Internet of Things (IoT) in the Energy Market Future Growth , Latest Development Trends And Analysis 2030

Internet of Things (IoT) in the Energy Market – Overview and Key Insights

Market Overview

The global Internet of Things (IoT) in the Energy Market was valued at USD 25.15 billion in 2023 and is anticipated to grow at a robust CAGR of 11.4%, reaching USD 53.55 billion by 2030. IoT applications in energy are revolutionizing how power generation, distribution, and consumption are managed. With increasing automation and real-time data monitoring, IoT solutions are making energy use more efficient, environmentally friendly, and cost-effective.

Market Scope

This market encompasses IoT technologies and solutions implemented across energy generation, transmission, and distribution sectors. The primary drivers for IoT adoption include increasing energy consumption, the need for sustainable energy practices, and advancements in smart grid infrastructure. Key areas of deployment include smart meters, sensors, asset management systems, and energy management solutions.

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Market Drivers

1. Efficiency and Sustainability: IoT devices optimize energy consumption, resulting in cost savings and reduced environmental footprints. Smart devices like thermostats and washing machines adjust operations based on real-time data to reduce waste.
2. Smart Grid Expansion: Growing demand for smart grids in developing and developed regions is a significant factor, enabling better energy distribution and reducing outages.
3. Cybersecurity Concerns: Increased reliance on IoT devices and energy infrastructure has spurred the need for advanced security systems to protect against cyber threats, fueling market growth.
4. Government Initiatives and Investment: Many governments are promoting IoT integration in energy sectors through incentives and regulatory frameworks aimed at enhancing energy efficiency and reducing carbon emissions.

Market Trends

1. Predictive Analytics: IoT in energy leverages big data and predictive analytics to improve decision-making, monitor assets, and forecast maintenance needs, ultimately enhancing operational efficiency.
2. Advanced Sensors: The use of sensors to collect real-time data on energy consumption, equipment performance, and environmental impact is increasing, driving operational improvements across the energy sector.
3. Integration with AI: IoT-enabled devices are being integrated with Artificial Intelligence (AI) to predict and automate energy management tasks, increasing system intelligence and efficiency.

Segmentation Analysis

1. By Component
   • Platforms
   • Solutions
   • Services

   The Solutions segment is leading the market with a 58.1% share in 2023, driven by the growing demand for enhanced analytics and remote monitoring in energy operations. IoT solutions enhance data-driven decision-making, improving efficiency and reducing operational risks.

2. By Application
   • Oil & Gas
   • Coal Mining
   • Smart Grid
   • Digital Oilfield
   • Others

   The Oil & Gas segment is forecasted to grow significantly, at a CAGR of 11.2%, driven by the need for IoT solutions in remote monitoring and operational optimization of oil rigs and pipelines.

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Regional Insights

1. Asia Pacific: The APAC region dominated the market in 2023 with a 36% share, spurred by smart grid deployments and growing energy management needs in countries like China, India, and Japan. The region’s growing energy consumption is pushing for IoT-based energy management solutions.
2. North America: North America is expected to see significant growth, with a projected CAGR of 10.7%. The rapid adoption of smart energy projects and technological advancements in the U.S. and Canada are key drivers of this market segment.
3. Europe: European countries are also embracing IoT in energy with a focus on sustainability and smart grid infrastructure. Regulatory pressures and the drive toward reducing carbon footprints are key factors in Europe’s IoT energy market growth.

Key Players

• IBM (US)
• Actility (France)
• ABB (Switzerland)
• SAP (Germany)
• Cisco Systems (US)
• Siemens (Germany)
• Intel (US)
• Schneider Electric (France)
• HCL Technologies (India)
• Rockwell Automation (US)

Key Questions Answered

1. What is the current market size of IoT in the energy sector?
   The market was valued at USD 25.15 billion in 2023.
2. What are the major drivers of market growth?
   Key drivers include increasing demand for energy efficiency, growing adoption of smart grids, and technological advancements in IoT devices.
3. Which regions are expected to dominate the market in the coming years?
   Asia Pacific and North America are expected to lead in terms of market growth, with APAC having the largest market share as of 2023.
4. Which applications are expected to see the highest growth?
   The oil & gas sector is expected to see significant growth, particularly in remote monitoring and pipeline management.

Conclusion

The Internet of Things in the energy market is poised for strong growth, driven by the need for sustainable energy practices, advanced technological infrastructure, and increasing investment in smart grids and energy efficiency. The growing adoption of IoT solutions across various energy sectors is improving operational efficiency and supporting global climate goals. With strong regional growth in APAC and North America, the market holds vast opportunities for stakeholders and innovators looking to capitalize on emerging technologies.

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Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2022)
• Past Pricing and price curve by region (2018 to 2022)
• Market Size, Share, Size & Forecast by Different Segment | 2024-2030
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by segment with their sub-segments and Region
• Competitive Landscape – Profiles of selected key players by region from a strategic perspective
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER’s analysis
• Value chain and supply chain analysis
• Legal Aspects of Business by Region
• Lucrative business opportunities with SWOT analysis
• Recommendations

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