PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1364705
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1364705
Internet of things in Energy Market size was valued at USD 25,908.1 Million in 2022, expanding at a CAGR of 12.8% from 2023 to 2030.
Internet of Things in Energy is a technological term that refers to the upgrading and automating of electricity infrastructures for energy producers and manufacturers. This allows energy production to move forward more efficiently and cleanly with the least amount of waste. The term is derived from the increasingly prominent market for Internet of Things (IoT) technology, which has helped develop the distributed energy systems that make up the IoE.
In the commercial sector, IoT energy management entails lowering energy use. IoT provides technologies that effectively monitor consumption and cut utilization. It benefits both small and large businesses. It aids in the optimization of power while also improving functionality. Manufacturers and producers can eliminate inefficiencies in current energy infrastructure by increasing power generation, transmission, and use by utilizing IoE technology. Making improvements to electric infrastructures enables for an easier flow of energy, maximizing its potential and reducing energy waste.
The growing technological advancement of IoT platforms is projected to drive the growth of the market.
As technology has developed and continues to evolve, several factors have contributed to the growth of the IoT market. Renewable energy integration and energy use optimization are critical accelerators of sustainable energy transitions and climate change mitigation. Modern technologies, such as the Internet of Things (IoT), have a diverse range of applications in the energy sector, including energy production, transmission and distribution, and consumption.
The Internet of Things can be used to improve energy efficiency, increase the share of renewable energy, and reduce the environmental impact of energy use. The global IoT market is expected to reach USD 1.1 trillion in 2023, according to a new study by International Data Corporation (IDC). Furthermore, the integration of IoT with energy grids results in smart grids may provide growth opportunities for the Internet of Things in the Energy Market. Moreover, the High Initial Costs of Deploying IoT solutions in the energy sector hampers the market growth.
The Global Internet of Things in energy Market is segmented on the basis of Product Type, Application, Technology, and Region.
The market is divided into three categories based on Components: Solutions, Platforms, and Services. The solutions segment is expected to drive the market. The integration of the Internet of Things (IoT) into the energy sector has resulted in the establishment of numerous solution segments that address various elements of energy management, production, distribution, and consumption.
The market is segmented into two categories based on Technology: Cellular Networks, Satellite Networks, Radio Networks, and Others. The market is further divided into two categories based on Distribution: Oil and Gas, Coal Mining, and Smart Grid. Oil and Gas segment dominates the market. The oil and gas industry, with its complex processes and wide supply chain, can reap enormous benefits from Internet of Things (IoT) integration.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is estimated to dominate the growth of the market, due to Rapid digitalization across industry verticals, and technological advancements. As North American enterprises embrace digital transformation, there is a natural tendency to utilize IoT for efficiency, cost savings, and competitive advantage. The United States will be the largest geographic market for digital transformation spending throughout the forecast, accounting for nearly 35% of the worldwide total and surpassing the USD1 trillion mark in 2025, according to International Data Corporation. Furthermore, Europe is expected to second largest market for the Internet of Things in energy in the upcoming year, due to the expansion of broadband networks to more regions to facilitate the growth of IoT.
Future-driven companies are increasingly exploring the opportunities offered by the Internet of Things or IoT in the utility sector. The thing is, IoT has a huge potential to disrupt services and workflows in the domain from water distribution and water leakage detection to meter measurement automation and overloading management. The connected technology has specifically introduced many benefits to the utility sector. For instance, the IoT investment has increased focus on regulatory compliance, sustainability, and operational efficiency. It has enabled direct communication links with consumers, enabling new services and a more engaged target audience. Thatswhy, the Manufacturers include a mix of established energy businesses, IT titans, and startups, all competing for market share by bringing new solutions to current energy concerns. Some firms specialize in analytics, while others concentrate on security, device management, or other parts of the IoT ecosystem.
In February 22, 2023, Cisco IoT enabled the global acceleration of offshore wind energy.
Cisco has developed a complete Validated Design for these offshore wind farm projects. It provides customers with a blueprint solution for all phases of a project (from specification and procurement to deployment). The solution includes networking infrastructure from the offshore wind turbine itself through the offshore platforms to the onshore WAN interface point and connectivity to the wind farm operators' control center.
The scope of this report covers the market by its major segments, which include as follows: