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2022

IoT in Energy Market

IoT in Energy Market Size, Share, Competitive Landscape and Trend Analysis Report by Component, Network Technology, Application, Organization Size : Global Opportunity Analysis and Industry Forecast, 2021-2031.

IC : High Tech, Enterprise & Consumer IT

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Author's: Shrawanty Yadav & Rachita Rake | Onkar Sumant
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IoT in Energy Market Statistics: 2031

The global IoT in Energy Market Size was valued at $109.19 billion in 2021, and is projected to reach at $703.52 billion by 2031, growing at a CAGR of 20.6%% from 2021 to 2031. IoT platform includes smart devices connected through web that collect, analyze, and manage data using tools such as sensors, communication hardware, and processors. IoT represents new reality of production. In the energy sector, IoT creates intelligent networks known as smart grid by collecting, transmitting, and compiling large amount of data. Thus, it integrates all assets connected to a network, optimizes operations, and increases flexibility of systems in an intelligent manner. Consequently, it helps in development of new services, improves efficiency & productivity, resolves critical problems, and enhances decision making in real-time. Moreover, increase in adoption of IoT and AI in the energy industry is anticipated to provide lucrative growth opportunities for the market growth. Furthermore, deployment of smart grid for energy optimization in household, commercial, and industrial buildings further propel growth of the IoT in Energy Industry during the forecast period.

On the basis of component, the solutions segment captured largest IoT in Energy Market Share in 2021, and is expected to continue this trend throughout the forecast period. Rise in adoption of IoT solutions drives growth of the segment. However, the services segment is expected to witness highest share during the forecast period. This is attributed to numerous advantages offered by services providing high quality machining and manufacturing services while maintaining highest health, safety, and environmental standards in industries. Such factor is are expected to propel the IoT in Energy Market Growth.

Depending on organization size, the large enterprises segment dominated the IoT in Energy Market Share in 2021, and is expected to continue this trend during the forecast period. Adoption of IoT in energy provides numerous benefits to large enterprises such as renewable energy source, increases efficiency of industry & cost cutting, existing lighting system to energy efficient solutions, facilitating energy saving fort clients, and providing smart technology solutions, which further fuels growth of the market. However, SMEs witnessed highest growth in the market during the IoT in Energy Market Forecast period. Adoption of IoT in energy services provide numerous benefits to SMEs including cost benefits, best consultation, procurement, design, analytics, and implementation.

IoT in Energy Market
By Component
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Services segment is projected as one of the most lucrative segments.

Depending on the region, the North America dominated the market share in 2021, Advancements in IoT leads to easier monitoring and controlling, which is anticipated to provide lucrative growth opportunities for the IoT in energy market in North America. However, Asia-Pacific is expected to exhibit highest growth during the forecast period. This is attributed to increase in penetration of IoT in energy and higher adoption of IoT devices and technologies, which propels growth of the market in the region.

Growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report features the strategies adopted by key market players to maintain their foothold in the market.

IoT in Energy Market
By Network Technology
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Cellular Network is projected as one of the most lucrative segments.

Segment Review

The IoT in energy market is segmented on the basis of component, network technology, organization size, application, and region. By component, it is bifurcated into solutions and services. On the basis of network technology, it is segregated into cellular network, satellite network and radio network. Depending on application, it is segregated into oil & gas, coal mining, smart grid and others. By organization size, it is categorized into small to medium enterprise (SMEs) and large-scale enterprises. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Impact of COVID-19 on the IoT in energy market trends

The IoT in energy market was valued at $130.12 billion in 2022, and is projected to reach $703.52 billion by 2031, registering a CAGR of 20.6%. The current estimation of 2031 is projected to be higher than pre-COVID-19 estimates. The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. The market is expected to grow rapidly after the pandemic, owing to rise in adoption of work-from-home culture across the globe.

IoT in Energy Market
By Organization Size
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SME's is projected as one of the most lucrative segment

IoT in energy market has significantly grown in recent years, and is expected to grow further in the coming years. In addition, IoT is anticipated to make a pronounced impact on the energy sector. During the pandemic, IoT has been very advantageous for the energy sector from sensors enabling monitoring of room temperatures to controlling energy usage from a remote location. This not only helped in reduction of costs but also led to sustainable development.

Moreover, many IoT platforms enabled usage of renewable sources of energy, which cuts down exploitation of non-renewable sources along with pollution. This helped enterprises to work despite lockdowns imposed by governments in the view of employee safety. IoT enabled remote working for most of tasks in enterprises of this industry in the pandemic. 

IoT in Energy Market
By Application
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Others is projected as one of the most lucrative industry.

Top Impacting Factors    

Factors such as effect on performance of renewable energy sources with increase in technologies in IoT in energy adoption and advent of data management & data processing impact growth of the IoT in energy market globally. In addition, the market growth is affected by concerns about data security & privacy and high implementation & maintenance cost of IoT devices. Furthermore, increase in adoption of IoT and AI in the energy industry and deployment of smart grids for energy optimization is expected to provide lucrative growth opportunities for the market. However, lack of skilled workforce and inadequacy of data and user privacy hamper growth of the market. Furthermore, each of these factors is anticipated to have a definite impact on growth of the global IoT in energy market during the forecast period.

Increase in reliability and efficiency of industry by integration of IoT devices

Environmental sustainability and increase in demand are the most concerning issues of the energy industry. With greater adoption of IoT, organizations as well as individuals can do a lot to safeguard the environment through these devices and data analytics. IoT cuts down wastage and make systems more efficient.  IoT technology deployed in commercial and residential buildings provides monitoring of energy consumption and control it, thus, reduces their energy demand and improves efficiency. Moreover, organizations deploy IoT-based sensors in building and sends them real-time data for analysis. Then, these organizations can individually monitor their tools and devices, such as air conditioning systems, machinery, lightning systems, and heating systems. This data collected by IoT devices can be analyzed to strategize ways for increasing efficiency. Furthermore, IoT systems help in remotely control and regulate systems to establish maximum energy production efficiency.

IoT in Energy Market
By Region
2031
Europe 
North America
Asia-Pacific
LAMEA

Asia-Pacific is projected as one of the most significant region.

KEY BENEFITS FOR STAKEHOLDERS

  • The study provides an in-depth analysis of the IoT in energy market share along with the current IoT in Energy Market Trends and future estimations to elucidate the imminent investment pockets.
  • Information about key drivers, restraints, and opportunities and their impact IoT in Energy Market Analysis is provided.
  • The Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the IoT in energy market.
  • The quantitative analysis of the IoT in energy market share from 2021 to 2031 is provided to determine the IoT in energy market potential.

IoT in Energy Market Report Highlights

Aspects Details
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By Component
  • Solutions
  • Services
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By Application
  • Oil & Gas
  • Smart Grid
  • Coal Mining
  • Others
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By Organization Size
  • Large Enterprises
  • SME’s
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By Network technology
  • Cellular Network
  • Satellite Network
  • Radio Network
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By Region
  • North America  (U.S., Canada)
  • Europe   (UK, Germany, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific   (China, Japan, India, Australia, South-Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
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Key Market Players

Accenture PLC, Cisco, IBM Corporation, Google Inc., Sap SE, HCL Technologies, Schneider Electric, Hewlett-Packard, Intel Corporation, Bosch

Analyst Review

According to insights of the CXOs from top organizations across the globe, adoption of IoT in energy sector boosts the efficiency in production as well as cuts consumption, reducing waste and, allows greener and sustainable development. IoT in energy is not only beneficial for industries but also for households. For enterprises, it aids controls systems remotely, automating processes and cutting down expenses. For households, it allows customers to take control of their energy consumption thus contributing toward greener development. 

Furthermore, the IoT in energy market is expected to grow substantially with more developments and adoption of IoT platforms in the energy sector. Moreover, governments of different countries are also encouraging adoption of IoT to enables more use of renewable sources of energy such as solar energy and wind energy. This is expected to help them save their resources for future use and reduce pollution. Thus, demand for IoT in energy is expected to increase during the forecast period. 

On the contrary, prominent market players are exploring new technologies and applications to meet increase in customer demands. Product launches, collaborations, and acquisitions are expected to enable them to expand their product portfolios and penetrate different regions. For instance, in June 2022, Flatura Business Solutions LLC, partnered with Petrogonium USA LLC, a leading energy consultancy, to provide fully integrated and digital projects, products, and services. This partnership aims to transform digitization efforts in the energy industry. Furthermore, in February 2020,

Panasonic launched its new IoT and AI-enabled platform, called Miraie. With this new technology, the company aims to empower everyday lives of its consumers with comfort, convenience, and seamless connectivity across all Panasonic devices.
 

Author Name(s) : Shrawanty Yadav & Rachita Rake | Onkar Sumant

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IoT in Energy Market

Global Opportunity Analysis and Industry Forecast, 2021-2031.