Internet of Things (IoT) in Energy Market Analysis and Global Forecast 2023-2033

Internet of Things in Energy Market Overview

The Internet of Things (IoT) in Energy Market Size is expected to reach USD 55.87 Billion by 2033. The Internet of Things (IoT) in Energy Market industry size accounted for USD 22.10 Billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 11.38% from 2023 to 2033. The Internet of Things (IoT) in the Energy Market refers to the use of interconnected devices, sensors, and software to monitor, analyze, and optimize energy production, distribution, and consumption. IoT technology enables real-time data collection and communication between devices, leading to more efficient and sustainable energy management.

By leveraging IoT, the energy market can achieve greater efficiency, reliability, and sustainability, ultimately contributing to a more resilient and eco-friendly energy ecosystem.

Global Internet of Things in Energy Market Synopsis

COVID-19 Impact Analysis

The COVID-19 pandemic had a significant impact on the Internet of Things (IoT) in the Energy Market. The pandemic accelerated the adoption of digital technologies, including IoT, as energy companies sought to improve remote monitoring and control of energy assets. This shift enabled continued operations despite restrictions on physical presence. With travel and onsite restrictions, IoT devices became crucial for remote monitoring and management of energy infrastructure. This allowed companies to maintain service continuity and operational efficiency while ensuring employee safety. The pandemic caused disruptions in global supply chains, affecting the availability of IoT components and devices. This led to delays in project implementations and increased costs for some IoT deployments. The rapid increase in IoT device deployment raised concerns about data security and privacy. Energy companies had to invest in robust cybersecurity measures to protect critical infrastructure from potential cyber threats. The pandemic reinforced the importance of sustainable energy solutions. IoT helped optimize the integration and management of renewable energy sources, contributing to a more sustainable energy future.

Internet of Things in Energy Market Dynamics

The major factors that have impacted the growth of Internet of Things in Energy Market are as follows:

Drivers:

Ø  Advancements in Smart Grid Technologies

The development of smart grids is a significant driver for IoT in the energy sector. IoT devices facilitate real-time communication and data exchange across the grid, improving reliability, reducing outages, and enabling dynamic demand response. IoT devices generate vast amounts of data that can be analyzed to gain insights into energy consumption patterns, equipment performance, and overall system efficiency. This data-driven approach enables informed decision-making and strategic planning. Improvements in wireless connectivity, sensor technology, and data analytics are making IoT solutions more accessible and affordable. This technological progress is driving wider adoption across the energy sector.

Restraint:

• Perception of Data Security and High Initial Costs

The widespread deployment of IoT devices in the energy sector raises significant concerns about data security and privacy. Protecting sensitive information and critical infrastructure from cyber threats is a major challenge, requiring substantial investment in cybersecurity measures. Implementing IoT solutions can involve high initial costs, including investments in hardware, software, and infrastructure upgrades. These costs can be a barrier for smaller energy companies or those with limited budgets.

Opportunity:

⮚     Development of Smart Grids

The implementation of smart grids offers a major opportunity for IoT in the energy sector. IoT devices enable real-time communication and control, allowing for improved demand response, outage management, and efficient energy distribution. The data generated by IoT devices provides valuable insights into energy consumption patterns, equipment performance, and system efficiency. Analyzing this data can inform strategic decisions and drive continuous improvement in energy management. IoT can optimize the use and management of energy storage systems, such as batteries. This is crucial for balancing supply and demand, especially with the increased use of intermittent renewable energy sources.

Internet of Things in Energy Market Segment Overview

By Service

Based on Service, the market is segmented based on Consulting, Integration and Deployment, Support and Maintenance and Others. The integration and deployment segment dominated the internet of things (IoT) in energy market. The integration and deployment help to integrate internet of things (IoT) solutions with favorable information technology infrastructure. This results into more efficient and effective processes in energy generation.

By Solution

Based on Solution, the market segment has been divided into Asset Management, Safety, Connected Logistics, Compliance and Risk Management, Data Management and Analytics, SCADA, Mobile Workforce Management, Network Management, Energy Management and Others. The Network Management segment dominant the market. The Network Management segment in the Internet of Things (IoT) in the Energy Market plays a crucial role in ensuring the efficient operation and management of IoT devices and systems. This segment focuses on monitoring, controlling, and optimizing the communication networks that connect various IoT devices and sensors within the energy ecosystem. By optimizing network operations and reducing inefficiencies, energy companies can achieve significant cost savings in both operations and maintenance.

By Application

Based on Application, the market segment has been divided into Oil and Gas, Coal Mining, Smart Grid and Others. The coal mining segment dominant the market. The internet of things (IoT) has facilitated coal mining. With this technology, it is simple to track the whereabouts of miners. The internet of things (IoT) technology also aids in monitoring the entire mining operation.

By Network Technology

Based on Network Technology, the market segment has been divided into Cellular Network, Satellite Network, Radio Network and Others. Radio Network segment dominant the market. LPWAN is the principal radio network technology which appears to be suited (Low Power Wide Area Network). LoRa radio technology refers to an open industry standard that is widely accessible owing to its widespread use. This technology is the foundation for the “Internet of Things”.

Global Internet of Things in Energy Market Regional Analysis

Based on region, the global Internet of Things in Energy Market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America is projected to dominate the use of the Internet of Things in Energy Market followed by the Asia-Pacific and Europe regions.

Internet of Things in Energy North America Market

North America holds a dominant position in the Internet of Things in Energy Market. North America has a well-developed energy infrastructure that supports the integration of IoT technologies. The region is a leader in smart grid development and renewable energy integration. Government initiatives and regulations, such as those promoting renewable energy and energy efficiency, drive IoT adoption in the energy sector. Many leading IoT technology companies and energy firms are based in North America, fostering innovation and investment in IoT solutions.

Internet of Things in Energy Asia-Pacific Market

The Asia-Pacific region has indeed emerged as the fastest-growing market for the Internet of Things in Energy Market industry. The rapid urbanization and industrialization in the Asia-Pacific region drive demand for efficient energy management solutions. IoT plays a crucial role in meeting these demands. Governments in countries like China, Japan, and South Korea are investing heavily in smart grid technologies and renewable energy, supporting the growth of IoT in the energy sector. The region is experiencing significant growth in renewable energy deployment, with IoT technologies helping to manage and optimize these resources.

Competitive Landscape

The global Internet of Things in Energy Market is highly competitive, with numerous players offering a wide range of software solutions. The competitive landscape is characterized by the presence of established companies, as well as emerging startups and niche players. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as product launches, and strategic alliances.

Prominent Players:

• IBM
• Actility
• ABB
• SAP
• Cisco Systems
• Siemens
• Intel
• AGT International
• Davra Networks
• smartGAS

Key Development

In December 2021, Oracle introduce smart thermostats to aid in real time IoT monitoring, predictive analysis and remote diagnostics for IoT-connected HVAC systems. These connected monitoring systems are predominantly utilized in laboratories, hospitals and other various industries.

In August 2022, Energybox entered into a strategic partnership with Cisco IoT to offer IoT solutions to globally renowned enterprises, including wendy’s among others.

Scope of the Report

Global Internet of Things in Energy Market, by Service

• Consulting
• Integration and Deployment
• Support and Maintenance
• Others

Global Internet of Things in Energy Market, by Solution

• Asset Management
• Safety
• Connected Logistics
• Compliance and Risk Management
• Data Management and Analytics
• SCADA
• Mobile Workforce Management
• Neywork Management
• Energy Management
• Others

Global Internet of Things in Energy Market, by Application

• Oil and Gas
• Coal Mining
• Smart Grid
• Others

Global Internet of Things in Energy Market, by Network Technology

• Cellular Network
• Satellite Network
• Radio Network
• Others

Global Internet of Things in Energy Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2033: USD 55.87 Billion
CAGR (2023-2033)	11.38%
Base year	2022
Forecast Period	2023-2033
Historical Data	2021 (2017 to 2020 On Demand)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Service, Solution, Application, Network Technology
Geographies Covered	North America, Europe, Asia-Pacific, South America, Middle East, Africa
Key Vendors	IBM, Actility, ABB, SAP, Cisco Systems, Siemens, Intel, AGT International, Davra Networks and smartGAS.
Key Market Opportunities	·       Development of Smart Grids ·       Data-Driven Decision Making
Key Market Drivers	·       Advancements in Smart Grid Technologies ·       Advancements in Connectivity and Sensor Technology

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Internet of Things in Energy Market trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities in the future
• Internet of Things in Energy Market historical market size for the year 2021, and forecast from 2023 to 2033
• Internet of Things in Energy Market share analysis at each product level
• Competitor analysis with detailed insight into its product segment, Government & Defense strength, and strategies adopted.
• Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
• To identify and understand the various factors involved in the global Internet of Things in Energy Market affected by the pandemic
• To provide a detailed insight into the major companies operating in the market. The profiling will include the Government & Defense health of the company’s past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.