New York, United States, August 20, 2024 (GLOBE NEWSWIRE) — The global Internet of Things (IoT) in Energy Market is expected to grow from USD 28.9 billion in 2023 to USD 87.2 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 11.68% during the forecast period 2023-2033.
Get a sample brochure in PDF format: https://www.sphericalinsights.com/request-sample/5635
A network of physical objects, including cars, home appliances, and other items that have embedded sensors, software, and network connectivity is called the Internet of Things (IoT). These connected devices collect and share data, forming a vast ecosystem where data can easily move between the digital and physical domains. The Internet of Things (IoT) can help solve various problems facing the energy sector, such as renewable energy integration, workplace safety, supply and demand balance, and fluctuating energy prices. Its predictive maintenance capabilities can manage asset performance, optimize operations, and engage customers in reducing energy costs. Over 75 billion IoT devices are expected by 2025. The IoT provides opportunities for consumer interaction and improving power grid efficiency. IoT-based smart grid technologies improve load management, fault detection, and system stability. By increasing energy efficiency, reducing emissions and improving resource management, IoT can contribute to sustainability and reduce its environmental impact. However, concerns mainly arise around cybersecurity vulnerabilities, integration issues and the need for specific knowledge and skills. The adoption of IoT solutions can also be hampered by changes in the regulatory framework and data protection regulations. The energy sector can also face difficulties in storing, processing and providing actionable insights due to the enormous amounts of data generated by IoT devices.
Browse key industry insights across 232 pages of 110 market data tables and figures & charts from the report on the “Global Internet of Things (IoT) in the energy market Size, Share and COVID-19 Impact Analysis by Component (Platform, Solutions, Services), by Network Technology (Cellular Network, Satellite Network, Radio Network, and Others), by Application (Oil & Gas, Coal Mining, Smart Grid), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), Analysis and Forecast 2023–2033.
Buy Now Full Review: https://www.sphericalinsights.com/checkout/5635
The solutions segment is expected to hold the largest market share during the forecast period.
Based on components, the Internet of Things (IoT) in energy market is segmented into platforms, solutions, and services. Among these, the solutions segment is expected to hold the highest market share during the forecast period. IoT solutions, including hardware, software, and integrated platforms, are critical for efficient implementation and management of the energy industry. These systems provide real-time monitoring, data analytics, remote control, and automated decision making. The demand for integrated IoT solutions is expected to rise as energy utilities upgrade their infrastructure, increase efficiency, and integrate renewable energy sources. Advancements in IoT technologies such as edge computing and cloud-based platforms are driving the adoption of these solutions, offering cost and operational benefits and cementing the dominant position of the solutions segment.
The mobile network segment is expected to hold the highest market share during the forecast period.
Based on network technology, the Internet of Things (IoT) in energy market is segmented into cellular networks, satellite networks, radio networks, and others. Among these, the cellular segment is expected to hold the largest market share during the forecast period. Cellular networks such as 4G and 5G are ideal for Internet of Things applications in the energy industry due to their wide availability and reliable connectivity. These networks enable real-time monitoring, control, and data sharing across geographically dispersed infrastructures. By leveraging the current infrastructure, energy utilities can reduce costs and increase the scalability of their IoT solutions. The energy industry is adopting cellular-based IoT solutions faster due to the enhanced features of 5G technology, enabling more sophisticated applications such as autonomous network management and remote diagnostics.
Before purchasing this research report, please inquire: https://www.sphericalinsights.com/inquiry-before-buying/5635
Asia-Pacific is estimated to hold the largest share of the Internet of Things (IoT) in the energy market in the forecast period.
Asia Pacific is estimated to hold the largest share of advanced Internet of Things (IoT) in the energy market during the forecast period. The Asia Pacific region is adopting IoT technologies to increase energy efficiency and integrate renewable energy sources. Governments, energy utilities, and the region’s manufacturing base are facilitating the adoption and expansion of these technologies. The expansion of 5G networks and increasing internet and smartphone penetration are further supporting this trend and securing the region’s leading position in the global IoT energy market.
North America is expected to witness the fastest growth during the forecast period. This is supported by the rapid development of smart grid infrastructure, wide use of renewable energy sources, and the existence of a strong IT community in the region. The region’s growth is driven by energy utilities in the US and Canada who are aggressively investing in IoT-based solutions to integrate distributed energy resources, increase grid efficiency, and increase customer engagement. The adoption of IoT technologies in the North American energy sector is also being accelerated by encouraging government policies, including funding for smart city projects and creating stringent energy efficiency standards.
Competitive analysis:
The report offers the appropriate analysis of the key organizations/companies involved in the global market along with a comparative assessment primarily based on their product offerings, business overviews, geographical presence, corporate strategies, market share in segments, and SWOT analysis. The report also offers an in-depth analysis with a focus on the latest news and developments of the companies which include product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and others. This enables the evaluation of the overall competition in the market. Some of the major players in the Advanced Materials for Semiconductors market include Cisco Systems, AGT International, Altair Engineering, HCL Technologies, Rockwell Automation, Infosys, Davra Networks, Wind River, IBM Corporation, Siemens, Accenture PLC, Intel Corporation, Bosch, Hewlett-Packard, Schneider Electric, and others.
Get discount at @ https://www.sphericalinsights.com/request-discount/5635
Recent developments
In April 2024 Electrification X is a collection of apps launched by Siemens Smart Infrastructure to help industries, infrastructure customers, transmission and distribution system operators and renewable energy producers increase their productivity, reliability, asset utilization, energy efficiency and capacity for sustainable innovation.
Market segment
This study forecasts revenue at global, regional and country levels from 2023 to 2033. Spherical Insights has segmented the Internet of Things (IoT) in Energy market based on the below mentioned segments:
Global Internet of Things (IoT) in the energy market, By component
- platform
- Solutions
- Services
Global Internet of Things (IoT) in the energy market, by network technology
- Mobile network
- Satellite network
- Radio network
- Miscellaneous
Global Internet of Things (IoT) in the energy market, After application
- Oil and Gas
- Coal mining
- Smart grid
Global Internet of Things (IoT) in the energy market, by regional analysis
- North America
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa
- United Arab Emirates
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East and Africa
Browse related reports
Global Solar Power Systems Market SizeShare, growth and industry analysis, by type (ground piles, screw piles and driven piles), by material (steel, aluminum and others), by application (utility, residential, commercial and industrial applications) and regional insights and forecasts to 2033
Global Thermal Power Plant Market SizeShare, Growth and Industry Analysis, By Fuel Type (Coal, Gas, Nuclear and Others), By Capacity (Up to 400 MW, 400-800 MW, More than 800 MW), By Turbine Type (Simple Cycle and Combined Cycle), By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2023-2033.
Global Ship Energy Efficiency Market SizeShare and COVID-19 Impact Analysis, By Product Type (Hardware System and Sensors & Software), By Application (Dry Cargo Vessels, Service Vessels, Fishing Vessels and Yachts) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2023 – 2033
Global brown hydrogen market sizeShare, growth and industry analysis, by technology (coal gasification with carbon capture and storage and coal gasification without carbon capture), by application (chemicals and petrochemicals, iron and steel, others) and by region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) and forecast to 2033
About Spherical Insights & Consulting
Spherical insights & Advice is a market research and consulting firm that provides actionable market research studies, quantitative forecasts and trend analysis specifically tailored to decision makers and improve ROI.
The company serves various industries such as financial sector, industrial sector, government organizations, universities, non-profit organizations and corporations. The company’s mission is to partner with companies to achieve business goals and sustain strategic improvements.
CONTACT US:
For further information on your target market please contact us at:
Phone: +1 303 800 4326 (US)
Telephone: +91 90289 24100 (APAC)
E-mail: [email protected], [email protected]
Contact: https://www.sphericalinsights.com/contact-us
Follow us: LinkedIn | on facebook. | Þjórsárdalur
