Internet of Things in Energy Market Size, Share, Trends, Growth and Forecast 2032

Internet of Things in Energy Market Insights

Zion Market Research has published a report on the global Internet of Things in Energy Market, estimating its value at USD 28.85 Billion in 2023, with projections indicating that it will reach USD 84.09 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 12.62% over the forecast period 2024-2032.

The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Internet of Things in Energy industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Global Internet of Things in Energy Market: Overview

The Internet of things (IoT) is a technology-based solution offered to various applications such as the mining sector, energy, oil & gas, healthcare, and others. These solutions implement to enhance operational efficiency along with machine integration and intellectual data analysis. It reduces the chances of vulnerabilities associated with the hacking of data by using efficient tools and techniques and resulting in improved decision-making. Malicious activities on the Internet are restricted with the help of digital network infrastructure of things and critical infrastructure protection (CIP) can be automated. The Internet of things enables energy industries to operate efficiently on a real-time basis. The Internet of things in energy also provides optimization of the supply chain, increases operational efficiency, diminishes the energy trading risk, and cost-cutting in productivity.

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Global Internet of Things in Energy Market: Growth Factors

Major drivers of the global internet of things in the energy market are the rising demand for proactive security against increasing cyber-attacks and improved operational efficiency. However, strict regulations on the workers regarding safety and asset in the energy sector may drive the global market in the near future. Moreover, the emergence of next-generation sensors is expected to fuel global market growth. Conversely, a lack of skilled workers may hinder the global internet of things market growth in the next few years.

Global Internet of Things in Energy Market: Segmentation

The global internet of things in the energy market is categorized based on network technologies, applications, solutions, and regions.

Based on the network technologies, the global market is bifurcated into radio, cellular, satellite, and others.

The applications segment is further segmented as coal mining, oil & gas, and smart grid.

based on solutions, the global internet of things in the energy market is further classified as asset management, safety, connected logistics, compliance and risk management, data management and analytics, SCADA, mobile workforce management, network management, and energy management.

Internet of Things in Energy Market: Report Scope

Global Internet of Things in Energy Market: Regional Analysis

The Asia Pacific is expanding its market owing to technological advancements. It contributes to the largest share of the global internet of things market. The increasing adoption of smart grid architecture, energy management, technology upgrades, and regulatory mandates are some of the factors that are driving the internet of things in the energy market in the region. Also, increasing the adoption of smart meters in countries such as Japan, China, Australia, and South Korea is anticipated to boost the internet of things in the energy market in the Asia Pacific region.

Global Internet of Things in Energy Market: Competitive Players

Major key players dominating the global internet of things in the energy market are -

• Northwest Analytics
• Flutura Business Solutions LLC
• International Business Machine (IBM) Corporation
• Carriots S.L.
• Symboticware
• Davra Networks
• Maven Systems Private Limited
• Wind River Systems
• AGT International
• Ils Technolgy LLC
• Cisco Systems
• Sap SE.

The global Internet of Things in Energy market is segmented as follows:

By Network Technology

• Cellular Network
• Satellite Network
• Radio Network
• Others

By Application

• Oil and Gas
• Coal Mining
• Smart Grid

By Solution

• Asset Management
• Safety
• Connected Logistics
• Compliance and Risk Management
• Data Management and Analytics
• SCADA
• Mobile Workforce Management
• Network Management
• Energy Management

Internet of Things in Energy Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of The Middle East & Africa