Internet of Things (IoT) in Energy Market Size to Surpass US$ 99.6 BN by 2030

Tokyo, Dec. 01, 2022 (GLOBE NEWSWIRE) — The global internet of things (IoT) in energy market size was estimated at US$ 44.62 billion in 2022. The rising government initiatives and continual efforts for the deployment of advanced and innovative technologies such as internet of things (IoT) in the energy sector are driving the worldwide internet of things (IoT) in energy market to new heights.

Furthermore, the government is making significant investments in the energy sector’s development and expansion. All of these considerations are driving the global internet of things (IoT) in the energy business forward. The rise of the internet of things (IoT) in the energy business is partly fueled by growing environmental concerns. This is because internet of things (IoT) technology aids in the reduction of carbon and greenhouse gas emissions. This technology has also contributed to a reduction in environmental pollutants.

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What is the regional impact in the internet of things (IoT) in energy market?

North America is the largest segment for internet of things (IoT) in energy market in terms of region. The U.S. is dominating the internet of things (IoT) in energy market in the North America region. Factors such as an increase in the number of energy projects and the use of cutting-edge technology like the internet of things (IoT) and big data analytics. Growing research and development activities are also driving the expansion of the internet of things (IoT) in the energy market in North America.

Asia-Pacific region is the fastest growing region in the internet of things (IoT) in energy market.China holds the highest market share in the Asia-Pacificinternet of things (IoT) in energy market. Technological improvements are driving the expansion of the internet of things (IoT) in the energy market in the Asia-Pacific region. Furthermore, favorable government rules are facilitating the rise of the internet of things (IoT) in the region’s energy market.

Report Highlights

  • On the basis of component, solutions segment holds the largest market share in the global internet of things (IoT) in energy market. In the power and energy generation sector, the internet of things (IoT) is widely used. The solutions in the energy industry aid in the efficient and effective generation of energy.
  • On the basis of service, integration and deployment segment holds the largest market share in the global internet of things (IoT) in energy market. Integration and deployment assist with the integration of internet of things (IoT) solutions with appropriate data technology infrastructure. As a result, energy production processes become more effective and efficient.
  • On the basis of application, oil and gas segment holds the largest market share in the global internet of things (IoT) in energy market. Internet of things (IoT) technologies are widely used in the oil and gas industry, this technology aids in daily operations. Furthermore, the segment’s expansion is being fueled by the adoption of novel and advanced technologies.

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Scope of the Report

Report Attributes Details
Market Size in 2021 USD 44.62 Billion
Revenue Forecast by 2030 USD 99.60 Billion
CAGR 11.8% from 2022 to 2030
Largest Market North America
Fastest Growing Region Asia Pacific
Base Year 2022
Forecast Year 2023 to 2032
Key Players Cisco Systems, AGT International, Altair Engineering, HCL Technologies, Rockwell Automation, Infosys, Davra Networks, Wind River, IBM Corporation, Siemens and Others

Market Dynamics

Drivers

Growing demand for energy

According to Energy Information Administration (EIA), the demand for energy will increase with 50% by 2050 all around the globe. The demand for energy is high in sectors such as oil and gas and coal mining. As a result, growing demand for energy is driving the growth of global internet of things (IoT) in energy market over the forecast period.

Restraints

High initial costs

The installation of internet of things (IoT) technology in energy sector is quite expensive in nature. The internet of things (IoT) in energy market is connected through various networks such as cellular network, satellite network, and radio network. All these requires huge amount of money. Thus, high initial costs are restricting the growth of global internet of things (IoT) in energy market.

Opportunities

Growing technological advancements

The market for internet of things (IoT) in energy is growing due to adoption of advanced and innovative technologies. The big data analytics is also used in internet of things (IoT) in energy market. These technologies have increased efficiency and productivity in energy sector. As a result, growing technological advancements are creating lucrative opportunities for expansion of worldwide internet of things (IoT) in energy market during the forecast period.

Challenges

Lack of resources in underdeveloped countries

The underdeveloped regions are not aware about the latest technologies such as internet of things (IoT). These countries also do not have proper resources. In addition, government of such countries is not able to invest and fund such infrastructural projects. Thus, lack of resources in underdeveloped countries is a major challenge for the expansion of worldwide internet of things (IoT) in energy market.

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Recent Developments

  • Abeeway and Actility teamed with Favendo in February 2020 to meet Austrian, German, and Swiss monitoring needs.
  • Microsoft Corporation and Cisco Systems established a cooperation agreement in March 2020 to provide smooth data management from Cisco internet of things (IoT) Edge to Azure internet of things (IoT) Cloud.
  • Maximo Asset Monitor, a new artificial intelligence powered monitoring service, was announced by IBM in November 2019.

Market Segmentation

By Component

  • Platform
  • Solutions
  • Services

By Solution

  • Asset Management
    • Predictive Maintenance
    • Asset Condition Monitoring
  • Data Management and Analytics
  • SCADA
  • Energy Management
  • Safety
    • Physical Security
    • Cybersecurity
  • Connected Logistics
    • Fleet Management
    • Freight Management
    • Port Management
  • Compliance and Risk Management
    • Sustainability Monitoring
    • Emission Monitoring and Control
  • Mobile Workforce Management
  • Network 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
    • Upstream
    • Midstream
    • Downstream
  • Coal Mining
    • Open-pit Mining
    • Underground Mining
  • Smart Grid
    • Generation
    • Power Transmission and Distribution
    • Substation Automation

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Malaysia
    • Philippines
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC
    • North Africa
    • South Africa
    • Rest of the Middle East & Africa

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(GlobeNewsWire)