What is the global market size of Internet of Things (IoT) in Energy in Energy Market?

Global Internet of Things (IoT) in Energy in Energy Market size was valued at USD 25.25 billion in 2022 poised to grow from USD 28.23 billion in 2023 to USD 68.90 billion by 2031, growing at a CAGR of 11.8% in the forecast period (2024-2031).

Who are the key vendors in the Global Internet of Things (IoT) in Energy in Energy Market?

Intense competition and constant innovation define the competitive landscape of the global IoT energy market. Major players with extensive IoT solutions designed for energy management and optimisation include Siemens AG, General Electric Company, and Schneider Electric SE. Global behemoths like IBM, Cisco Systems, and Microsoft Corporation also use their knowledge of analytics, cloud computing, and networking to provide reliable IoT platforms that improve productivity and sustainability in the energy industry. 'AGT International (Switzerland)', 'SAP (Germany)', 'Aclara (US)', 'smartGAS (Germany)', 'Wind River (US)', 'Actility (France)', 'Siemens (Germany)', 'Infosys (India)', 'Rockwell Automation (US)', 'HCL Technologies (India)', 'Flutura (US)', 'ABB (Switzerland)', 'Altair Engineering (US)', 'IBM (US)', 'Bosch (Germany)', 'Schneider Electric (France)', 'Davra Networks (US)'

What is the key driver of Global Internet of Things (IoT) in Energy in Energy Market?

Due to more money is being invested in creating smart grid infrastructure to satisfy end users' growing needs, the global Internet of Things (IoT) in Energy in energy market is expected to expand. The majority of the nation's still rely on antiquated infrastructure for the production and distribution of electricity. But these outdated technologies can't supply the dynamic power needs of today's globe.

What is the key market trend for Global Internet of Things (IoT) in Energy in Energy Market?

Empowering Utilities and Smart Cities with IoT-Enabled Smart Meters: In recent years, smart meters have become one of the most popular IoT devices among utility providers. These gadgets link buildings to the smart energy grid, enabling these businesses to better control the flow of energy. Smart meters are also utilized by smart cities. Organizations may access rich, real-time data with IoT-ready smart meters to improve service while cutting expenses and increasing revenue.

Which region accounted for the largest share in Global Internet of Things (IoT) in Energy in Energy Market?

North America has emerged as the leader in the IoT energy industry due to increase in energy projects and the adoption of cutting-edge technologies like big data analytics and the Internet of Things (IoT) in Energy. An increase in research and development efforts is another factor fueling the internet of things' (IoT) expansion in the energy sector in the North American region. Conversely, over the course of the projection period, Asia-Pacific is anticipated to grow at the quickest rate. In the Asia-Pacific region, China leads the Internet of Things (IoT) in Energy energy industry. Technological improvements are driving the expansion of the Internet of Things (IoT) in Energy in the energy market in the Asia-Pacific region. Additionally, the region's energy business is seeing potential for the expansion of the Internet of Things (IoT) in Energy thanks to supportive government laws.

Global Internet of Things (IoT) in Energy Market

Internet of Things (IoT) in Energy Market Size, Share, Growth Analysis, By Component, Solutions(Asset Management, Safety, Connected Logistics, Others), Network Technology(Cellular Network, Satellite Network, Radio Network), Organization Size, Application and 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.

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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. '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'

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.

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.

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.

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Internet of Things (IoT) in Energy Market Size, Share, Growth Analysis, By Component, Solutions(Asset Management, Safety, Connected Logistics, Others), Network Technology(Cellular Network, Satellite Network, Radio Network), Organization Size, Application and Region - Industry Forecast 2024-2031

Internet of Things (IoT) in Energy Market Insights

Internet of Things (IoT) in Energy Market Report Snapshots

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What is the global market size of Internet of Things (IoT) in Energy Market?

Who are the key vendors in the Internet of Things (IoT) in Energy Market?

What is the key driver of Internet of Things (IoT) in Energy Market?

What is the key market trend for Internet of Things (IoT) in Energy Market?

Which region accounted for the largest share in Internet of Things (IoT) in Energy Market?

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