Internet of Things (IoT) in Energy Market Size, Share, Growth Analysis, By Component(Platform, Solutions and Services), By Application(Oil & Gas, Smart Grid, and Cool Mining), By Technology(Cellular Network, Satellite Network, Radio Network and Others), By Region - Industry Forecast 2024-2031

Global IoT in energy market size was valued at USD 25.3 billion in 2022 and is poised to grow from USD 28.2 billion in 2023 to USD 133.97 billion by 2031, growing at a CAGR of 11.60% in the forecast period (2024-2031).

The competitive landscape of the global IoT in energy market is characterized by intense competition among a diverse array of players ranging from technology giants to niche startups, each vying for market share and differentiation. The largest companies like AWS from Amazon, Microsoft Azure and Google Cloud platform have a big say in the market thanks to the all-round solutions they offer that include cloud services, scalability, reliability and advanced analytics. Currently, the hardware sector is dominated by traditional players such as Cisco Systems, Intel Corporation, or Siemens with their IoT devices, networking devices, and industrial solutions designed for particular use cases. Also, the multi-national telecommunication companies like Verizon, AT&T, and Vodafone provide the connectivity solutions and complex IoT platforms to manage the wide range of IoT applications. Additionally, many startups and small-sized players have a hand in technologies like edge computing, sensors, data security and IoT solutions that have vertical-specific characteristics which are a source of innovation in the market. Seeing the advent of new technologies, the strengthening of the strategic partnerships, as well as the industry collaboration keeps the scene of this frenetic IoT market developing, increasing the innovation, making the highlighting, and the market expansion. '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'

The rising trend of smart grid integration is a pivotal driver reshaping the global energy landscape. Smart grid integration enables real-time monitoring and management to provide better grid reliability, efficiency and resilience. Through the deployment of IoT sensors, smart meters, and automation systems, utilities can gain unprecedented visibility into grid operations, detecting and responding to outages, faults, and fluctuations instantaneously. Growing industrialization and increasing demand for power from the residential sector have played an important role in diverting attention to the need for effective solutions that ensure the power needs of all consumers are met. For instance, in September 2023, Europe announced that the region needs to ramp up its investment in maturing grid infrastructure by 84% annually until 2050. The main reason for the ambitious vision is the failure of existing power grids to keep up Europe’s interest in using renewable energy in the coming years and achieving net carbon zero. 

Surging investments in renewable energy to create growth possibilities: The surge in investments in renewable energy presents excellent growth opportunities for the IoT market. As renewable energy sources like solar and wind become increasingly prevalent, enhance efficiency, and enable real-time monitoring and management. IoT-enabled solutions facilitate predictive maintenance of renewable energy infrastructure, ensuring reliability and maximizing uptime. Moreover, IoT devices can enable demand response capabilities, balancing supply and demand fluctuations in renewable energy generation. These opportunities not only drive innovation and efficiency in the renewable energy sector but also spur the adoption and expansion of IoT solutions, creating a symbiotic relationship between the two industries. 

Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East, and Africa.