Richmond, Feb. 02, 2024 (GLOBE NEWSWIRE) -- According to a research report "Internet of Energy Market”, by Application (Smart Grid, Renewable Energy, Oil & Gas, Coal Mining, Buildings), Technology (Blockchain, Cloud Computing, Artificial Intelligence), End User (Utilities, Industrial Consumers, Commercial and Residential Consumers), and Region - Global Forecast to 2030".
Global Internet of Energy Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 9.5 Billion |
| Market size value in 2030 | USD 15.7 Billion |
| CAGR (2023-2030) | 7.4% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Application, Technology, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Internet of Energy Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
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.
Major vendors in the global Internet of Energy Market:-
- 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
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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.
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