Overview and Scope
IoT refers to a community of bodily devices and items connected to the network over a wireless platform. IoT uses communication and sensing technologies to collect and send real-time data, allowing for quick computations and the best possible decision-making in the energy industry. The energy sector can benefit from IoT by moving from a centralized to a distributed, intelligent, and integrated energy system.
Sizing and Forecast
The internet of things (iot) in energy market size has grown rapidly in recent years. It will grow from $23.8 billion in 2023 to $26.56 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to smart grid development, cost reduction needs, rising energy demand, grid modernization initiatives, environmental concerns
The internet of things (iot) in energy market size is expected to see rapid growth in the next few years. It will grow to $41.52 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to real-time asset monitoring, decentralized energy generation, iot device proliferation, climate change mitigation, energy management systems. Major trends in the forecast period include adaptive energy management, energy consumption analytics, blockchain for energy transactions, renewable energy integration, iot-enabled smart buildings.
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Segmentation & Regional Insights
The internet of things (iot) in energy market covered in this report is segmented –
1) By Component: Solution, Platforms, Services
2) By Technology: Cellular Network, Satellite Network, Radio Network, Other Technologies
3) By Application: Energy Generation, Energy Consumption, Network Security, Email Security, Database And Cloud Security, Other Applications
North America was the largest region in the k market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global internet of things (IoT) in energy market during the forecast period. The regions covered in the internet of things (iot) in energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increasing adoption of energy management is expected to propel the growth of the internet of things in the energy market going forward. Energy management is the proactive, coordinated, and systematic coordination of the acquisition, transformation, distribution, and use of energy to satisfy requirements while taking environmental and economic goals into consideration. In the energy industry, real-time power consumption data is used by IoT-based energy management systems to optimize electricity use, dynamically transitioning to more cost- and resource-efficient regimes, and develop efficient and sustainable energy consumption strategies based on usage patterns. This in turn drives more need for IoT solutions in the energy industry. For instance, according to a report by the Federal Statistical Office of Germany, a Germany-based federal authority for statistics, at the beginning of 2022, 10% (1 in 10) of German households had smart energy management systems such as intelligent thermostats, electricity meters and lighting to save energy. Therefore, the increasing adoption of energy management is driving the demand for the internet of things in the energy market.
Key Industry Players
Major companies operating in the internet of things (iot) in energy market report are Cisco Systems Inc., International Business Machines Corporation, Intel Corporation, SAP SE, AGT International, Davra Networks, HCL Technologies Limited, Accenture plc, Google LLC, Hewlett-Packard Company, Altair Engineering Inc., Siemens AG, Schneider Electric SE, Rockwell Automation Inc., Asea Brown Boveri Ltd., Aclara Technologies LLC, C3.ai Inc., Honeywell International Inc., Vodafone Group Plc, Duke Energy Corporation, Energie Ohne Namen, Enel S.p.A., Électricité de France, Pacific Gas and Electric Company, National Grid plc, Southern Company, Carriots SL, Flutura Business Solutions LLC, Maven Systems Private Limited, Wind River Systems Inc.
The internet of things (iot) in energy market report table of contents includes:
1. Executive Summary
2. Internet Of Things (IoT) In Energy Market Characteristics
3. Internet Of Things (IoT) In Energy Market Trends And Strategies
4. Internet Of Things (IoT) In Energy Market – Macro Economic Scenario
5. Global Internet Of Things (IoT) In Energy Market Size and Growth
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26. South America Internet Of Things (IoT) In Energy Market
27. Brazil Internet Of Things (IoT) In Energy Market
28. Middle East Internet Of Things (IoT) In Energy Market
29. Africa Internet Of Things (IoT) In Energy Market
30. Internet Of Things (IoT) In Energy Market Competitive Landscape And Company Profiles
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