The internet of things (iot) in energy global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Internet Of Things (IoT) In Energy Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The internet of things (iot) in energy market size has grown rapidly in recent years. It will grow from $23.8 billion in 2023 to $26.56 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to smart grid development, cost reduction needs, rising energy demand, grid modernization initiatives, environmental concerns.
The internet of things (iot) in energy market size is expected to see rapid growth in the next few years. It will grow to $41.52 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to real-time asset monitoring, decentralized energy generation, iot device proliferation, climate change mitigation, energy management systems. Major trends in the forecast period include adaptive energy management, energy consumption analytics, blockchain for energy transactions, renewable energy integration, iot-enabled smart buildings.
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Scope Of Internet Of Things (IoT) In Energy Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Internet Of Things (IoT) In Energy Market Overview
Market Drivers –
Increasing adoption of energy management is expected to propel the growth of the internet of things in the energy market going forward. Energy management is the proactive, coordinated, and systematic coordination of the acquisition, transformation, distribution, and use of energy to satisfy requirements while taking environmental and economic goals into consideration. In the energy industry, real-time power consumption data is used by IoT-based energy management systems to optimize electricity use, dynamically transitioning to more cost- and resource-efficient regimes, and develop efficient and sustainable energy consumption strategies based on usage patterns. This in turn drives more need for IoT solutions in the energy industry. For instance, according to a report by the Federal Statistical Office of Germany, a Germany-based federal authority for statistics, at the beginning of 2022, 10% (1 in 10) of German households had smart energy management systems such as intelligent thermostats, electricity meters and lighting to save energy. Therefore, the increasing adoption of energy management is driving the demand for the internet of things in the energy market.
Market Trends –
Product innovation is a key trend in the internet of things (IoT) in the energy market. Major companies operating in IoT in the energy market are focused on developing innovative solutions to sustain their market position. For instance, in November 2022, ABB Ltd., a Switzerland-based technology company launched ABB Ability OPTIMAX, an innovative energy-management system to assist lower production costs by giving real-time awareness of energy consumption across processes. Green hydrogen produced through electrolysis, which separates water into hydrogen and oxygen using electricity from renewable sources, is widely regarded as a key energy source for achieving a low-carbon future. ABB’s OPTIMAX helps with this by supporting every stage of a hydrogen plant’s lifespan, from simulation during the design and engineering phases to real-time visualization and monitoring when the plant is in operation. The program detects carbon dioxide emissions and two-way power flows, providing operators with contextual data that they can use to decide on the ideal energy consumption levels needed to sustain plant operations and reduce waste.
The internet of things (iot) in energy market covered in this report is segmented –
1) By Component: Solution, Platforms, Services
2) By Technology: Cellular Network, Satellite Network, Radio Network, Other Technologies
3) By Application: Energy Generation, Energy Consumption, Network Security, Email Security, Database And Cloud Security, Other Applications
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Regional Insights –
North America was the largest region in the k market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global internet of things (IoT) in energy market during the forecast period. The regions covered in the internet of things (iot) in energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the internet of things (iot) in energy market report are Cisco Systems Inc., International Business Machines Corporation, Intel Corporation, SAP SE, AGT International, Davra Networks, HCL Technologies Limited, Accenture plc, Google LLC, Hewlett-Packard Company, Altair Engineering Inc., Siemens AG, Schneider Electric SE, Rockwell Automation Inc., Asea Brown Boveri Ltd., Aclara Technologies LLC, C3.ai Inc., Honeywell International Inc., Vodafone Group Plc, Duke Energy Corporation, Energie Ohne Namen, Enel S.p.A., Électricité de France, Pacific Gas and Electric Company, National Grid plc, Southern Company, Carriots SL, Flutura Business Solutions LLC, Maven Systems Private Limited, Wind River Systems Inc.
1. Executive Summary
2. Internet Of Things (IoT) In Energy Market Report Structure
3. Internet Of Things (IoT) In Energy Market Trends And Strategies
4. Internet Of Things (IoT) In Energy Market – Macro Economic Scenario
5. Internet Of Things (IoT) In Energy Market Size And Growth
…..
27. Internet Of Things (IoT) In Energy Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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