Internet of Things (IoT) in the Energy Market: Global Industry Analysis, Size, Share, Growth, Trend, and Forecast 2024-2030

  • Internet of Things (IoT) in the Energy Market size was valued at US$ 25.15 Bn. in 2023. The global Internet of Things (IoT) in the Energy Market is estimated to grow at a CAGR of 11.4% over the forecast period.

  • Format : PDF | Report ID : SMR_400

Internet of Things (IoT) in the Energy Market Overview:

The Internet of Things (IoT) is a huge network of connected electronic devices that includes smart meters, fitness monitors, air quality sensors, and other technology in addition to phones and computers. This network of billions of devices will benefit both energy corporations and customers. This enables energy production to proceed in a more efficient and environmentally friendly manner with the least amount of waste. The automated house, the connected car, wearable technology, smart cities, and many others are examples of use cases. Internet of Things (IoT) in the energy market report is studied and analysed on the basis of component, solution, application and region.

 

Customers may save money and reduce emissions by using energy more effectively using IoT devices. For example, a smart thermostat only turns on the heat when it's needed, while a smart washing machine may only run off-peak or when there's enough renewable energy available. Given that buildings consume 60% of global electricity, the Internet of Things could provide a huge opportunity to meet climate targets if scaled up.

 

Internet of Things (IoT) in the Energy Market

 

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Internet of Things (IoT) in the Energy Market Dynamics:

Growing Need of IoT in the Energy Sector:

The growth of Internet of Things (IoT) in the energy market is being driven by causes such as cyber-attacks in the energy sector, the need for greater performance, developments in sophisticated sensors, and increased ICT spending by energy utilities. The Internet of Things (IoT) in the energy sector is enhancing company efficiency, which is also driving market growth. The market is also growing due to the advantages of IoT-based growing projects and an increase in cyber-attacks.

 

The Internet of Things (IoT) is expected to have a major impact on the energy industry. IoT may help with cost-cutting in a variety of ways, from monitoring the temperature of a room using sensors to complicated apps that control the energy use of an entire building. The diminishing natural resources that provide energy, as well as increasing energy waste, have prompted numerous countries across the globe to develop innovative methods to reduce energy waste and embrace high-efficiency technologies.

 

The data generated by sensors and implanted in power grids is monitored by a predictive analytics network. As a result, machinery can reduce energy transmission and distribution losses, resulting in highly efficient and cost-effective energy consumption across the globe. For example, Nixus Solutions provides connected solutions for monitoring and reducing energy consumption in buildings. Aquicore is also working on an analytics platform that will connect to already installed energy meters. This enables businesses to make decisions that boost employee productivity while lowering energy use.

 

The Growing Awareness and Increased Investment in the Market:

The global smart grid market has been propelled by increased awareness of carbon footprint and the modernization of obsolete smart grid infrastructure, which has been a crucial element in driving the global Internet of Things (IoT) in the energy market. Growing expenditure on electricity transmission and distribution infrastructure growth and modernization has accelerated the adoption of IoT-based technologies for smart grid applications, propelling the IoT in energy market growth across the globe. In addition, risk assessment and insight generation are also aided by cognitive computing, which is expected to increase new revenue-generating potential for Internet of Things (IoT) in the energy market growth through the forecast period.

 

The lack of qualified labor for proper technology deployment is a stumbling block to the market's growth. Another important issue is the absence of interoperability requirements, as well as the increase in data created in the energy sector, which are expected to hamper the market growth through the forecast period.

 

Internet of Things (IoT) in Energy Market Segment Analysis:

By Component, the Internet of Things (IoT) in the Energy Market is segmented into Platforms, Solutions, and Services. The Solutions segment dominated the market with 58.1% in 2023. The deployment of IoT solutions in power generation is largely aimed at attaining the convergence of machines and intelligent data to meet energy businesses' operational efficiency requirements. In the energy industry, IoT solutions improve analytics-based decision-making by reducing market threats and vulnerabilities through the use of effective tools and methodologies. In addition, IoT technologies have allowed energy businesses to remotely control and monitor their assets' performance. Energy generation, transmission, distribution, asset management, workforce management, security, energy management, consumer side analysis, infrastructure management, and remote monitoring are all areas where IoT technology is used. This helps to reduce downtime in providing energy services, provide a smooth experience for customers, and improve the energy organization's overall operating efficiency.

 

By Application, the Internet of Things (IoT) in the Energy Market is segmented into Oil & Gas, Coal Mining, Smart Grid, Digital Oilfield, and Others. The Oil & Gas segment is expected to witness significant growth at a CAGR of 11.2% during the forecast period. To fulfill day-to-day operational requirements, companies engaged in oil and gas exploration and refining require a significant investment. To be competitive, energy businesses are constantly developing new technologies and improving their processes. The adoption of IoT technologies is expected to increase the oil and gas sector's operational efficiency, allowing enterprises in this field to weather the recent downturn in oil prices. Remote monitoring of oil rigs and pipeline integrity can both benefit from IoT technology. As a result, IoT solutions aid in the detection of potential mishaps, allowing them to be avoided. Remote monitoring of operations and better end-to-end processes are possible with IoT-enabled sensors and devices in oil and gas plants.

 

Internet of Things (IoT) in the Energy Market

 

Internet of Things (IoT) in Energy Market Regional Insights:

The Asia Pacific region dominated the Internet of Things (IoT) in the energy market with a 36% share in 2023. Increased use of smart grid architecture, technology improvements, energy management, and regulatory regulations are all contributing to the IoT in the energy market's growth in this region. China, the greatest economy in the region, is also its top importer. China is the region's greatest oil producer, producing half of the region's oil. For nearly a decade, its output of 3.8 million barrels per day was 6% lower than normal. APAC utilizes 36 million barrels of oil per day, accounting for 36% of global consumption. Increased smart meter deployment in countries such as China, India, Australia, South Korea, and Japan has boosted the APAC region's IoT in energy market growth.

 

The North American region is expected to witness significant growth at a CAGR of 10.7% during the forecast period. The growing implementation of smart energy projects and growing IoT's involvement in the energy sector are driving the North American Internet of Things (IoT) in the energy market. IoT growth in this region has also been spurred by increasing digitalization across industry verticals and technological advancements. The United States and Canada are early adopters of technologies like Big Data, IoT, and mobility, which means the IoT market has a lot of room to develop. These countries have developed economies, allowing them to make significant R&D investments.

 

The objective of the report is to present a comprehensive analysis of the Global Internet of Things (IoT) in the Energy Market to the stakeholders in the industry. The report provides trends that are most dominant in the Global Internet of Things (IoT) in the Energy Market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Global Internet of Things (IoT) in Energy Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Global Internet of Things (IoT) in Energy Market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Global Internet of Things (IoT) in the Energy Market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Global Internet of Things (IoT) in the Energy Market.

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The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals are existing, who they are, and how their product quality is in the Global Internet of Things (IoT) in the Energy Market. The report also analyses if the Global Internet of Things (IoT) in the Energy Market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Global Internet of Things (IoT) in the Energy Market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Global Internet of Things (IoT) in the Energy Market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the global market is aided by legal factors.

 

Internet of Things (IoT) in the Energy Market Scope:

Internet of Things (IoT) in the Energy Market 

Market Size in 2023

USD 25.15 Bn.

Market Size in 2030

USD 53.55 Bn.

CAGR (2024-2030)

11.4%

Historic Data

2018-2022

Base Year

2023

Forecast Period

2024-2030

Segment Scope

By Component

 

  • Platform
  • Solutions
  • Services

By Solution

 

  • Analytic Software
  • Hardware Platform
  • Service
  • Connectivity

By Application

 

  • Oil & Gas
  • Coal Mining
  • Smart Grid
  • Digital Oilfield
  • Others

Regional Scope

North America- United States, Canada, and Mexico

Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe

Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC

Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa

South America – Brazil, Argentina, Rest of South America

 

Internet of Things (IoT) in Energy Market Key Players:  

  • IBM (US)
  • Actility (France)
  • ABB (Switzerland)
  • SAP (Germany)
  • Cisco Systems (US)
  • Siemens (Germany)
  • Intel (US)
  • AGT International (Switzerland)
  • Altair Engineering (US)
  • Flutura (US)
  • Davra Networks (US)
  • Wind River (US)
  • Schneider Electric (France)
  • HCL Technologies (India)
  • Aclara (US)
  • Rockwell Automation (US)
  • Bosch (Germany)
  • smartGAS (Germany)
  • Trimble (US)
  • Infosys (India)


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Frequently Asked Questions

The segments covered in the Internet of Things (IoT) in the Energy Market report are based on Component, Solution, and Application.

1.    Research Methodology
1.1    Research Data 
1.1.1.    Primary Data
1.1.2.    Secondary Data

1.2.    Market Size Estimation
1.2.1.    Bottom-Up Approach
1.2.2.    Top-Up Approach

1.3.    Market Breakdown and Data Triangulation
1.4.    Research Assumption 

2.    Internet of Things (IoT) in the Energy Market Executive Summary
2.1.    Market Overview
2.2.    Market Size (2023) and Forecast (2024 – 2030) and Y-O-Y%
2.3.    Market Size (USD) and Market Share (%) – By Segments and Regions

3.    Global Internet of Things (IoT) in the Energy Market: Competitive Landscape
3.1.    SMR Competition Matrix
3.2.    Key Players Benchmarking
3.2.1.    Company Name
3.2.2.    Headquarter
3.2.3.    Business Segment
3.2.4.    End-user Segment
3.2.5.    Y-O-Y%
3.2.6.    Revenue (2023)
3.2.7.    Market Share
3.2.8.    Company Locations

3.3.    Market Structure
3.3.1.    Market Leaders 
3.3.2.    Market Followers
3.3.3.    Emerging Players

3.4.    Consolidation of the Market
3.4.1.    Strategic Initiatives and Developments
3.4.2.    Mergers and Acquisitions
3.4.3.    Collaborations and Partnerships

4.    Internet of Things (IoT) in the Energy Market: Dynamics
4.1.    Internet of Things (IoT) in the Energy Market Trends by Region
4.1.1.    North America
4.1.2.    Europe 
4.1.3.    Asia Pacific 
4.1.4.    Middle East and Africa
4.1.5.    South America

4.2.    Internet of Things (IoT) in the Energy Market Drivers
4.3.    Internet of Things (IoT) in the Energy Market Restraints 
4.4.    Internet of Things (IoT) in the Energy Market Opportunities
4.5.    Internet of Things (IoT) in the Energy Market Challenges
4.6.    PORTER’s Five Forces Analysis
4.6.1.    Intensity of the Rivalry 
4.6.2.    Threat of New Entrants
4.6.3.    Bargaining Power of Suppliers
4.6.4.    Bargaining Power of Buyers 
4.6.5.    Threat of Substitutes 

4.7.    PESTLE Analysis
4.7.1.    Political Factors
4.7.2.    Economic Factors
4.7.3.    Social Factors
4.7.4.    Legal Factors
4.7.5.    Environmental Factors

4.8.    Technology Analysis
4.8.1.    Artificial Intelligence
4.8.2.    Robotics and Automation
4.8.3.    Big Data
4.8.4.    Cloud Computing/Software as a Service
4.8.5.    Technological Roadmap

4.9.    Regulatory Landscape 
4.9.1.    Market Regulation by Region
4.9.1.1.    North America
4.9.1.2.    Europe
4.9.1.3.    Asia Pacific 
4.9.1.4.    Middle East and Africa
4.9.1.5.    South America
4.9.2.    Impact of Regulations on Market Dynamics
4.9.3.    Government Schemes and Initiatives 

5.    Internet of Things (IoT) in the Energy Market: Global Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030)
5.1.    Internet of Things (IoT) in the Energy Market Size and Forecast, By Component (2023-2030)
5.1.1.    Platform
5.1.2.    Solutions
5.1.3.    Services

5.2.    Internet of Things (IoT) in the Energy Market Size and Forecast, By Solution (2023-2030)
5.2.1.    Analytic Software
5.2.2.    Hardware Platform
5.2.3.    Service
5.2.4.    Connectivity

5.3.    Internet of Things (IoT) in the Energy Market Size and Forecast, By Application (2023-2030)
5.3.1.    Oil & Gas
5.3.2.    Coal Mining
5.3.3.    Smart Grid
5.3.4.    Digital Oilfield
5.3.5.    Others

5.4.    Internet of Things (IoT) in the Energy Market Size and Forecast, by Region (2023-2030)
5.4.1.    North America
5.4.2.    Europe
5.4.3.    Asia Pacific 
5.4.4.    Middle East and Africa
5.4.5.    South America

6.    North America Internet of Things (IoT) in the Energy Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030)
6.1.    North America Internet of Things (IoT) in the Energy Market Size and Forecast, By Component (2023-2030)
6.1.1.    Platform
6.1.2.    Solutions
6.1.3.    Services

6.2.    North America Internet of Things (IoT) in the Energy Market Size and Forecast, By Solution (2023-2030)
6.2.1.    Analytic Software
6.2.2.    Hardware Platform
6.2.3.    Service
6.2.4.    Connectivity

6.3.    North America Internet of Things (IoT) in the Energy Market Size and Forecast, By Application (2023-2030)
6.3.1.    Oil & Gas
6.3.2.    Coal Mining
6.3.3.    Smart Grid
6.3.4.    Digital Oilfield
6.3.5.    Others

6.4.    North America Internet of Things (IoT) in the Energy Market Size and Forecast, by Country (2023-2030)
6.4.1.    United States
6.4.2.    Canada
6.4.3.    Mexico 

7.    Europe Internet of Things (IoT) in the Energy Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030)
7.1.    Europe Internet of Things (IoT) in the Energy Market Size and Forecast, By Component (2023-2030)
7.2.    Europe Internet of Things (IoT) in the Energy Market Size and Forecast, By Solution (2023-2030)
7.3.    Europe Internet of Things (IoT) in the Energy Market Size and Forecast, By Application (2023-2030)
7.4.    Europe Internet of Things (IoT) in the Energy Market Size and Forecast, by Country (2023-2030)
7.4.1.    United Kingdom
7.4.2.    France
7.4.3.    Germany
7.4.4.    Italy
7.4.5.    Spain
7.4.6.    Sweden
7.4.7.    Austria
7.4.8.    Rest of Europe

8.    Asia Pacific Internet of Things (IoT) in the Energy Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030)
8.1.    Asia Pacific Internet of Things (IoT) in the Energy Market Size and Forecast, By Component (2023-2030)
8.2.    Asia Pacific Internet of Things (IoT) in the Energy Market Size and Forecast, By Solution (2023-2030)
8.3.    Asia Pacific Internet of Things (IoT) in the Energy Market Size and Forecast, By Application (2023-2030)
8.4.    Asia Pacific Internet of Things (IoT) in the Energy Market Size and Forecast, by Country (2023-2030)
8.4.1.    China
8.4.2.    S Korea
8.4.3.    Japan
8.4.4.    India
8.4.5.    Australia
8.4.6.    Indonesia
8.4.7.    Malaysia
8.4.8.    Vietnam
8.4.9.    Taiwan
8.4.10.    Rest of Asia Pacific

9.    Middle East and Africa Internet of Things (IoT) in the Energy Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030)
9.1.    Middle East and Africa Internet of Things (IoT) in the Energy Market Size and Forecast, By Component (2023-2030)
9.2.    Middle East and Africa Internet of Things (IoT) in the Energy Market Size and Forecast, By Solution (2023-2030)
9.3.    Middle East and Africa Internet of Things (IoT) in the Energy Market Size and Forecast, By Application (2023-2030)
9.4.    Middle East and Africa Internet of Things (IoT) in the Energy Market Size and Forecast, by Country (2023-2030)
9.4.1.    South Africa
9.4.2.    GCC
9.4.3.    Nigeria
9.4.4.    Rest of ME&A

10.    South America Internet of Things (IoT) in the Energy Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030)
10.1.    South America Internet of Things (IoT) in the Energy Market Size and Forecast, By Component (2023-2030)
10.2.    South America Internet of Things (IoT) in the Energy Market Size and Forecast, By Solution (2023-2030)
10.3.    South America Internet of Things (IoT) in the Energy Market Size and Forecast, By Application (2023-2030)
10.4.    South America Internet of Things (IoT) in the Energy Market Size and Forecast, by Country (2023-2030)
10.4.1.    Brazil
10.4.2.    Argentina
10.4.3.    Rest Of South America

11.    Company Profile: Key Players
11.1.    IBM (US)
11.1.1.    Company Overview
11.1.2.    Business Portfolio
11.1.3.    Financial Overview
11.1.3.1.    Total Revenue
11.1.3.2.    Segment Revenue
11.1.3.3.    Regional Revenue
11.1.4.    SWOT Analysis
11.1.5.    Strategic Analysis
11.1.6.    Recent Developments

11.2.    Actility (France)
11.3.    ABB (Switzerland)
11.4.    SAP (Germany)
11.5.    Cisco Systems (US)
11.6.    Siemens (Germany)
11.7.    Intel (US)
11.8.    AGT International (Switzerland)
11.9.    Altair Engineering (US)
11.10.    Flutura (US)
11.11.    Davra Networks (US)
11.12.    Wind River (US)
11.13.    Schneider Electric (France)
11.14.    HCL Technologies (India)
11.15.    Aclara (US)
11.16.    Rockwell Automation (US)
11.17.    Bosch (Germany)
11.18.    smartGAS (Germany)
11.19.    Trimble (US)
11.20.    Infosys (India)

12.    Key Findings 

13.    Analyst Recommendations
13.1.    Strategic Recommendations 
13.2.    Future Outlook

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