The global Internet of Things (IoT) in Energy Market size is expected to grow from USD 20.2 billion in 2020 to USD 35.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.8% during the forecast period. Major factors expected to drive the growth of the IoT in energy market include IoT in energy boost business productivity, advantage of IoT-based agile systems, and rising instances of cyberattacks.
Based on solution, the asset management segment to account for the largest market size during the forecast period
IoT-enabled asset management solutions are a combination of all processes, assets, workflows, and analytics into a single solution, which offer centrally consolidated tracking, monitoring, and analytics system for asset-intensive energy sector. Asset management solutions include the management of energy meters, predictive asset maintenance, and control operations of assets. In order to achieve the organizational strategic plan, the associated performance, risks, and expenditures over the lifecycle of assets are taken care of by asset management solutions. Asset management solution offers many advantages such as improved capacity and utilization, operational visibility and analysis, proactive solutions for asset failure situations, safety assurance, and management of all assets from a single platform, extension of asset’s life, and improved return on assets.
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Based on application, the oil and gas segment to account for the largest market size in 2020
The oil and gas application segment is leading the IoT in energy market in 2020; the segment is the most capital-intensive industry. Companies operating in the areas of oil and gas exploration and refining require large capital to meet their day-to-day operational costs. Energy companies are continuously carrying out technological developments and process improvements to sustain in the market. The adoption of IoT solutions is expected to improve the operational efficiency of the oil and gas segment, thus helping companies operating in this industry to sustain the drop in oil prices. IoT solutions can be deployed for remote monitoring of oil rigs and maintaining pipeline integrity. Thus, the IoT solutions help detect potential accidents, thus averting them. IoT-enabled sensors and devices allow remote monitoring of operations and improved end-to-end processes in oil and gas facilities.
The major IoT in energy market vendors include IBM (US), Actility (France), ABB (Switzerland), SAP (Germany), Cisco Systems (US), Siemens (Germany), Intel (US), AGT International (Switzerland), Altair Engineering (US), Flutura (US), Davra Networks (US), Wind River (US), Schneider Electric (France), HCL Technologies (India), Aclara (US), Rockwell Automation (US), Bosch (Germany), smartGAS (Germany), Trimble (US), and Infosys (India). These players have adopted various growth strategies in the IoT in energy market. Agreements, collaborations, and partnerships, and new product launches and product enhancements have been the most dominating strategies adopted by the major players from 2018 to 2020, which helped them innovate their offerings and increase their customer base.
Siemens is a leading player in the IoT in energy market. Siemens is a technology company that is active in nearly all countries of the world, focusing on the areas of automation and digitalization in the process and manufacturing industries, intelligent infrastructure for buildings and distributed energy systems, conventional and renewable power generation and power distribution, smart mobility solutions for rail and road, and medical technology and digital healthcare services. In the field of IoT in energy market, the company offers a wide range of solutions, including Grid Diagnostic Suite – Powered by MindSphere, SIMINE, Pipelines 4.0, Topsides 4.0, integrated LNG solutions, and Digital Solutions. The company has significantly focused on R&D activities to offer innovative products in the market. For instance, the company invested USD 6.3 billion on R&D activities in the fiscal year of 2019. The company has adopted partnerships as a major growth strategy to maintain its market position. For instance, in December 2018, Siemens partnered with Aker Solutions to strengthen digital offerings.
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IBM (US) is one of the leading companies in the IoT in energy market. In the field of IoT in energy market space, IBM has developed IBM Maximo APM for Energy and Utilities. IBM Maximo APM for Energy and Utilities includes open, integrated platform and analytics tooling to provide a detailed understanding of asset and network performance. It is an open analytics solution for energy and utility companies that includes a wide range of capabilities to meet the current and future needs of providers. Additionally, IBM IoT for Energy and Utilities capabilities can be further extended through applications from IBM partners and IBM Global Business Services, thereby increasing the value of the investment in IBM IoT for Energy and Utilities. Complementary products and solutions from partners and IBM address needs, such as asset investment planning, outage prediction and response optimization, power quality management, grid monitoring, load forecasting, transmission and feeder sizing, power quality, energy storage, and aerial imaging. Moreover, the company has invested significantly in R&D activities in last three years. For instance, the company spent USD 5.9 billion on R&D activities in the fiscal year of 2019. IBM has adopted a mix of organic and inorganic growth strategies to enhance its global business. For instance, in November 2019, IBM launched Maximo Asset Monitor, a new AI-powered monitoring solution. Additionally, in June 2018, IBM acquired Oniqua, to strengthen its IoT capabilities to help businesses proactively maintain vital assets.
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