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, 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, that have sensors, software, and network connectivity incorporated in them is called the Internet of Things (IoT). Data is gathered and shared by these networked devices, forming a huge ecosystem in which data moves easily between the digital and physical domains. The Internet of Things (IoT) can help address various energy sector issues such as renewable energy integration, workplace safety, supply and demand balance, and fluctuating energy prices. Its predictive maintenance capabilities can manage asset performance, optimize operations, and involve customers in reducing energy costs. With over 75 billion IoT devices expected by 2025, the IoT presents opportunities for consumer interaction and improved efficiency in the power grid. IoT-based smart grid technologies improve load management, defect detection, and system resilience. By increasing energy efficiency, lowering emissions, and improving resource management, IoT can contribute to sustainability and lessen its environmental impact. However, concerns about cybersecurity vulnerabilities, integration issues, and the need for specific knowledge and skills are prevalent. The adoption of IoT solutions may also be hindered by changes in legal frameworks and changing data security rules. The energy sector may also face difficulties in storing, processing, and producing actionable insights due to the vast amount of data produced by IoT devices.
Browse key industry insights spread across 232 pages with 110 Market data tables and figures & charts from the report on the "Global Internet of Things (IoT) in Energy Market Size, Share, and COVID-19 Impact Analysis, By Component (Platform, Solutions, Services), By Network Technology (Cellular Network, Satellite Network, Radio Network, and Others), By Application (Oil and Gas, Coal Mining, Smart Grid), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
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The solutions segment is predicted to hold the largest market share through the forecast period.
Based on the components, the Internet of Things (IoT) in energy market is classified into platforms, solutions, and services. Among these, the solutions segment is predicted to hold the highest market revenue share through the projected period. IoT solutions, including hardware, software, and integrated platforms, are crucial for the energy industry's efficient implementation and administration. These systems offer real-time monitoring, data analytics, remote control, and automated decision-making. The demand for integrated IoT solutions is expected to grow as energy providers update infrastructure, increase efficiency, and integrate renewable energy sources. Advancements in IoT technologies, such as edge computing and cloud-based platforms, fuel the adoption of these solutions, providing cost and operational benefits and consolidating the solutions segment's dominant position.
The cellular network segment is anticipated to hold the highest market share during the projected timeframe.
Based on the network technology, the Internet of Things (IoT) in energy market is divided into cellular networks, satellite networks, radio networks, and others. Among these, the cellular network segment is anticipated to hold the highest market share during the projected timeframe. Cellular networks like 4G and 5G are ideal for Internet of Things applications in the energy industry due to their widespread availability and reliable connectivity. These networks provide real-time monitoring, control, and data sharing across geographically dispersed infrastructure. By utilizing the current infrastructure, energy suppliers can reduce costs and increase the scalability of their IoT solutions. The energy industry is adopting cellular-based IoT solutions faster due to 5G technology's improved features, enabling more sophisticated applications like autonomous grid management and remote diagnostics.
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Asia Pacific is estimated to hold the largest share of the Internet of Things (IoT) in energy market over the forecast period.
Asia Pacific is estimated to hold the largest share of the advanced Internet of Things (IoT) in energy market over the forecast period. The Asia-Pacific region is embracing IoT technologies to boost energy efficiency and integrate renewable energy sources. Governments, energy providers, and the region's manufacturing base make it easier to adopt and scale up these technologies. The rollout of 5G networks and increasing internet and smartphone penetration further support this trend, securing the region's leading position in the global IoT energy market.
North America is expected to grow the fastest during the forecast period. This is supported by the quick development of smart grid infrastructure, the broad use of renewable energy sources, and the existence of a strong IT community in the area. The growth of the region is being propelled by energy providers in the US and Canada who are aggressively investing in IoT-based solutions to integrate distributed energy resources, increase grid efficiency, and boost customer involvement. The adoption of IoT technologies in the North American energy sector is also being accelerated by encouraging government measures including financing for smart city projects and the creation of strict energy efficiency standards.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the advanced materials for semiconductor market include 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
In April 2024, Electrification X is a collection of apps that Siemens Smart Infrastructure has introduced to assist industries, infrastructure clients, TSOs, DSOs, and renewable generators in increasing their productivity, dependability, asset utilization, energy efficiency, and capacity for sustainable innovation.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the Internet of Things (IoT) in energy market based on the below-mentioned segments:
Global Internet of Things (IoT) in Energy Market, By Component
- Platform
- Solutions
- Services
Global Internet of Things (IoT) in Energy Market, By Network Technology
- Cellular Network
- Satellite Network
- Radio Network
- Others
Global Internet of Things (IoT) in Energy Market, By Application
- Oil and Gas
- Coal Mining
- Smart Grid
Global Internet of Things (IoT) in Energy Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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