Acumen research and consulting estimates that the global internet of things (IoT) in energy market is anticipated to reach market size of around US$ 36,000 Mn by 2027 and is anticipated to grow at a CAGR of around 11% in terms of revenue during the forecast period 2020 – 2027.
IoT is known as Business 4.0 as the next digital revolution. The IoT idea is to create innovative approaches, increase performance and competitiveness, address crucial problems and enhance the decision-making process in real time. IoT is transforming the business model of industry and investing in IoT technologies would improve the customer service and change the operations. The energy market is primarily regulated by public policy and the need to adhere to regulatory standards in the current scenario. The concern with cost reduction is also a factor. IoT then helps to solve problems and introduce new technologies and innovations in the energy sector.
IoT is primarily driven by the growing adoption of smart meters in the utility industry. Real-time information on electricity delivery and use is given by smart meters. It also improves local and micro energy output such as wind turbines and solar panels, creating a platform for new sources of income and increasing supply and delivery performance. IoT is also growing due to the smart meter, which makes it easier to automatically monitor customer data in the energy market. The IoT demand of utilities is driven by decentralization of the electricity sector. Such factors that drive IoT technology adoption in the utilities sector include enforcement and operating efficiencies with legislation, good consumer partnerships and new sales flows, digital business model growth and automated meter reading. There is insufficiency of technical personnel and a shortage of quality in certain restricting factors which are likely to impede IoT on the utilities market. The IoT market in services is expected to restrict the growing instances of information security infringements in the sector.
The market research study on “Internet of Things (IoT) in Energy Market (By Component: Platform, Solutions, Services; By Solution: Asset Management, Safety, Connected Logistics, Compliance and Risk Management, Data Management and Analytics, SCADA, Mobile Workforce Management, Network Management, Energy Management; By Service: Consulting, Integration and Deployment, Support and Maintenance; By Network Technology: Cellular Network, Satellite Network, Radio Network, Others; By Application: Oil and Gas, Coal Mining, Smart Grid) - Global Industry, Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers detailed insights on the global internet of things (IoT) in energy market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global internet of things (IoT) in energy market are component, solution, service, network technology, application and major geographic regions. The internet of things (IoT) in energy market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
It is projected that the North America market accounts to hold the largest market share of global IoT market. As most of the major companies are in North America, and there is increasing awareness of the benefits of using the internet, technology and IoT early adoption in this area. In the next few years, the worldwide internet of the corporate market will expand, the countries of the Asia Pacific region will take on the internet as well and expect to grow rapidly. With the tremendous demand-driven governmental edges that will fuel IoT-related operations in the future in the region, Asia pacific region is poised to create the front line for the Internet of Things. The strong susceptibility of stuff to the Internet is also a good market position for Europe. The IoT situation is focused on the data protection and privacy of officials in all these areas. In the forecast period, the global Internet of Things will expand.
Major players included in this report Actility, IBM, ABB, SAP, Siemens, Intel, Cisco System, AGT International, Flutura, Davra Networks, Altair Engineering, Wind River, HCL Technologies, Schneider Electric, Aclara, Bosch, smartGAS, Infosys, Rockwell Automation, Trimble, and other. The internet of things is divided in the energy market. Awareness and cost-effectiveness of energy waste management provides competitive opportunities in the business robot market. The competition between existing rivals, on the whole, is very competitive. In the future, it is anticipated that major companies and startups focused on creativity can develop and work together.
The global internet of things (IoT) in energy market is segmented as below:
Internet of Things (IoT) in Energy Market By Component
Internet of Things (IoT) in Energy Market By Solution
Compliance and Risk Management
Data Management and Analytics
Mobile Workforce Management
Internet of Things (IoT) in Energy Market By Service
Integration and Deployment
Support and Maintenance
Internet of Things (IoT) in Energy Market By Network Technology
Internet of Things (IoT) in Energy Market By Application
Oil and Gas
Internet of Things (IoT) in Energy Market By Geography
Middle East & Africa
The rapid adoption of cloud-based solutions in the IT industry is expected to drive the growth of the internet of things (IoT) in energy market.
Increasing incidents of cyber security breaches across the industry is a major factor expected to restraint the growth
The market value of internet of things (IoT) in energy is anticipated to be around US$ 36,000 Mn in 2027.
It is anticipated to grow around 11% CAGR amid the forecast period.2020-2027
The key players operating in internet of things (IoT) in energy market such as Actility, IBM, ABB, SAP, Siemens, Intel, Cisco System, AGT International, Flutura, Davra Networks, Altair Engineering, Wind River, HCL Technologies, Schneider Electric, Aclara, Bosch, smartGAS, Infosys, Rockwell Automation, Trimble, and other.
Asia Pacific is projected to grow at a fast pace during forecast period from 2020-2027.
North America held maximum share in 2019.