NEW YORK, United States, Oct. 03, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Internet Of Things (IoT) In Energy Market By Applications (Coal Mining, Oil & Gas, And Smart Grid), By Technology (Radio Network, Satellite Network, Cellular Network, And Others), By Component (Services, Platforms, And Solution), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the demand of global Internet Of Things (IoT) In Energy Market size & share in terms of revenue was valued at USD 22.02 billion in 2022 and it is expected to surpass around USD 52.17 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 11.39% during the forecast period 2023 to 2030.”
Internet Of Things (IoT) In Energy Market Overview:
Internet of Things (IoT) is described as a network of physical objects, referred to as ‘things’, equipped with software, sensors, and other technologies that enable the connected systems to create a connection and exchange information with each other with the help of the internet. IoT is modern technology and has found applications in several industries including one of the fastest-growing sectors that is the energy industry. Internet of Things in energy refers to the application of IoT technology in industries that deal with power generation and subsequent distribution.
Energy creation and consumption methods have changed over the years influenced by several environmental and commercial factors creating a better scope for integration with modern tools, software, and other technologies. IoT in energy industry has allowed energy producers to meet the changing demands of the end-consumers including residential, commercial, and industrial applications. In addition to this, the ongoing research and development of affordable IOT systems has helped the market flourish further. During the forecast period, companies operating in the IoT in energy industry can expect excellent growth opportunities but may have to deal with certain growth restraints.
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Global Internet Of Things (IoT) In Energy Market: Growth Factors
As the number of connected devices grows, so does the risk of being a cybercrime victim. It is one of the main drawbacks associated with technology integration especially when crucial data and information is exchanged between devices connected through the internet. The IoT in energy industry players must ensure that their systems are not vulnerable to cyber-attacks or data breaches since hackers are evolving rapidly with the changing technological environment. The issue becomes more concerning in situations where nuclear sources are being used to produce energy.
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Report Scope
| Report Attribute | Details |
| Market Size in 2022 | USD 22.02 billion |
| Projected Market Size in 2030 | USD 52.17 billion |
| CAGR Growth Rate | 11.39% CAGR |
| Base Year | 2022 |
| Forecast Years | 2023-2030 |
| Key Market Players | Schneider Electric, Siemens AG, IBM, General Electric (GE), Emerson Electric Co., Cisco, Bosch, Honeywell, Rockwell Automation, ABB, and others. |
| Key Segment | By Applications, By Technology, By Component, and By Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
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Internet Of Things (IoT) In Energy Market: Segmentation Analysis
Based on application, the global market is divided into coal mining, oil & gas, and smart grid. In 2022, the highest growth was observed in the oil & gas segment owing to the increased application of IoT systems during the oil extraction and refining process. The Russia-Ukraine war compelled countries to make changes in the oil and gas supply international collaborations indirectly impacting oil drilling procedures for maximum output. During the forecast period, the growing emphasis on monitoring and managing the environmental impact of oil production could create a higher demand for IoT integration. The US spent nearly 39% more in the oil sector as compared in 2022 compared to 2021.
Based on technology, the Internet of Things in energy industry divisions are radio network, satellite network, cellular network, and others.
Based on component, the global market is segmented into services, platforms, and solutions. The most dominant segment was services in 2022 propelled by the increased need for excellent services in terms of technology installation, training, and assistance during technical issues. The platforms segment was a significant contributor led by an increase in strategic collaborations between market players. IoT applications with basic features typically cost USD 30000. The prices go higher as performance requirements grow.
The global Internet Of Things (IoT) In Energy market is segmented as follows:
By Applications
- Coal Mining
- Oil & Gas
- Smart Grid
By Technology
- Radio Network
- Satellite Network
- Cellular Network
- Others
By Component
- Services
- Platforms
- Solution
Browse the full “Internet Of Things (IoT) In Energy Market By Applications (Coal Mining, Oil & Gas, And Smart Grid), By Technology (Radio Network, Satellite Network, Cellular Network, And Others), By Component (Services, Platforms, And Solution), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/internet-of-things-iot-in-energy-market
Competitive Landscape
Some of the main competitors dominating the global Internet Of Things (IoT) In Energy market include -
- Schneider Electric
- Siemens AG
- IBM
- General Electric (GE)
- Emerson Electric Co.
- Cisco
- Bosch
- Honeywell
- Rockwell Automation
- ABB
Key Insights from Primary Research:
- As per the analysis shared by our research analyst, the global Internet of Things (IoT) in energy market is estimated to grow annually at a CAGR of around 11.39% over the forecast period (2023-2030)
- In terms of revenue, the global Internet of Things (IoT) in energy market size was valued at around USD 22.02 billion in 2022 and is projected to reach USD 52.17 billion, by 2030.
- The Internet of Things in energy market is projected to grow at a significant rate due to the rising investments in smart grid
- Based on applications segmentation, oil & gas was predicted to show maximum market share in the year 2022
- Based on component segmentation, services were the leading segment in 2022
- On the basis of region, North America was the leading revenue generator in 2022
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Key questions answered in this report:
- What is the market size and growth rate forecast for Internet Of Things (IoT) In Energy industry?
- What are the main driving factors propelling the Internet Of Things (IoT) In Energy Market forward?
- What are the leading companies in the Internet Of Things (IoT) In Energy Industry?
- What segments does the Internet Of Things (IoT) In Energy Market cover?
- How can I receive a free copy of the Internet Of Things (IoT) In Energy Market sample report and company profiles?
Key Offerings:
- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Applications, By Technology, By Component, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Analysis:
The global Internet of Things (IoT) in the energy market will be led by North America in the coming years. The major regional growth driver is the ongoing research and innovation in developing affordable IoT solutions that can meet the changing energy demands in North America. The US and Canada have a dominant hold over the regional and global oil & gas industry. These regions have increased spending in the oil sector to meet consumer demands leading to the integration of advanced technologies such as IoT to not only optimize oil drilling, refining, and supply processes but also to track environmental impact and take corrective measures when necessary.
Furthermore, the growing investments in 5G technology are projected to create higher demand for IoT in the regional energy sector. 5G-enabled IoT sensors and software solutions are expected to provide more effective results.
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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