Internet of Things (IoT) in Energy Market Size, Share, Growth Analysis, By Component, Solutions(Asset Management, Safety, Connected Logistics, Others), Network Technology(Cellular Network, Satellite Network, Radio Network), Organization Size, Application and Region - Industry Forecast 2024-2031


Report ID: SQMIG45I2199 | Region: Global | Published Date: June, 2024
Pages: 157 |Tables: 89 |Figures: 76

Internet of Things (IoT) in Energy Market Insights

Global Internet of Things (IoT) in Energy Market size was valued at USD 25.2 billion in 2022 and is poised to grow from USD 28.1 billion in 2023 to USD 68.2 billion by 2031, growing at a CAGR of 11.7% in the forecast period (2024-2031).

Internet of Things or IoT means interconnecting of physical objects, called "things," equipped with software, sensors, and other technologies, and empowered with ability to the exchange with each other via the internet. The evolution of 2G and 3G networks laid the groundwork for IoT in the energy sector by enabling basic connectivity for low-bandwidth devices. However, high power costs limited 3G's effectiveness for advanced applications. The advent of 4G and 5G networks has driven growth by offering higher bandwidth, lower latency, and reduced power consumption Energy production can grow immensely and profit from Internet of Things (IoT) and analytics solutions, together with AI solutions such as proactive maintenance. IoT analytics also help smart grids to apply instantaneous information for improving operational efficiency, as well as minimize the consumption of energy and other resources, which helps companies to make their products more affordable, and invest in new technologies. These solutions help to provide better services to customers, as many of them prefer personalized products, and increase the reliability of the services due to the availability of real time information which enables one to respond to any problem or break- down immediately. In general, the components of strategic planning and forecasting are complemented with application of models of predictive analytics according to which companies would be able to predict additional demand on energy and find new opportunities for business development, which contributes to its expansion and growth. 

Predictive maintenance through the use of data analysis by artificial intelligence helps in minimizing downtime and servicing expenses since maintenance is carried out before a machine ceases to function. This approach will also preserve some infrastructure for a long time, put more emphasis on an investment to ensure that it yields the highest possible returns, not mentioning the fact that it will make the grid as reliable as possible due to the efficiency of all components. The ability to obtain the competitive edge through the use of these technologies brings more clients and investments, while established businesses are set aside from competitors. Also being cost-effective, energy management minimizes the consequences of violating regulatory and sustainable business practices, enjoys a favourable reaction to governmental policies, and improves the company image.

Market Snapshot - 2024-2031

Global Market Size

USD 25.3 billion

Largest Segment

Platform

Fastest Growth

Platform

Growth Rate

11.60% CAGR

Internet of Things (IoT) in Energy Market ($ Million)
Country Share for North America Region (%)

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Internet of Things (IoT) in Energy Market Segmental Analysis

The global IoT in energy market is segmented by component, network technology, organization site, application and region. Based on component, the market can be segmented into platforms, solutions and services. Based on technology, the market is segmented into cellular network, satellite network, radio network and others. Based on application, the market is segmented into oil and gas, coal mining, smart grid & others. Based on organization site, the market is segmented into Small & Medium Enterprise, & Large Enterprise. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East, and Africa. 

Internet of Things (IoT) in Energy Market Analysis by Component 

Based on component, the market is segmented into platform, software & services. The leading segment in the global IoT market can vary depending on factors such as industry vertical, geographical region, and specific use cases. However, the platform segment tends to emerge as the leading segment. IoT platforms are seen as the building blocks of complete IoT solutions, which come with essential functionalities including device connectivity, data management, analytics, and security. This has led to a huge demand for powerful and scalable IoT platforms. Nowadays, these platforms enable effortless connection of multiple devices, with multiple data sources. In addition, IoT platforms facilitate networking and collaboration by providing dev tools, APIs, and marketplace capabilities giving rise to a dynamic marketplace of developers, partners, and app vendors. Therefore, this segment is the most important factor in influencing the growth and maturation of the IoT industry as it provides the necessary infrastructure facilities and capabilities required for maximization of IoT devices and data. 

The fastest-growing segment in the global IoT market is the solutions segment. The launch of TCS's IoT-powered Clever Energy solution significantly drives the adoption of IoT in the energy market by offering a scalable platform designed to help enterprises accelerate their shift towards net-zero emissions. This solution enhances energy efficiency by monitoring and optimizing energy usage in real-time, which reduces operational costs and minimizes carbon footprints. IoT devices include a broad range of applications that differ by industry vertical and use cases such as smart cities, industrial automation, healthcare, agriculture, transportation and consumer products. The popularity of connected devices and the expansion of IoT technologies being utilized in various sectors have brought out the need to have solutions that are innovative and unique. The most desired IoT services among organizations are those that address their specific business problems, improve their operations, improve their customers’ experiences and boost their revenue. The result of this trend is a flood of providers whose activities cover a wide range of IoT object-enabled devices, services, and applications. With IoT being continuously adapted and deployed for digital transformation and organization’s competitive advantage, the solutions segment remains an attractive area in the IoT market. 

Internet of Things (IoT) in Energy Market Analysis by Technology 

Based on technology, the market is segmented into cellular network, satellite network, radio network and others. 

The leading segment in the IoT market based on technology is typically the cellular network segment. Cellular networks, ranging from 4G LTE to future 5G, boast wide-scale coverage, high data rates, and dependability – certain key factors for a plethora of IoT applications. Cellular technology ensures connectivity not only for digitalization in urban areas but also in rural and remote locations where other communication infrastructure may be scarce. Furthermore, mobile networks allow for mobility which means that data can be transmitted while the IoT devices are in motion and this is supposed to be used in applications such as fleets management, transportation, and tracking devices. The quest for 5G networks is to bring more power to cellular networks by making ultra-low latency, massive device connectivity, and network slicing available for purely customized IoT services. It can guarantee cellular networks to dominate the niche of IoT market. 

The fastest-growing segment in the IoT market based on technology is the satellite network segment. Growing popularity of grid-based satellite networks is cunning because of their capability of providing communication capability in regions where conventional mobile networks are not available or unsustainable. Nowadays, remote sensing, environmental monitoring, asset tracking and other applications, which are essential in companies like agriculture, maritime, oil and gas and logistics, are often based on satellite IoT solutions. The occurrence of LEO satellite constellations along with the latest satellite tech breakthroughs and competitive costs has expedited the compliance of IoT-satellite systems. Presently, the growing digital inclusion and connectivity in the underserved regions as well as the rising demand for resilient and reliable communication solutions is having a lead role in the rapid development of this market. The fact that satellite technology is growing and becoming even more available is one of the reasons why the satellite network segment is going to move forward on the IoT market with its already fast-paced growth. 

Global Internet of Things (IoT) in Energy Market By Network Technology

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Internet of Things (IoT) in Energy Market Regional Insights

Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East, and Africa. 

North America emerges as the leading region in the IoT market due to its advanced technological infrastructure, strong industrial base, and widespread adoption of IoT solutions across various industries. With tech giants like Amazon, Microsoft, and Google headquartered in the region. North America which has been leading the way, playing a significant role in the research, advancement and implementation of smart IoT devices and systems. On the other hand, the region has favourable regulatory conditions, excellent investment climate and an innovative culture and entrepreneurial spirit that boosts IoT adoption and the growth of the ecosystem. Industries like manufacturing, healthcare, smart cities, and automotive are the domains, trying to gain leadership in the application of IoT and data analytics to improve the efficiency, optimization and provide better customer experience. To wrap things up, North America's leadership in technology, innovations and market maturity make this region the top player in worldwide IoT market. 

The Asia Pacific region is the fastest-growing region in the IoT market, driven by factors such as rapid urbanization, industrialization, and the proliferation of connected devices. Countries like China, Japan, South Korea, and India are witnessing a surge in IoT adoption across various industries. The region's large population, expanding middle class, and rising disposable incomes fuel the demand for IoT-enabled products and services. Furthermore, government initiatives and investments in digital infrastructure, smart city projects, and Industry 4.0 initiatives propel IoT deployment in the region. With increasing internet penetration, mobile connectivity, and technological advancements, this region offers immense growth opportunities for IoT vendors and solution providers, making it the fastest-growing region in the global IoT market.

Global Internet of Things (IoT) in Energy Market By Region
  • Largest
  • Fastest

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Internet of Things (IoT) in Energy Market Dynamics

Internet of Things (IoT) in Energy Market Drivers

Rising Tend of Smart Grid Integration 

  • The rising trend of smart grid integration is a pivotal driver reshaping the global energy landscape. Smart grid integration enables real-time monitoring and management to provide better grid reliability, efficiency and resilience. Through the deployment of IoT sensors, smart meters, and automation systems, utilities can gain unprecedented visibility into grid operations, detecting and responding to outages, faults, and fluctuations instantaneously. Growing industrialization and increasing demand for power from the residential sector have played an important role in diverting attention to the need for effective solutions that ensure the power needs of all consumers are met. For instance, in September 2023, Europe announced that the region needs to ramp up its investment in maturing grid infrastructure by 84% annually until 2050. The main reason for the ambitious vision is the failure of existing power grids to keep up Europe’s interest in using renewable energy in the coming years and achieving net carbon zero. 

Intelligent transportation system 

  • The increasing penetration of IoT technologies in the property sector is poised to significantly impact consumption rates. With IoT devices becoming more prevalent in homes, commercial buildings and other properties, individuals and businesses gain greater control and insight into their energy usage, water consumption, and overall resource management. Additionally, IoT sensors can detect leaks and manage water usage, leading to more sustainable practices and cost savings as well as empower consumers to make informed decisions about their resource usage, ultimately driving down consumption rates while promoting environmental sustainability. As IoT technology continues to advance and become more affordable, its widespread adoption in the property sector is expected to further accelerate, leading to even greater efficiency gains and environmental benefits. As of September 2022, Kiona and Ericsson were working toward developing technologies to achieve building management digitization in a bid to reduce carbon dioxide emissions and energy usage in the property industry. 

Internet of Things (IoT) in Energy Market Restraints 

Associated risk of data breach and cybercrime to restrict the market growth 

  • The associated risk of data breaches and cybercrime poses a significant restraint on the growth of the IoT market. As IoT devices become more interconnected and collect vast amounts of sensitive data, they have become targets for cybercriminals seeking to exploit vulnerabilities for financial gain or malicious purposes. A successful breach of IoT devices can result in the theft of personal information, financial data, leading to significant financial losses, reputational damage and legal liabilities for companies and individuals. Moreover, compromised IoT devices can be used as entry points to launch larger-scale cyber-attacks which can disrupt critical services and infrastructure. Concerns about data privacy and security have led to increased regulatory scrutiny and compliance requirements, imposing additional costs and complexities on IoT deployments. These risks undermine trust and confidence in IoT solutions, hindering adoption and investment in the market. Addressing cybersecurity challenges and implementing robust security measures are essential to mitigate these risks and unlock the full potential of IoT technologies across various industries. 

Lack of supporting infrastructure to challenge market growth 

  • The lack of supporting infrastructure presents a significant restraint on the growth of the IoT market. For IoT devices to function effectively, they require a robust infrastructure comprising reliable connectivity, power sources, and data storage capabilities. However, in many regions, especially in rural or underdeveloped areas, the infrastructure necessary to support widespread IoT deployments is lacking or inadequate. Limited access to high-speed internet connectivity, especially in remote areas, hampers the seamless communication and data transmission required for IoT devices to operate efficiently. Additionally, inadequate power infrastructure and unreliable electricity supply can impede the deployment of IoT devices that rely on continuous power sources for operation. Without the necessary infrastructure in place, the deployment and adoption of IoT solutions face barriers, inhibiting market growth and limiting the potential benefits of IoT technology across various sectors. Addressing these infrastructure gaps through investments in telecommunications, energy, and data storage infrastructure is crucial to overcoming this restraint and unlocking the full potential of the IoT market.

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Internet of Things (IoT) in Energy Market Competitive Landscape

The competitive landscape of the global IoT in energy market is characterized by intense competition among a diverse array of players ranging from technology giants to niche startups, each vying for market share and differentiation. The largest companies like AWS from Amazon, Microsoft Azure and Google Cloud platform have a big say in the market thanks to the all-round solutions they offer that include cloud services, scalability, reliability and advanced analytics. Currently, the hardware sector is dominated by traditional players such as Cisco Systems, Intel Corporation, or Siemens with their IoT devices, networking devices, and industrial solutions designed for particular use cases. Also, the multi-national telecommunication companies like Verizon, AT&T, and Vodafone provide the connectivity solutions and complex IoT platforms to manage the wide range of IoT applications. Additionally, many startups and small-sized players have a hand in technologies like edge computing, sensors, data security and IoT solutions that have vertical-specific characteristics which are a source of innovation in the market. Seeing the advent of new technologies, the strengthening of the strategic partnerships, as well as the industry collaboration keeps the scene of this frenetic IoT market developing, increasing the innovation, making the highlighting, and the market expansion.

Internet of Things (IoT) in Energy Market Top Player’s Company Profiles

  • IBM 
  • ABB 
  • Actility 
  • SAP 
  • Cisco System 
  • Siemen 
  • Intel 
  • AGT International 
  • Altair Engineering 
  • Flutura 
  • Davra Network 
  • Wind River 
  • Schneider Electric 
  • HCL Technologies 
  • Aclara 
  • Rockwell Automation 
  • Bosch 
  • smart GAS 
  • Trimble 
  • Infosys

Internet of Things (IoT) in Energy Market Recent Developments

  • In January 2023, Grid4C, a leader in AI and machine learning solutions for the energy industry, announced a strategic partnership with a major European utility to deploy advanced metering infrastructure (AMI) and IoT solutions to improve grid efficiency and customer engagement. 

  • In February 2023, Siemens Energy unveiled a new IoT platform for energy management, offering advanced analytics and real-time monitoring capabilities for industrial and utility customers. 

  • In April 2023, ABB launched a new range of IoT-enabled energy storage solutions, designed to optimize renewable energy integration and grid stability. 

  • In June 2023, General Electric (GE) Digital announced a collaboration with a Middle Eastern utility to implement IoT-based predictive maintenance solutions for its power generation assets, aiming to improve reliability and reduce downtime.

Internet of Things (IoT) in Energy Key Market Trends

  • Surging investments in renewable energy to create growth possibilities: The surge in investments in renewable energy presents excellent growth opportunities for the IoT market. As renewable energy sources like solar and wind become increasingly prevalent, enhance efficiency, and enable real-time monitoring and management. IoT-enabled solutions facilitate predictive maintenance of renewable energy infrastructure, ensuring reliability and maximizing uptime. Moreover, IoT devices can enable demand response capabilities, balancing supply and demand fluctuations in renewable energy generation. These opportunities not only drive innovation and efficiency in the renewable energy sector but also spur the adoption and expansion of IoT solutions, creating a symbiotic relationship between the two industries. 
  • Adoption of Industry 4.0: The adoption of Industry 4.0 principles, characterized by the integration of digital technologies into manufacturing processes, offers immense potential for IoT solutions. In smart manufacturing, IoT devices enable real-time monitoring of production lines, facilitating data-driven decision-making and process optimization. Predictive maintenance powered by IoT sensors helps prevent equipment breakdowns by detecting anomalies and scheduling maintenance proactively, reducing downtime and improving productivity. IoT-enabled supply chain optimization enhances visibility and traceability throughout the supply chain, improving efficiency, reducing costs, and minimizing risks.

Internet of Things (IoT) in Energy Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. 

According to our global IoT in energy market analysis, the market presents a dynamic and evolving landscape characterized by segmented analyses across components, technologies, applications, regions, and competitive dynamics. In terms of components, services, platforms, and solutions play pivotal roles in driving IoT adoption, each offering unique value propositions to businesses across various industries. Moreover, the technology segmental analysis highlights the diverse connectivity options available, with radio networks, satellite networks, and cellular networks catering to different use cases and environments. Application segmental analysis underscores the wide-ranging applications of IoT across industries such as oil and gas, smart grid, and coal mining, each with unique challenges and opportunities. Regional insights reveal varied growth trajectories, with North America leading in technological innovation, while the Asia Pacific region emerges as the fastest-growing market driven by rapid urbanization and industrialization. Lastly, the competitive landscape showcases a mix of established players and emerging startups competing for market share, driving innovation, differentiation, and collaboration in the IoT ecosystem. Overall, the IoT market continues to evolve rapidly, driven by technological advancements, industry convergence, and shifting market dynamics, presenting vast opportunities for stakeholders across the globe.

Report Metric Details
Market size value in Energy USD 25.2 billion
Market size value in 2031 USD 68.2 billion
Growth Rate 11.7%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Component
    • Platform, Solutions and Services
  • Application
    • Oil & Gas, Smart Grid, and Cool Mining
  • Technology
    • Cellular Network, Satellite Network, Radio Network and Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • IBM 
  • ABB 
  • Actility 
  • SAP 
  • Cisco System 
  • Siemen 
  • Intel 
  • AGT International 
  • Altair Engineering 
  • Flutura 
  • Davra Network 
  • Wind River 
  • Schneider Electric 
  • HCL Technologies 
  • Aclara 
  • Rockwell Automation 
  • Bosch 
  • smart GAS 
  • Trimble 
  • Infosys
Customization scope

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  • Market dynamics & outlook
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Internet of Things (IoT) in Energy Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Internet of Things (IoT) in Energy Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Internet of Things (IoT) in Energy Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Internet of Things (IoT) in Energy Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Internet of Things (IoT) in Energy Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Internet of Things (IoT) in Energy Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQs

Global Internet of Things (IoT) in Energy Market size was valued at USD 25.2 billion in 2022 and is poised to grow from USD 28.1 billion in 2023 to USD 68.2 billion by 2031, growing at a CAGR of 11.7% in the forecast period (2024-2031).

The competitive landscape of the global IoT in energy market is characterized by intense competition among a diverse array of players ranging from technology giants to niche startups, each vying for market share and differentiation. The largest companies like AWS from Amazon, Microsoft Azure and Google Cloud platform have a big say in the market thanks to the all-round solutions they offer that include cloud services, scalability, reliability and advanced analytics. Currently, the hardware sector is dominated by traditional players such as Cisco Systems, Intel Corporation, or Siemens with their IoT devices, networking devices, and industrial solutions designed for particular use cases. Also, the multi-national telecommunication companies like Verizon, AT&T, and Vodafone provide the connectivity solutions and complex IoT platforms to manage the wide range of IoT applications. Additionally, many startups and small-sized players have a hand in technologies like edge computing, sensors, data security and IoT solutions that have vertical-specific characteristics which are a source of innovation in the market. Seeing the advent of new technologies, the strengthening of the strategic partnerships, as well as the industry collaboration keeps the scene of this frenetic IoT market developing, increasing the innovation, making the highlighting, and the market expansion. 'IBM ', 'ABB ', 'Actility ', 'SAP ', 'Cisco System ', 'Siemen ', 'Intel ', 'AGT International ', 'Altair Engineering ', 'Flutura ', 'Davra Network ', 'Wind River ', 'Schneider Electric ', 'HCL Technologies ', 'Aclara ', 'Rockwell Automation ', 'Bosch ', 'smart GAS ', 'Trimble ', 'Infosys'

The rising trend of smart grid integration is a pivotal driver reshaping the global energy landscape. Smart grid integration enables real-time monitoring and management to provide better grid reliability, efficiency and resilience. Through the deployment of IoT sensors, smart meters, and automation systems, utilities can gain unprecedented visibility into grid operations, detecting and responding to outages, faults, and fluctuations instantaneously. Growing industrialization and increasing demand for power from the residential sector have played an important role in diverting attention to the need for effective solutions that ensure the power needs of all consumers are met. For instance, in September 2023, Europe announced that the region needs to ramp up its investment in maturing grid infrastructure by 84% annually until 2050. The main reason for the ambitious vision is the failure of existing power grids to keep up Europe’s interest in using renewable energy in the coming years and achieving net carbon zero. 

Surging investments in renewable energy to create growth possibilities: The surge in investments in renewable energy presents excellent growth opportunities for the IoT market. As renewable energy sources like solar and wind become increasingly prevalent, enhance efficiency, and enable real-time monitoring and management. IoT-enabled solutions facilitate predictive maintenance of renewable energy infrastructure, ensuring reliability and maximizing uptime. Moreover, IoT devices can enable demand response capabilities, balancing supply and demand fluctuations in renewable energy generation. These opportunities not only drive innovation and efficiency in the renewable energy sector but also spur the adoption and expansion of IoT solutions, creating a symbiotic relationship between the two industries. 

Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East, and Africa. 

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