New York, NY, Jan. 05, 2021 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “Internet of Things (IoT) in Energy Market By Offerings (Hardware, Software, and Services), by Network Technology (Cellular Network, Satellite Network, and Radio Network) and By Application (Energy Management, Power Distribution, Mobile Workforce Management, Asset, and Equipment Monitoring, Field Surveillance, and Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026”.
According to the research study, the global Internet of Things (IoT) in Energy Market was estimated at USD 15 billion in 2019 and is expected to reach USD 85 billion by 2026. The global Internet of Things (IoT) in Energy Market is expected to grow at a compound annual growth rate (CAGR) of 25% from 2019 to 2026.
Internet of things comprises of various mechanical devices, sensors, which are connected to each other through a gateway. The convergence of technologies such as embedded systems, machine learning, real-time monitoring, etc. has expanded the applicability of the internet of things (IoT) across various verticals. In recent years, a large number of electronic devices have the ability to be integrated with internet connectivity, which can be used to balance energy demand and consumption and optimizing power consumption. Moreover, the internet of things can help the user to control smart devices over cloud-based software and allows the user to control HVAC systems, changing lighting conditions, etc. Internet of things can be used in smart grid applications for gathering information and act according to insights gathered to improve the operational efficiency and efficient distribution of energy. In years to come, the rising use of automated systems for controlling electricity distribution is expected to expand the applicability of the internet of things in energy-related applications.
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Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, types, end-user, applications, segments, and geography
- Competitive Landscape – Top key vendors and other prominent vendors
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In recent years, the number of smart girds across the world has increased significantly. Governments and federal authorities are increasingly spending on developing their smart city infrastructure. Growing spending on expansion and modernization of electricity transmission and distribution infrastructure has augmented the adoption of IoT based technologies for smart grid applications, which has driven the global IoT in energy market. Moreover, energy and utility companies are inclined towards opting for smart grids and smart meters to increase operational efficiency. IoT based systems can combine smart meters with sensors to improve the efficiency of energy management. Further, the rise of cognitive computing, AI, and data analytics in IoT technology is anticipated to create new opportunities for the global IoT in energy market.
By offerings, the hardware segment held the largest share in the global IoT in energy market in 2019, accounting for a share of approximately 40% and the hardware segment is estimated to grow at a CAGR of nearly 22%. On the basis of network technology, the radio network dominated the global IoT in energy market in 2019 and held a share of approximately 70%. On the basis of network technology, the cellular network segment is anticipated to record the highest CAGR of nearly 23% over the forecasted period, owing to technological advancements in 5G IoT technology. By application, the energy management segment held a share of nearly 35% in the global IoT in energy market in 2019.
Top Market Players
The major players profiled in this report include IBM Corporation, Intel Corporation, Symboticware, Actility, Accenture, Cisco Systems Inc., PingThings, Flutura, Telit, Siemens, MEAZON, Northwest Analytics Inc., Altair, SAP SE, Schneider Electric SE, etc.
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Internet of Things (IoT) in Energy Market: Growth Factors, Drivers and Restraints
Internet of things (IoT) is a technology that consists of interconnected devices that are embedded with software and network connectivity that helps devices to exchange and collected data. IoT in energy is useful in monitoring energy-related functions, for residential and commercial applications. The data collected from IoT devices can be used to enhance productivity and efficiency. Moreover, data collected from IoT can be used in improving real-time decision making, solve critical problems, etc. Further, IoT in energy is used to automate energy plants and oil drills. Internet of things (IoT) applications in energy & utilities includes smart grid and smart metering to manage energy consumption. Internet of things (IoT) can be used to forecast maintenance activities, which can be helpful in lowering the downtime.
In recent years, the demand for smart grid has bolstered in recent years due to rising investment in smart cities across the world. Governments and organizations are focusing on modernizing the grid. With the modernization of smart gird, companies are focusing on developing new techniques for demand response. This has been a key factor that has fueled the global internet of things (IoT) in energy market. Further, internet of things (IoT) has the ability to offer communication networks for complex communication situations. It also provides efficient use of devices such as reducing power consumption and cost. This has led to increased adoption of IoT across energy and utility sector, which has driven the market. Moreover, the emergence of AI and big data analytics in IoT is expected to create new avenues for the global IoT in energy market.
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Internet of Things (IoT) in Energy Market: Key Segments
Global Internet of Things (IoT) in Energy Market: By Offerings Segmentation Analysis (Customizable)
- Hardware
- Software
- Services
Global Internet of Things (IoT) in Energy Market: By Network Technology Segmentation Analysis (Customizable)
- Cellular Network
- Satellite Network
- Radio Network
Global Internet of Things (IoT) in Energy Market: By Applications Segmentation Analysis (Customizable)
- Energy Management
- Power Distribution
- Mobile Workforce Management
- Asset and Equipment Monitoring
- Field Surveillance
- Others
The internet of things (IoT) in energy market research report delivers an acute valuation and taxonomy of the internet of things (IoT) in energy industry by practically splitting the market on the basis of different types, applications, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026.
Browse the full “Internet of Things (IoT) in Energy Market By Offerings (Hardware, Software, and Services), By Network Technology (Cellular Network, Satellite Network, and Radio Network) and By Application (Energy Management, Power Distribution, Mobile Workforce Management, Asset and Equipment Monitoring, Field Surveillance, and Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026" report at https://www.fnfresearch.com/internet-of-things-iot-in-energy-market-by-569
Internet of Things (IoT) in Energy Market: Regional Analysis
By region, North America held a share of approximately 35% in the global IoT in energy market in 2019. The North America market is expected to record a CAGR of nearly 20% over the projected period. Moreover, the Middle East and Africa region is expected to record the fastest growth over the forecasted period. The Middle East and Africa IoT in energy market growth is attributable to rising oil and gas exploration activities and soaring energy and utility sectors in the region.
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Key Insights from Primary Research
- According to our primary respondents, the global internet of things in energy market is expected to grow with a CAGR of approximately 25% over the forecasted period.
- Moreover, from the primary research, we gathered the insights that the North America region held a major share in the global internet of things in energy market in 2019, accounting for a market share of approximately 35% in 2019.
- Our primary interviewees predicted that on the basis of application the energy management segment is set to hold a dominating share in the global internet of things in energy market in 2019. The growth in the energy management segment is due to the rising adoption of IoT based technologies for smart grid applications.
- The rising awareness regarding carbon footprint and modernization of outdated smart grid infrastructure has fueled the global smart grid market, which in turn has been a key factor in driving the global IoT in energy market.
- Moreover, the emergence of cognitive computing and big data analytics can help to predict failures rather than predictive maintenance. Cognitive computing also helps in risk assessment and insights generation, which is anticipated to create new revenue-generating opportunities for the global market.
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