USD 25.3 billion
Report ID:
SQMIG45I2199 |
Region:
Global |
Published Date: June, 2024
Pages:
157
|Tables:
89
|Figures:
76
Internet of Things (IoT) in Energy Market size was valued at USD 28.1 Billion in 2023 and is poised to grow from USD 31.39 Billion in 2024 to USD 76.18 Billion by 2032, growing at a CAGR of 11.7% during the forecast period (2025-2032).
The energy industry is one of the leading industries that is under most pressure to undergo sustainability owing to its high carbon footprint. This is why energy companies are moving towards automation to enhance their productivity whilst reducing emissions. Increasing investments in grid modernization around the world is a key factor that is projected to create an opportune setting for internet of things (IoT) in energy companies going forward. Deployment of smart meters, the use of IoT technologies to promote sustainability in the energy industry, and the growing integration of renewable energy infrastructure with conventional ones are also expected to drive market growth in the future. However, issues in integration and interoperability are slated to be the major concern for all internet of things (IoT) in energy companies in the long run.
Global Market Size
USD 25.3 billion
Largest Segment
Platform
Fastest Growth
Platform
Growth Rate
11.60% CAGR
To get more reports on the above market click here to Buy The Report
The global internet of things (IoT) in the energy market is segmented by component, network technology, organization size, application, and region. Based on components, the market can be segmented into platforms, solutions and services. Based on technology, the market is segmented into cellular network, satellite network, radio network and others. In terms of application, the market is segmented into oil and gas, coal mining, smart grid & others. Based on organization size, the market is segmented into small & medium enterprises (SMEs), & large enterprises. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East, and Africa.
Analysis by Network Technology
Cellular networks are already developed and provide connectivity across a wide geographical area as compared to any other network technology. This is the reason why cellular network accounts for the highest share of the global internet of things (IoT) in energy market. Most IoT devices, not just in the energy industry but in all industry, verticals, utilize cellular networks for their easy availability. Launch of 4G and 5G technologies has further cemented the dominance of this segment over the coming years.
Meanwhile, the demand for satellite networks for IoT devices in energy applications is increasing at a rapid pace. Telecommunication companies around the world are heavily investing in the development of new satellite networks designed specifically for IoT devices used in the energy sector. Use of this network technology eliminates all the challenges faced by connected device companies at present, which makes it a highly rewarding segment to invest in.
Analysis by Application
Growing emphasis on grid modernization to improve energy efficiency and integrate renewable energy sources in the grid are projected to help smart grid application hold a high market share. Rising popularity and integration of smart technologies in energy grids is helping this segment lead market growth. Launch of new government initiatives to promote smart grid adoption will also create new opportunities for internet of things (IoT) in energy providers in this segment. The growing demand for remote operation of energy grids, predictive maintenance, etc. Are also expected to promote smart grid adoption around the world.
On the other hand, growing digitization of the oil & gas industry using digital oilfield technologies is providing lucrative opportunities for IoT in energy companies. This segment is slated to emerge as the fastest growing one across the study period. Efforts to reduce emissions and optimize operations of the oil & gas industry are helping this segment bolster market growth in the long run.
To get detailed analysis on other segments, Request For Free Sample Report
The advanced technological infrastructure of North American region allows it to top the global internet of things (IoT) in energy market. Moreover, the presence of key IoT technology companies and quick adoption of advanced technologies are also contributing to the high market share of this region. Rising integration of renewable energy sources into the existing energy infrastructure will also provide new opportunities for internet of things (IoT) in energy companies operating in this region. Canada and the United States are the top markets for internet of things (IoT) in energy providers looking to expand their business scope in this region.
High investments in grid modernization to satisfy the surging demand for energy in the Asia Pacific region make it the fastest expanding market for internet of things (IoT) in energy companies. Rapid population growth and emphasis on energy conservation are projected to uplift the demand for IoT devices in the energy industry of this region. Japan, China, and India are some key markets for internet of things (IoT) in energy market players targeting the APAC region. Rising adoption of automation across industries will also benefit internet of things (IoT) in energy market development in this region through 2031 and beyond.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Internet of Things (IoT) in Energy Market Drivers
Emphasis on Energy Efficiency to Fulfil High Demand
Rising Use of Renewable Energy
Restraints
Integration Issues
Concerns Regarding Regulatory Compliance
Request Free Customization of this report to help us to meet your business objectives.
The global internet of things (IoT) in energy market is expected to be rife with opportunities for leading as well as new companies going forward. Grid modernization programs and initiatives are also slated to slingshot the adoption of IoT devices and technologies around the world. Collaborations between energy and technology companies will be highly essential for sustained internet of things (IoT) in energy market development. Spreading awareness regarding the benefits of IoT adoption in the energy industry will also be a key strategy for all market players in the future.
Internet of Things (IoT) in Energy Market Top Player’s Company Profiles
Internet of Things (IoT) in Energy Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, rising investments in grid modernization and high demand for efficiency in the energy industry are slated to drive internet of things (IoT) in energy demand outlook. Advancements in IoT technology are also expected to play a crucial role in the overall internet of things (IoT) in energy market development. On the contrary, the global internet of things (IoT) in energy market growth is projected to be stunted by high costs of implementation and issues in integration. Growing investments of energy companies and governments in grid modernization in the Asia Pacific region make it the most lucrative regional market for IoT in energy providers. Internet of things (IoT) in energy market players can also experiment with the use of blockchain technology and AI technologies to maximize thier business scope in the future.
Report Metric | Details |
---|---|
Market size value in Energy | USD 28.1 Billion |
Market size value in 2032 | USD 76.18 Billion |
Growth Rate | 11.7% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered | |
Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Internet of Things (IoT) in Energy Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Internet of Things (IoT) in Energy Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Internet of Things (IoT) in Energy Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Internet of Things (IoT) in Energy Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Report ID: SQMIG45I2199
sales@skyquestt.com
USA +1 351-333-4748