DUBLIN, Oct. 26, 2023 /PRNewswire/ — The “IoT in Energy Market – Global IoT in Energy Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 – (By Application Coverage, By End-user Industry Coverage, By Component Coverage, By Geographic Coverage and Leading Companies)” report has been added to ResearchAndMarkets.com’s offering.
The global IoT in energy market is on an impressive upward trajectory and is projected to achieve a remarkable valuation of $114 billion by the year 2030. This robust growth is anticipated to demonstrate a compelling Compound Annual Growth Rate (CAGR) of 19.4% during the period from 2023 to 2030, as revealed in a comprehensive report.
Key Market Trends and Drivers
Several key trends and drivers are fueling the growth of the global IoT in energy market:
- Decarbonization and Energy Efficiency: The energy sector is undergoing transformative reforms with a focus on decarbonization, energy efficiency, and IoT adoption. IoT technology enables efficient energy transfer, storage, and distribution, resulting in lower electricity production costs, improved reliability, and enhanced efficiency.
- Rising Enterprise Investments: Increasing investments by enterprises in various IoT projects are expected to drive the market to nearly $35 billion in the coming years. IoT is being integrated into commercial and residential setups to monitor and regulate energy consumption efficiently.
- IoT Adoption by Energy Companies: Energy companies are embracing IoT to reduce waste, enhance system efficiency, and promote overall energy sustainability. IoT-enabled devices and data analytics play a pivotal role in reducing energy wastage and overall energy demand.
Major Growth Determinants
Several factors are driving the growth of the IoT in energy market, including decarbonization targets, rising adoption in the energy sector, and the potential for high productivity and automation.
Major Growth Barriers
Challenges include architectural complexities, integration issues with existing systems, and concerns related to user privacy and the security of IoT devices.
- Oil & Gas Industry: The oil & gas sector led IoT investments, accounting for over 45% of the market in 2022. Major oil companies such as BP, Equinor, ExxonMobil, Shell, and TotalEnergies have adopted IoT technology to enhance their operations and increase business value.
- Service Packages: The services segment dominated in terms of components, accounting for over 30% revenue share in 2022. Service bundles that include hardware and software have gained popularity for specific needs and applications.
- Asset Monitoring Application: Asset monitoring accounted for 24% of the market in terms of applications in 2022. IoT devices continuously capture data and provide actionable insights, helping organizations reduce maintenance costs and predict equipment issues.
North America and Asia Pacific are expected to play significant roles in the global IoT in energy market. North America, particularly the US, is a prominent user and supplier of IoT systems, with Asia Pacific registering a robust CAGR of 19.5% during 2023-2030. Europe is also expected to witness growth in the renewable power sector.
Market Players in Global IoT in Energy Industry Space
Leading companies in the global IoT in energy market include SAP, IBM, Hiber, HCL Technologies, Accenture Plc, CISCO, Dell Technologies, Siemens, Intel, Infosys, Bosch, and Rockwell Automation.
Key Topics Covered:
1. Executive Summary
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.3. Market Opportunities
2.2.4. Economic Trends
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis
2.5. COVID-19 Impact
2.5.1. Supply Chain
2.5.2. End-use Industry Customer Impact Analysis
3. Price Trends Analysis, 2019 – 2030
4. Global IoT in Energy Market Outlook, 2019 – 2030
5. North America IoT in Energy Market Outlook, 2019 – 2030
6. Europe IoT in Energy Market Outlook, 2019 – 2030
7. Asia Pacific IoT in Energy Market Outlook, 2019 – 2030
8. Middle East & Africa IoT in Energy Market Outlook, 2019 – 2030
9. Latin America IoT in Energy Market Outlook, 2019 – 2030
10. Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/y6pe18
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