New York, NY, March 30, 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”.
“As per the recent research study report, the global Internet of Things (IoT) in Energy Market size & share will increase from USD 16.5 Billion in 2019 and is expected to reach USD 75.3 Billion by 2026. The global Internet of Things (IoT) in Energy Market is expected to grow at a compound annual growth rate (CAGR) of 25.1% from 2019 to 2026”.
Internet of things comprises 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.
This specialized and expertise-oriented industry research report scrutinizes the technical and commercial business outlook of the internet of things (IoT) in energy industry. The report analyzes and declares the historical and current trends analysis of the internet of things (IoT) in energy industry and subsequently recommends the projected trends anticipated to be observed in the internet of things (IoT) in energy market during the upcoming years.
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- 2020 Updated Report Introduction, Overview, and In-depth industry analysis
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Key Questions Answered in this Report
1) What were the pre and post-business impacts of COVID-19 on the Internet of Things (IoT) in Energy Market?
2) What is the market size, share of the Internet of Things (IoT) in Energy Market?
3) Who are the top market players in the Internet of Things (IoT) in Energy Market?
4) What will be the future market of the Internet of Things (IoT) in Energy Market?
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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Impact Analysis of COVID-19 Pandemic on Businesses: Know Short Term and Long Term Impact
Most of the businesses are facing a growing litany of business-critical concerns related to the coronavirus outbreak, including supply chain disruptions, a risk of a recession, and a potential drop in consumer spending. All these scenarios will play out differently across various regions and industries, making accurate and timely market research more essential than ever.
We at Facts and Factors (http://www.fnfresearch.com) understand how difficult it is for you to plan, strategize, or make business decisions, and as such, we have your back to support you in these uncertain times with our research insights. Our team of consultants, analysts, and experts has developed an analytical model tool for markets that helps us to assess the impact of the virus more effectively on the industrial markets. We are further implementing these insights into our reports for a better understanding of our clients.
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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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Also Read: Renewable Energy Market, 2020-2026 Research Report
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.
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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. The regional segmentation of the internet of things (IoT) in energy industry includes the complete classification of all the major continents including North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. Further, country-wise data for the internet of things (IoT) in energy industry is provided for the leading economies of the world.
The internet of things (IoT) in Energy market is segmented based on offerings, network technology, and applications. On the basis of offerings segmentation, the market is classified into hardware, software, and services. By network technology, the global internet of things (IoT) in energy market is bifurcated into cellular networks, satellite networks, and radio networks. In terms of Application segmentation, the market is bifurcated into application energy management, power distribution, mobile workforce management, asset and equipment monitoring, field surveillance, and others.
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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 are expected to record the fastest growth over the forecasted period. The Middle East and Africa IoT in energy market growth are attributable to rising oil and gas exploration activities and soaring energy and utility sectors in the region.
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
This report segments the Internet of Things (IoT) in Energy market as follows:
Global Internet of Things (IoT) in Energy Market: By Offerings Segmentation Analysis
- Hardware
- Software
- Services
Global Internet of Things (IoT) in Energy Market: By Network Technology Segmentation Analysis
- Cellular Network
- Satellite Network
- Radio Network
Global Internet of Things (IoT) in Energy Market: By Applications Segmentation Analysis
- Energy Management
- Power Distribution
- Mobile Workforce Management
- Asset and Equipment Monitoring
- Field Surveillance
- Others
Key Recommendations from Analysts
- As per our analysts, the global internet of things in energy market was valued at approximately USD 15 billion in 2019, the growth in the global market is due to the rising adoption of wireless technology for energy management.
- By offerings, the hardware segment held a major share in the global market in 2019, accounting for a share of 40%. Moreover, the services segment is estimated to record a CAGR of around 23% over the projected period.
- The global internet of things in energy market is expected to grow to a market value of nearly USD 85 billion while recording a CAGR of approximately 22% till 2026.
- By network technology, the radio network segment accounted for a share of around 70% in the global internet of things in energy market in 2019. The cellular network segment is estimated to register the highest growth over the projected period. The growth in the cellular network segment in years ahead is due to the emergence of 5G powered IoT technologies.
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