DUBLIN--(BUSINESS WIRE)--The "Global IoT in Energy Market Size, Share & Industry Trends Analysis Report by Application, Network Technology, Component, Organization Size, Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global IoT in Energy Market size is expected to reach $357.4 billion by 2028, rising at a market growth of 19.7% CAGR during the forecast period.
Therefore, it aids in the creation of new services, increases efficiency and production, addresses crucial issues, and enhances real-time decision making. In addition, the increased usage of IoT and AI in the energy business is expected to create attractive potential prospects for the market. In addition, the implementation of smart grid for energy optimization in residential, commercial, and industrial buildings will further accelerate the IoT in Energy Industry's growth throughout the forecast period.
Combining renewable energy and energy efficiency can facilitate sustainable energy transitions and prevent climate change. IoT becomes a disruptive technology which has facilitated a beneficial transformation in the energy sector by reducing demand. Internet of Things applications include energy supply, transmission, generation, and distribution, among others. In addition, IoT may be deployed to enhance energy efficiency, increase the use of renewable energy, and reduce the environmental effect of energy consumption.
Market Growth Factors
Integration of IOT Devices Improves the Reliability and Productivity of Industry
Environmental sustainability and demand growth are the most troublesome concerns facing the energy business. With increased IoT usage, enterprises and individuals can do a great deal to protect the environment using such devices and data analytics. IoT reduces waste and increases system efficiency. The deployment of IoT technology in business and residential buildings enables the monitoring and control of energy use, hence reducing their energy demand and increasing their efficiency.
Reduction in the Overall Cost and Improvement in Data Management
The Internet of Things (IoT) in the energy industry is a sophisticated procedure that encompasses planning & energy management of consumption patterns across different domains. It enables managers to take total control of energy data from inception and considerably optimize the operation. Implementing an IoT-enabled solution in the energy industry employs sensor-based approaches to automate the industry's operations. This has maximized the sector's benefits through real-time data management and analytical decision-making.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The below illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.
Market Restraining Factors
Problem Associated With Security and Discretion
Maintaining the data collected and transferred by IoT devices secure is difficult as their use expands and evolves. Despite the importance of cybersecurity, IoT devices are not usually incorporated in the plan. Systems must be safeguarded against physical manipulation, network-based attacks, internet-based software assaults, and hardware attacks. The adoption of IoT devices in highly sensitive areas, like healthcare and banking, raises additional concerns regarding data security.
Scope of the Study
Market Segments Covered in the Report:
By Application
- Oil & Gas
- Smart Grid
- Coal Mining
- Others
By Network Technology
- Radio Network
- Cellular Network
- Satellite Network
By Component
- Solution
- Services
By Organization Size
- Large Enterprises
- SMEs
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Accenture PLC
- IBM Corporation
- Cisco Systems, Inc.
- Hewlett-Packard enterprise company
- Intel Corporation
- SAP SE
- Schneider Electric SE
- Robert Bosch GmbH
- Google LLC
- HCL Technologies Ltd. (HCL Enterprises)
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Global IoT in Energy Market by Application
Chapter 5. Global IoT in Energy Market by Network Technology
Chapter 6. Global IoT in Energy Market by Component
Chapter 7. Global IoT in Energy Market by Organization Size
Chapter 8. Global IoT in Energy Market by Region
Chapter 9. Company Profiles
Companies Mentioned
- Accenture PLC
- IBM Corporation
- Cisco Systems, Inc.
- Hewlett-Packard enterprise company
- Intel Corporation
- SAP SE
- Schneider Electric SE
- Robert Bosch GmbH
- Google LLC
- HCL Technologies Ltd. (HCL Enterprises)
For more information about this report visit https://www.researchandmarkets.com/r/8juris
