficiency, reduced emissions, and improved resource management, IoT can contribute to sustainability and reduce environmental impact. However, concerns are widespread about cybersecurity vulnerabilities, integration issues, and the need for specific knowledge and skills. The adoption of IoT solutions may also be hindered by changes in legal frameworks and data security rules. In the energy sector, the sheer volume of data generated by IoT devices may also pose challenges in storing, processing and generating actionable insights.
Browse 232 pages of key industry insights and access 110 market data tables, charts & graphs from the report. “Global IoT in Energy Markets Size, share, COVID-19 impact analysis, by component (platform, solutions, services), by network technology (cellular network, satellite network, wireless network, others), by application (oil & gas, coal mining, smart grid), by region (North America, Europe, Asia Pacific, Latin America, Middle East, Africa), analysis and forecast for 2023-2033.
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The solutions segment is projected to hold the largest market share throughout the forecast period.
Based on components, the Internet of Things (IoT) in energy market is categorized into platforms, solutions, and services. Of these, the solutions segment is projected to hold the highest market revenue share throughout the forecast period. IoT solutions, including hardware, software, and integrated platforms, are essential for efficient implementation and management of the energy industry. These systems provide real-time monitoring, data analytics, remote control, and automated decision-making. As energy providers update their infrastructure, increase efficiency, and integrate renewable energy sources, the demand for integrated IoT solutions is expected to rise. Advancements in IoT technologies such as edge computing and cloud-based platforms will drive the adoption of these solutions, providing cost and operational benefits, strengthening the dominant position of the solutions segment.
The cellular network segment is expected to account for the highest market share during the forecast period.
Based on network technology, the Internet of Things (IoT) in Energy market is bifurcated into cellular networks, satellite networks, wireless networks, etc. Of these, the cellular networks segment is expected to account for the highest market share during the forecast period. Cellular networks such as 4G and 5G are ideal for Internet of Things applications in the energy industry as they are widely available and provide reliable connectivity. These networks provide real-time monitoring, control, and data sharing across geographically distributed infrastructure. Leveraging the current infrastructure allows energy suppliers to reduce costs and improve the scalability of IoT solutions. The energy industry is adopting cellular-based IoT solutions faster due to the improved capabilities of 5G technology, enabling more advanced applications such as autonomous grid management and remote diagnostics.
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Asia Pacific Estimated to account for the largest share of the Internet of Things IoT in Energy Market during the forecast period.
Asia Pacific is projected to account for the largest share of the advanced Internet of Things (IoT) in energy market during the forecast period. Asia Pacific is adopting IoT technologies to increase energy efficiency and integrate renewable energy sources. Governments, energy providers, and the manufacturing base in the region will facilitate the adoption and expansion of these technologies. The rollout of 5G networks and increasing internet and smartphone penetration will further drive this trend, ensuring the region’s leading position in the global IoT energy market.
North America is expected to grow at the fastest rate during the forecast period, supported by the rapid development of smart grid infrastructure, widespread use of renewable energy sources, and the presence of a strong IT community in the region. Growth in the region is driven by energy providers in the US and Canada who are actively investing in IoT-based solutions to integrate distributed energy resources, improve grid efficiency, and drive customer engagement. The adoption of IoT technologies in the North American energy sector is also fueled by government incentives such as funding for smart city projects and creating stringent energy efficiency standards.
Competitive Analysis:
The report provides a proper analysis of the key organizations/companies involved in the global market and a comparative assessment based mainly on product offerings, business overview, geographical presence, corporate strategies, segment market share, and SWOT analysis. It also provides a detailed analysis focusing on the current news and developments of the companies, including product developments, innovations, joint ventures, partnerships, mergers & acquisitions, and strategic alliances, which allows to evaluate the overall competition within the market. Some of the major key players in the Advanced Materials for Semiconductors market include Cisco Systems, AGT International, Altair Engineering, HCL Technologies, Rockwell Automation, Infosys, Davra Networks, Wind River, IBM Corporation, Siemens, Accenture PLC, Intel Corporation, Bosch, Hewlett-Packard, Schneider Electric, and others.
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Recent developments
April 2024, Electrification X is a collection of apps introduced by Siemens Smart Infrastructure to help industries, infrastructure clients, TSOs, DSOs and renewable energy generators improve their productivity, reliability, asset utilization, energy efficiency and sustainable innovation capabilities.
Market Segments
The study forecasts global, regional and country-level revenue from 2023 to 2033. Spherical Insights categorizes the Internet of Things (IoT) in Energy market on the basis of the following segments:
Global IoT in the Energy Market By Component
- Platform
- Solution
- service
Global Internet of Things (IoT) in Energy Market, by Network Technology
- Mobile phone network
- Satellite Network
- Radio Network
- others
Global IoT in Energy Markets, By Application
- Oil and Gas
- Coal mining
- Smart Grid
Global Internet of Things (IoT) in Energy Market, Regional Analysis
- North America
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Russia
- Other Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- south america
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa
- United Arab Emirates
- Saudi Arabia
- Qatar
- South Africa
- Other Middle East and Africa
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