USD 25.3 billion
Internet of Things (IoT) in Energy Market Size, Share, Growth Analysis, By Network Technology(Cellular Network, Satellite Network, and Radio Network Others), By Component(Platforms, Solutions, and Services), By Organization Size(Small & Medium Enterprises (SMEs), and Large Enterprises), By Application(Oil And Gas, Coal Mining, Smart Grid, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45I2199 |
Region:
Global |
Published Date: June, 2024
Pages:
157
|Tables:
89
|Figures:
76
Internet of Things (IoT) in Energy Market Insights
Global Internet of Things (IoT) in Energy Market size was valued at USD 25.2 billion in 2022 and is poised to grow from USD 28.1 billion in 2023 to USD 68.2 billion by 2031, growing at a CAGR of 11.7% in the forecast period (2024-2031).
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Platform
Fastest Growth
Platform
Growth Rate
11.60% CAGR
Global Internet of Things (IoT) in Energy Market ($ Bn)
Country Share for North America Region (%)
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Internet of Things (IoT) in Energy Market Segmental Analysis
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.
Global Internet of Things (IoT) in Energy Market By Network Technology
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Internet of Things (IoT) in Energy Market Regional Insights
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.
Global Internet of Things (IoT) in Energy Market By Region
- Largest
- Fastest
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Internet of Things (IoT) in Energy Market Dynamics
Internet of Things (IoT) in Energy Market Drivers
Emphasis on Energy Efficiency to Fulfil High Demand
- Energy demands worldwide are only increasing quickly, which is why energy companies are turning towards multiple solutions to keep up with demand. Use of IoT and other smart technologies allows effective and efficient distribution of energy whilst minimizing losses thereby favoring the internet of things (IoT) in energy market growth.
Rising Use of Renewable Energy
- High focus on sustainability has boosted the renewable energy demand around the world. IoT devices and technologies play a crucial role in integrating renewable energy sources with current grids to maximize efficiency and reduce emissions from the energy industry as well.
Restraints
Integration Issues
- Energy infrastructure around the world has not been fundamentally changed or even upgraded since its first couple of iterations. Integrating advanced IoT technology with this legacy energy infrastructure is a major challenge that incurs additional costs, thereby slowing down internet of things (IoT) in energy market growth as well.
Concerns Regarding Regulatory Compliance
- IoT in energy solutions are subject to a wide variety of regulations and complying with all of them is next to impossible. This is why internet of things (IoT) in energy companies need to invest heavily in research and development to ensure compliance and functionality are not compromised. This makes adoption more expensive and impedes market development.
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Internet of Things (IoT) in Energy Market Competitive Landscape
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
- IBM
- ABB
- Actility
- SAP
- Cisco System
- Siemen
- Intel
- AGT International
- Altair Engineering
- Flutura
- Davra Network
- Wind River
- Schneider Electric
- HCL Technologies
- Aclara
- Rockwell Automation
- Bosch
- smart GAS
- Trimble
- Infosys
Internet of Things (IoT) in Energy Market Recent Developments
- Reneseas Electronics, a renowned Japanese semiconductor organization, announced the launch of a new NB-IoT chipset specifically for the Indian market back in May 2023. The company intended to capitalize on the growing use of smart meters in India through this launch.
- In March 2022, Zenatix, a new company providing IoT-based energy saving solutions, entered the Middle Eastern market by launching itself in Dubai, United Arab Emirates. The company intended to target small and mid-sized buildings in this region to promote its cloud-based energy and asset management solution.
Internet of Things (IoT) in Energy Key Market Trends
- Integration of Blockchain with IoT: Internet of things (IoT) in energy companies can also utilize blockchain technology to offer secure and transparent transactions for energy organizations. This can also offer new opportunities to create a completely decentralized system for energy transactions and infrastructure.
Internet of Things (IoT) in Energy Market SkyQuest Analysis
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 25.2 billion |
| Market size value in 2031 | USD 68.2 billion |
| Growth Rate | 11.7% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| 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:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Internet of Things (IoT) in Energy Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Internet of Things (IoT) in Energy Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
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.
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