Global IoT in Energy Market

IoT In Energy Market Insights

The IoT in the energy market is analyzed to accomplish a positive headway in CAGR by 12.3% during the forecast period (2020-2026). The benefits of IoT would be the outcome of producing fast computations, optimal decision making, helping in transforming the infrastructure from centralized to a classified, smart, and integrated energy system. In recent times, with the impact of COVID-19, the market has seen a tremendous surge and therefore is viewed to preponderate the development during the forecast period. The movers towards the growth of the global IoT in the energy market are the active acquisition of smart grid infrastructure, progressing electrification projects, and global reception towards wireless networks.

IoT In Energy Market: By Type of Component

The platform, services, and solutions are categories by a component of the IoT in the energy market. Solutions are seen to dominate in the forecast period. The integration of digital technology in energy & power and the availability of fast internet will enhance market growth.

IoT In Energy Market: By Type of Solution

The market segmentation based on the type of solutions can be determined as asset management, safety, connected logistics, compliance & risk management, data management & analytics, SCADA, mobile workforce management, network management, and energy management. SCADA is estimated to be rapidly growing in this market due to the increasing demand for technical expertise, government efforts towards efficient power distribution, and  implementation of smart city projects across nations

IoT In Energy Market: By Type of Service

Services in IoT in the energy market can be witnessed in areas like consulting, integration & deployment, and support & maintenance. Integration & deployment will be dominant in terms of the value market, mainly due to the preference for wireless and cloud technology, and promoting the utility of clean energy.

IoT In Energy Market: By Type of Network Technology

Based on the network technology, the market bifurcation can be viewed as a cellular network, satellite network, radio network, and others where satellite networks will show a significant rise in the CAGR during the forecast period. Expansion of telecommunication & broadcasting industries, rise in investments of funds, and boosting business operation productivity.

IoT In Energy Market: By Type of Application

Oil & gas, coal mining, and smart grid are the various application of IoT in the energy sector. Oil & gas is set to hold the largest market share. IoT in the oil & gas industry can be used in acoustics operation supervision. Extensive developments in oilfield discoveries, arbitration operations in North American countries, and rising crude oil extraction are some of the propellors aiding the growth of the oil & gas segment for the global market.

IoT In Energy Market: By Region

Based on the geography, the US, Canada, and Mexico as countries of the North American region have remained preeminent but, APAC will have an illustrious growth. Improvement in significant managing infrastructure in developing nations, deficiency of knowledge towards the benefits of IoT in energy solutions, swift industrialization are the factors leading to better growth potential.

IoT In Energy Market Share and Competitor Analysis

Key players operating in the market include Aclara Power-Line Systems Inc., Davra Networks, Wind River Systems, Cisco, Siemens AG, Flutura Decision Sciences and Analytics, Schneider Electric, HCL Technologies Ltd., Actility S.A., ABB, SAP SE, Rockwell Automation Inc., Robert Bosch GmbH, smartGAS Mikrosensorik GmbH, Trimble Inc., IBM Corporation, Infosys Ltd., Intel Corporation, AGT International, Altair Engineering Inc., and other industries.

Please note: This is not an exhaustive list of companies profiled in the report.

In March 2020, ABB originated an extensive software platform to stimulate smart energy approach advancement.

In May 2019, Actility S.A. extended its presence in Ukraine and the Kyrgyz Republic.

Check the Press Release on Global IoT in Energy Market Report