IoT in energy integrates IoT-based energy solutions for sectors such as oil & gas, utilities, coal, and mining. This implementation aims to improve operational efficiency, enhance production, and provide analytical-based decisions. Enhanced security, better reliability, and proper management of assets in the industry are added benefits of IoT in energy solutions.
Increase in cyber-attacks in the energy sector, need for improved efficiency, advancement in powerful sensors, and increased expenditure in ICT by energy companies are key factors that drive the growth of the IoT in energy market. However, lack of technical skills for effective implementation of IoT in energy sector and increase in security concerns are expected to restrict the market growth. Advance analytics and effective system integration are the key opportunities for the market. Unavailability of interoperability standards and increase in data generated in the energy industry are prominent challenges for the market.
The market leaders are acquiring local players for portfolio extension and to improve their market share. For instance, in June 2017, Altair Engineering, Inc. acquired Carriots S.L., which is a leading IoT platform developer for energy sector.
The IoT in energy market is segmented based on solution, network technology, service, application, and region. On the basis of solution, the market is categorized into predictive maintenance, security, connected logistics, compliance & risk management, energy analytics, intelligent energy management, mobile workforce management, and others. By network technology, it is classified into cellular, satellite, radio, and others. Applications covered in the study include network security, web security, email security, database & cloud security, and others. The service segment is bifurcated into professional and managed service. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Comprehensive analysis and profiles of the major market players such as AGT International Inc, Carriots S.L., Cisco Systems, Inc., Davra Networks Limited, Flutura Business Solutions LLC, IBM Corporation, ILS Technolgy LLC, Maven Systems Private Limited, Northwest Analytics, Inc., and SAP SE are provided in this report.
KEY BENEFITS FOR STAKEHOLDERS
- This report is an extensive analysis of current and potential market trends in the global IoT in energy market.
- The report provides an in-depth quantitative analysis of the current and future market estimations form 2016 to 2023, which helps to recognize the prevailing market opportunities.
- Extensive analysis of the global market helps to understand the current practices for better investment decisions.
- Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook.
- Extensive analysis of the IoT in energy market is conducted by monitoring the top competitors within the market framework.
- Comprehensive analysis of factors that drive and restrict the growth of the market is provided.
IoT in Energy Market Key Segments:
- Predictive Maintenance
- Connected Logistics
- Compliance & Risk Management
- Energy Analytics
- Intelligent Energy Management
- Mobile Workforce Management
By Network Technology
- Cellular Network
- Satellite Network
- Radio Network
- Professional Service
- Managed Service
- Network Security
- Web Security
- Email Security
- Database & Cloud Security
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East