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

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.