What is the global market size of Internet of Things (IoT) in Energy Market?

Internet of Things (IoT) in Energy Market size was valued at USD 25.3 billion in 2022 and is poised to grow from USD 31.5 billion in 2023 to USD 133.97 billion by 2031, growing at a CAGR of 11.60% in the forecast period (2024-2031).

Who are the key vendors in the Internet of Things (IoT) in Energy Market?

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'

What is the key driver of Internet of Things (IoT) in Energy Market?

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.

What is the key market trend for Internet of Things (IoT) in Energy Market?

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.

Which region accounted for the largest share in Internet of Things (IoT) in Energy Market?

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

Internet of Things (IoT) in Energy Market Updates

Skyquest Technology's expert advisors continuously track and analyze the latest developments and updates related to internet of things (iot) in energy market. Our team of analysts stay abreast of all the recent news stories shaping the industry including new product launches by major companies, strategic partnerships, M&As, Patent filings and industry and regulatory developments.

Internet of Things (IoT) in Energy Market News

Reneseas Electronics, a renowned Japanese semiconductor organization, announced the launch of a new NB-IoT chipset specifically for the Indian market back in May 2023. The company intended to capitalize on the growing use of smart meters in India through this launch.
In March 2022, Zenatix, a new company providing IoT-based energy saving solutions, entered the Middle Eastern market by launching itself in Dubai, United Arab Emirates. The company intended to target small and mid-sized buildings in this region to promote its cloud-based energy and asset management solution.

Internet of Things (IoT) in Energy Market Report Snapshots

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Internet of Things (IoT) in Energy Market size was valued at USD 28.1 Billion in 2023 and is poised to grow from USD 31.39 Billion in 2024 to USD 76.18 Billion by 2032, growing at a CAGR of 11.7% during the forecast period (2025-2032).

The global internet of things (IoT) in energy market is expected to be rife with opportunities for leading as well as new companies going forward. Grid modernization programs and initiatives are also slated to slingshot the adoption of IoT devices and technologies around the world. Collaborations between energy and technology companies will be highly essential for sustained internet of things (IoT) in energy market development. Spreading awareness regarding the benefits of IoT adoption in the energy industry will also be a key strategy for all market players in the future. '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'

Energy demands worldwide are only increasing quickly, which is why energy companies are turning towards multiple solutions to keep up with demand. Use of IoT and other smart technologies allows effective and efficient distribution of energy whilst minimizing losses thereby favoring the internet of things (IoT) in energy market growth.

Integration of Blockchain with IoT: Internet of things (IoT) in energy companies can also utilize blockchain technology to offer secure and transparent transactions for energy organizations. This can also offer new opportunities to create a completely decentralized system for energy transactions and infrastructure.

The advanced technological infrastructure of North American region allows it to top the global internet of things (IoT) in energy market. Moreover, the presence of key IoT technology companies and quick adoption of advanced technologies are also contributing to the high market share of this region. Rising integration of renewable energy sources into the existing energy infrastructure will also provide new opportunities for internet of things (IoT) in energy companies operating in this region. Canada and the United States are the top markets for internet of things (IoT) in energy providers looking to expand their business scope in this region.

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Internet of Things (IoT) in Energy Market

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