Based on our analysis, the global internet of things (IoT) in energy market in 2019 was estimated to be valued at around approximately USD 16.5 Billion and is predicted to reach nearly USD 75.3 Billion by 2026. The expected CAGR for the internet of things (IoT) in energy market is around 25.1% from 2020 to 2026.
Internet of things comprises various mechanical devices, sensors, which are connected to each other through a gateway. The convergence of technologies such as embedded systems, machine learning, real-time monitoring, etc. has expanded the applicability of the internet of things (IoT) across various verticals. In recent years, a large number of electronic devices have the ability to be integrated with internet connectivity, which can be used to balance energy demand and consumption and optimizing power consumption. Moreover, the internet of things can help the user to control smart devices over cloud-based software and allows the user to control HVAC systems, changing lighting conditions, etc. Internet of things can be used in smart grid applications for gathering information and act according to insights gathered to improve the operational efficiency and efficient distribution of energy. In years to come, the rising use of automated systems for controlling electricity distribution is expected to expand the applicability of the internet of things in energy-related applications.
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Top Key Players
- Cisco Systems Inc.
- IBM Corporation
- Intel Corporation
In recent years, the number of smart girds across the world has increased significantly. Governments and federal authorities are increasingly spending on developing their smart city infrastructure. Growing spending on expansion and modernization of electricity transmission and distribution infrastructure has augmented the adoption of IoT-based technologies for smart grid applications, which has driven the global IoT in energy market. Moreover, energy and utility companies are inclined towards opting for smart grids and smart meters to increase operational efficiency. IoT based systems can combine smart meters with sensors to improve the efficiency of energy management. Further, the rise of cognitive computing, AI, and data analytics in IoT technology is anticipated to create new opportunities for the global IoT in energy market.
By offerings, the hardware segment held the largest share in the global IoT in energy market in 2019, accounting for a share of approximately 40% and the hardware segment is estimated to grow at a CAGR of nearly 22%. On the basis of network technology, the radio network dominated the global IoT in energy market in 2019 and held a share of approximately 70%. On the basis of network technology, the cellular network segment is anticipated to record the highest CAGR of nearly 23% over the forecasted period, owing to technological advancements in 5G IoT technology. By application, the energy management segment held a share of nearly 35% in the global IoT in energy market in 2019.
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In recent years, the demand for smart grid has bolstered in recent years due to rising investment in smart cities across the world. Governments and organizations are focusing on modernizing grid. With the modernization of smart gird, companies are focusing on developing new techniques for demand response. This has been a key factor that has fueled the global internet of things (IoT) in energy market. Further, internet of things (IoT) has the ability to offer communication networks for complex communication situations. It also provides efficient use of devices such as reducing power consumption and cost. This has led to increased adoption of IoT across energy and utility sector, which has driven the market. Moreover, the emergence of AI and big data analytics in IoT is expected to create new avenues for the global IoT in energy market.
The internet of things (IoT) in energy market research report delivers an acute valuation and taxonomy of the internet of things (IoT) in energy industry by practically splitting the market on the basis of different types, applications, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026. The regional segmentation of the internet of things (IoT) in energy industry includes the complete classification of all the major continents including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Further, country-wise data for the internet of things (IoT) in energy industry is provided for the leading economies of the world.
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By region, North America held a share of approximately 35% in the global IoT in energy market in 2019. The North America market is expected to record a CAGR of nearly 20% over the projected period. Moreover, the Middle East and Africa region is expected to record the fastest growth over the forecasted period. The Middle East and Africa IoT in energy market growth is attributable to rising oil and gas exploration activities and soaring energy and utility sectors in the region.
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This report segments the Internet of Things (IoT) in Energy market as follows:
Global Internet of Things (IoT) in Energy Market: By Offerings Segmentation Analysis
Global Internet of Things (IoT) in Energy Market: By Network Technology Segmentation Analysis
- Cellular Network
- Satellite Network
- Radio Network
Global Internet of Things (IoT) in Energy Market: By Applications Segmentation Analysis
- Energy Management
- Power Distribution
- Mobile Workforce Management
- Asset and Equipment Monitoring
- Field Surveillance
Key Recommendations from Analysts
- As per our analysts, the global internet of things in energy market was valued at approximately USD 15 billion in 2019, the growth in the global market is due to the rising adoption of wireless technology for energy management.
- By offerings, the hardware segment held a major share in the global market in 2019, accounting for a share of 40%. Moreover, the services segment is estimated to record a CAGR of around 23% over the projected period.
- The global internet of things in energy market is expected to grow to a market value of nearly USD 85 billion while recording a CAGR of approximately 22% till 2026.
- By network technology, the radio network segment accounted for a share of around 70% in the global internet of things in energy market in 2019. The cellular network segment is estimated to register the highest growth over the projected period. The growth in the cellular network segment in years ahead is due to the emergence of 5G powered IoT technologies.
- On the basis of region, the Middle East and Africa region is expected to record the highest CAGR of nearly 27% till 2026. The growth in the region is due to rising oil and gas exploration and increasing spending on automation technologies by energy and utility companies.
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