IoT Solutions For Energy Industry Market Size, Share, Trends, Growth 2032

IoT Solutions For Energy Industry Market Insights

According to Zion Market Research, the global IoT Solutions For Energy Industry Market was worth USD 76.17 Million in 2023. The market is forecast to reach USD 560.16 Million by 2032, growing at a compound annual growth rate (CAGR) of 24.82% during the forecast period 2024-2032.

The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the IoT Solutions For Energy Industry industry over the next decade.

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IoT Solutions For Energy Industry Market: Overview

IoT solutions assist the energy industry in translating from a centralized system to distributed & smart as well as integrated power system.  Reportedly, IoT solutions assist in monitoring of power consumption patterns of myriad energy consumers and can regulate the electricity usage effectively. Furthermore, IoT helps in controlling the power usage in new & old structures through regulating of HVAC in the buildings along with reducing the energy costs.

Moreover, an energy management system driven by IoT solutions has the ability of monitoring real-time power usage along with enhancing the awareness pertaining to energy performance at each level of supply chain activities. IOT solutions also help in exploring the untapped growth potential of the oil & gas sector apart from improving the reliability of the upstream, midstream, and downstream activities. Furthermore, IoT also helps in creating value for the upstream, midstream, and downstream operations in the oil & gas sector along with their optimization.

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IoT Solutions For Energy Industry Market: Growth Drivers

Smart technologies such as IoT find extensive application in the energy industry including power supply and transmission & distribution. In addition to this, IoT solutions are used in the power sector for improving the energy efficiency, mitigating ecological impacts of power usage, and promoting the utility of green energy. All these aforementioned aspects are anticipated to steer the market trends.

With the inception of new concepts such as smart cities, smart grids, smart power transportation, smart constructions, and smart electricity meters, the market is likely to gain traction over the coming decade. Apparently, IoT-based agile solutions can facilitate effective collaboration between power consumers and firms or utilities producing & supplying energy through a smart energy system, thereby proliferating the expansion of the market over the years ahead. Furthermore, IoT solutions can mechanize, integrate, and regulate energy producing & supplying processes through sensors & innovative communication techniques. In addition to this, IoT can help in preventing energy losses through automation of industrial processes, supervisory control, and data acquisition techniques.

Additionally, IoT can contribute notably towards the energy sector by reducing the loss of energy production or minimizing the probabilities of blackout. Through the use of IoT sensors, devices linked through internet can detect the failure in the power operations or huge decline in efficiency of power production, thereby providing data or information for the requirement of repair or maintenance activities in energy sector. This helps the utility firms in saving maintenance costs, enhancing power efficiency, resilience, and reliability of energy sector. All these aforementioned factors will assist the industry to register an exponential growth across the globe over the years to come.

IoT Solutions For Energy Industry Market: Report Scope

North America To Make Notable Contributions Towards Overall Market Expansion By 2032

The regional market growth over the forecast timeline is credited to large-scale use of IoT solutions in the oil & gas industry by the countries like the U.S., particularly in the upstream activities of oil & gas sector.

IoT Solutions For Energy Industry Market: Competitive Analysis

The IoT solutions for energy industry market is dominated by players like:

• SAP SE
• Tego Inc
• Maven Systems Pvt. Ltd
• Carriots
• Davra Networks
• AGT International
• Cisco
• Telit
• Hortonworks Inc
• Symboticware Inc
• Accenture

The global IoT solutions market for energy industry is segmented as follows:

By Systems & Solutions

• Predictive Maintenance
• Compliance and Risk Management
• Energy Analytics
• Platform
• Security
• Connected Logistic
• Intelligent Energy Management
• Mobile Workforce Management
• Field Surveillance and Monitoring

By Network Technologies

• Radio
• Cellular
• Satellite
• Others

By Service

• Professional Service
• Support & Maintenance
• System Integration

By Applications

• Oil & Gas
• Mining

By Region

• 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 Middle East & Africa