The Internet of Things (IoT) is projected 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 for an entire building. Integration of renewable energy and optimization of energy use are key enablers of sustainable energy transitions and mitigating climate change. Modern technologies such the Internet of Things (IoT) offer a wide number of applications in the energy sector such as energy supply, transmission and distribution, and demand. IoT can be employed for improving energy efficiency, increasing the share of renewable energy, and reducing environmental impacts of the energy use.
The global internet of things (IoT) in energy will be worth USD 43.4 billion, pacing at a CAGR of over 11.7% throughout the forecast years. This can be ascribed to the benefits offered by IoT technology including cutting costs and creating more productive connected buildings through integrated devices. In addition, technological advancement, and increasing demand for smart grid technology in energy sector is expected to augment the market growth.
The global energy demand rose by 2.3% in 2018 compared to 2017, which is the highest increase since 2010. As a result, CO2 emissions from the energy sector hit a new record in 2018. Compared to the pre-industrial temperature level, global warming is approaching 1.5 0C, most likely before the middle of the 21 Century. If this trend prevails, the global warming will exceed the 2 0C target, which will have a severe impact on the planet and human life. The environmental concerns, such as global warming and local air pollution, scarcity of water resources for thermal power generation, and the limitation of depleting fossil energy resources, raise an urgent need for more efficient use of energy which , in turn is expected to fuel the market growth.
Internet of Things (IoT) in Energy Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 43.4 billion|
|Growth Rate||CAGR of 11.7% during 2021-2028|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Agt International, Cisco Systems, IBM Corporation, SAP SE, Carriots S.L., Davra Networks, Flutura Business Solutions, and Ils Technology LLC|
Key Segments of the Global Internet of Things (IoT) in Energy Market
Type Overview, 2015-2028 (USD Billion)
- Cellular Network
- Satellite Network
- Radio Network
Application Overview, 2015-2028 (USD Billion)
- Oil and Gas
Regional Overview, 2015-2028 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global Internet of Things (IoT) in Energy Market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global Internet of Things (IoT) in Energy Market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the Internet of Things (IoT) in Energy industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on Application, Application, End-user, and End-user. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global Internet of Things (IoT) in Energy Market. The report will benefit:
- Every stakeholder involved in the Internet of Things (IoT) in Energy Market.
- Managers within the Tech companies looking to publish recent and forecasted statistics about the global Internet of Things (IoT) in Energy Market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global Internet of Things (IoT) in Energy Market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
The growing understanding among organisations of ensuring employee safety and health, environmental protection, and government regulations is the main factor driving the growth of the market for product stewardship. As it is a term known as the duty of the producer, producers are responsible for the shelf-life of their goods. Due to a growing appetite for eco-friendly goods, manufacturers are concentrating on organic packaging. Such awareness among individuals has increased the prominence of the market for product stewardship.
In every manufacturer's day-to-day operations and licence to operate, however, product stewardship is a vital aspect. Nevertheless the dedication to EHS management is evidenced by an efficiently controlled product stewardship process and allows increasing demands for safer and healthier eco-friendly goods to be met. By reducing the risk of damage to both the environment and society, the stewardship process adds value to goods. Rising the amount of quality management embraced by manufacturers could provide a catalyst for the global market for product stewardship. In the global product stewardship industry, capitalising on product stewardship opportunities in supply chains will also help to boost efficiency and gain competitive advantage.
Based on type, the oil and gas segment of the market is projected to grow at the highest CAGR from 2020 to 2028, owing to the high adoption of connectivity solutions like IoT, 5G services, and others. The market is likely to be driven by increasing integration of smartphone, and other smart devices which allows people to stay connected from remote places. In addition, the integration of AI, 5G connectivity, voice command are projected to foster the market growth.
Application segment is comprised of oil and gas, and mining. The oil and gas segment is expected to lead the market from 2020. The Internet of Things in the energy market provides different solutions in terms of cellular network, satellite network, radio network, and connectivity and integrated solutions. The mining segment is anticipated to expand at the fastest CAGR over the forecast period. The increasing adoption of smart grid, smart meter technology is mainly contributing to market growth.
In various regions across the globe, the global Internet of Things (IoT) in Energy market is experiencing steady growth. With regard to the regional outlook, Asia Pacific is projected to rank higher in terms of market share than other regions of the global market for Internet of Things (IoT) in Energy. Growing demand for smart grids across across the developing countries such as India and China in Asia Pacific is projected to witness a prolific growth in the coming years. The growth of North America's global Internet of Things (IoT) in Energy market may also be influenced by an increasing demand for automation, and digitalization in the region. The implementation of Internet of Things (IoT) in Energy in the North American region is motivated by rising need for real-time and precise data in energy management.
The global market for Internet of Things (IoT) in Energy is made up of a large number of influential players. Market players such as Agt International, Cisco Systems, IBM Corporation, SAP SE, Carriots S.L., Davra Networks, Flutura Business Solutions, and Ils Technology LLC dominate the worldwide Internet of Things (IoT) in Energy market. Some of the few other players include Symboticware Inc., Northwest Analytics Inc., Wind River Systems, and Maven Systems Private Limited.