Internet of Things (IoT) In Energy Market Research Report - By Device (smart meters, sensors, actuators, connected appliances, and intelligent energy management systems), By End-user (residential consumers, commercial and industrial establishments, utilities, and energy service providers), By Application (smart grid management, demand response, energy efficiency in buildings, renewable energy integration, and energy storage optimization), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East - Africa) – Industry Forecast 2024 to 2029.

Updated On: January, 2024
ID: 14071
Pages: 150

Internet of Things (IoT) In Energy Market Size (2023-2028):

The Global Internet of Things (IoT) In Energy Market was worth US$ 129.1 billion in 2022 and is anticipated to reach a valuation of US$ 372.2 billion by 2028 and is predicted to register a CAGR of 19.2% during 2023-2028.

Market Overview:

The Internet of Things (IoT) in Energy connects intelligent devices and sensors to the Internet, allowing real-time data collection and analysis. It enables intelligent grids for efficient electricity distribution, smart meters for monitoring energy consumption, and energy management systems for optimizing building usage. IoT facilitates predictive maintenance, reducing downtime and extending equipment lifespan. Also, it supports demand response programs to balance energy demand at peak periods and integrates renewable energy sources for better grid management. Overall, IoT in energy improves efficiency, reduces waste, and promotes sustainable practices in the energy sector for a greener and more reliable future.

Market Drivers:

The Internet of Things (IoT) is revolutionizing the energy market with the implementation of smart grids. These grids utilize IoT devices to improve electricity distribution and management. By optimizing energy flow, minimizing power losses, and enhancing grid reliability and resilience, smart grids are driving significant advancements in the energy sector. This transformation ensures a more efficient and reliable energy supply, benefiting consumers, businesses, and the environment alike.

The Internet of Things (IoT) is crucial in the energy market as it seamlessly integrates renewable energy sources like solar and wind. With the growing popularity of renewables, IoT efficiently manages their intermittent nature. It ensures smooth integration and real-time monitoring, leading to grid stability and reliability. This promotes the widespread adoption of renewable energy, creating a greener and more sustainable energy market, contributing to a cleaner planet and a brighter future.

Market Restraints:

In the energy market, one major hurdle for IoT adoption is the high initial costs. Implementing IoT technologies demands significant investments in infrastructure, devices, and specialized personnel. This financial burden can discourage some companies from embracing IoT solutions. However, as technology advances and economies of scale come into play, these costs are likely to decrease over time, making IoT more accessible and attractive for widespread adoption in the energy sector.

Market Opportunities:

In the Internet of Things (IoT) in Energy Market, smart automation is a significant opportunity. IoT enables the automation of energy-consuming devices like smart thermostats, lighting systems, and appliances. This automation optimizes energy usage, leading to increased efficiency and cost savings for consumers and businesses. Moreover, it enhances comfort by providing convenient control over energy devices remotely. Smart automation empowers users to make informed choices, contributing to a more energy-efficient and comfortable energy landscape.

The IoT in Energy Market offers promising opportunities for energy efficiency. By employing smart monitoring and control systems, IoT enables better management of energy consumption. This leads to reduced waste and significant cost savings for businesses and consumers alike. Embracing IoT technologies in the energy sector can foster a more sustainable and cost-effective energy landscape, promoting environmental responsibility and economic benefits in market growth.

Market Key Developments:

  • In 2021, Siemens has been actively involved in the development of smart grid solutions, combining IoT and data analytics to optimize energy distribution and management. They have also focused on the integration of renewable energy sources into the grid.
  • In 2021, GE has been working on IoT-driven solutions for predictive maintenance in energy infrastructure. Their Predix platform enables predictive analytics to identify potential equipment failures, reducing downtime and maintenance costs.

INTERNET OF THINGS (IOT) IN ENERGY MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 – 2028

Base Year

2022

Forecast Period

2023 - 2028

CAGR

19.2%

Segments Covered

By Device, End-Users, Application Type, and Region.

 

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

 

Market Leaders Profiled

Siemens AG, General Electric (GE), Schneider Electric, ABB Ltd., Cisco Systems, Inc., Honeywell International Inc., IBM Corporation, Bosch Thermotechnology, Eaton Corporation, Oracle Corporation, Rockwell Automation, Inc., Trilliant Holdings Inc., and Others.

 

Market Segmentation:

Internet of Things (IoT) In Energy Market - By Device:

  • Smart meters
  • Sensors
  • Actuators
  • Connected appliances
  • Intelligent energy management systems

Smart meters are more dominating as a device type. Smart meters play a crucial role in the energy sector by enabling real-time data collection and two-way communication between utilities and consumers. They facilitate efficient energy monitoring and billing, demand response programs, and enable better grid management. As governments and utility companies worldwide focus on improving energy efficiency and grid reliability, the adoption of smart meters has significantly increased, making them the dominant device type in the IoT in Energy Market.

Internet of Things (IoT) In Energy Market - By End Users:

  • Residential consumers
  • Commercial and industrial establishments
  • Utilities
  • Energy service providers

Commercial and industrial establishments are more dominant as end-users. This is because these sectors often have higher energy consumption and are more actively seeking energy efficiency solutions to reduce costs and enhance sustainability. Commercial and industrial players benefit from IoT technologies for optimizing energy usage, predictive maintenance, and demand response initiatives. As a result, IoT adoption in these sectors has been more prevalent compared to other end-users like residential consumers, utilities, or energy service providers.

Internet of Things (IoT) In Energy Market - By Application Type:

  • Smart grid management
  • Demand response
  • Energy efficiency in buildings
  • Renewable energy integration
  • Energy storage optimization

 Energy efficiency in buildings is more dominating as an application type. The demand for smart technologies to optimize energy consumption and reduce environmental impact is high in the building sector. IoT solutions enable real-time monitoring and control of energy usage in residential, commercial, and industrial buildings, leading to substantial energy savings and cost efficiencies; as the focus on sustainability increases, energy efficiency in buildings remains a prominent and widely adopted IoT application in the energy market.

Market Regional Analysis: 

The Global Internet of Things (IoT) In Energy Market Report includes the segmentation of regions:

  • North America
  • Europe
  • Asia-pacific
  • Middle-east and Africa
  • Latin America

North America is dominating the IoT in the Energy market because it has advanced technology and uses IoT a lot. They focus on saving energy and being more sustainable by using IoT to manage electricity better. Europe is also important in this market share as they care about using renewable energy and reducing carbon emissions. They invest in smart grids and IoT systems to make energy use more efficient. In Asia-Pacific, like China and India, they have a huge demand for energy because of growing industries and cities. So, they use IoT to manage energy well and save resources. Latin America is also getting interested in IoT for renewable energy projects, like solar and wind power, to be more sustainable.

Impact of COVID-19 on the Internet of Things (IoT) In Energy Market:

The COVID-19 pandemic had a significant impact on the Internet of Things (IoT) in the Energy Market. Initially, the market growth faced disruptions due to supply chain disruptions, delayed project implementations, and reduced investments in the wake of economic uncertainty. However, the pandemic also accelerated the adoption of IoT solutions as companies sought ways to remotely monitor and control energy systems. With the shift to remote work and social distancing measures, IoT-enabled energy management systems became crucial for maintaining operations and ensuring business continuity. Additionally, the pandemic highlighted the importance of energy efficiency and sustainability, leading to an increased focus on IoT-based solutions for optimizing energy consumption and reducing environmental impact. Overall, COVID-19 acted as a catalyst for IoT adoption in the energy sector, driving innovation and resilience in the face of challenges.

Market Key Players:

  1. Siemens AG
  2. General Electric (GE)
  3. Schneider Electric
  4. ABB Ltd.
  5. Cisco Systems, Inc.
  6. Honeywell International Inc.
  7. IBM Corporation
  8. Bosch Thermotechnology
  9. Eaton Corporation
  10. Oracle Corporation
  11. Rockwell Automation, Inc.
  12. Trilliant Holdings Inc.

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Frequently Asked Questions

1. What is the CAGR of the Internet of Things (IoT) In Energy Market size from 2023-2028?

The Internet of Things (IoT) In Energy Market size is expected to grow with a CAGR of 19.2% during the forecast period.

2. Which is the dominating region for the Internet of Things (IoT) In Energy Market share?

North America is currently dominating the Internet of Things (IoT) In Energy Market share by region.

3. Which End-User type is dominating the market for the Internet of Things (IoT) In Energy Market?

The Commercial and industrial establishments dominate the Horizontal Acid Pumps Market by end-user type.

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