Internet of Things (IoT) in Energy Market Size, Share Global Analysis Report, 2020–2026

Industry Insights

[190+ Pages Report] According to the report published by Facts Factors, the global internet of things (IoT) in energy market size was worth around USD 16.5 billion in 2019 and is predicted to grow to around USD 75.3 Billion by 2026 with a compound annual growth rate (CAGR) of roughly 25.1% between 2020 and 2026. The report analyzes the global internet of things (IoT) in energy market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the internet of things (IoT) in energy market.

This specialized and expertise oriented industry research report scrutinizes the technical and commercial business outlook of the internet of things (IoT) in energy industry. The report analyzes and declares the historical and current trends analysis of the internet of things (IoT) in energy industry and subsequently recommends the projected trends anticipated to be observed in the internet of things (IoT) in energy market during the upcoming years.

The internet of things (IoT) in energy market report analyzes and notifies the industry statistics at the global as well as regional and country levels in order to acquire a thorough perspective of the entire internet of things (IoT) in energy market. The historical and past insights are provided for FY 2016 to FY 2019 whereas projected trends are delivered for FY 2020 to FY 2026. The quantitative and numerical data is represented in terms of value (USD Million) from FY 2016 – 2026.

Key Insights from Primary Research

• According to our primary respondents, the global internet of things in energy market is expected to grow with a CAGR of approximately 25% over the forecasted period.
• Moreover, from the primary research, we gathered the insights that the North America region held a major share in the global internet of things in energy market in 2019, accounting for a market share of approximately 35% in 2019.
• Our primary interviewees predicted that on the basis of application the energy management segment is set to hold a dominating share in the global internet of things in energy market in 2019. The growth in the energy management segment is due to the rising adoption of IoT based technologies for smart grid applications.
• The rising awareness regarding carbon footprint and modernization of outdated smart grid infrastructure has fueled the global smart grid market, which in turn has been a key factor in driving the global IoT in energy market.
• Moreover, the emergence of cognitive computing and big data analytics can help to predict failures rather than predictive maintenance. Cognitive computing also helps in risk assessment and insights generation, which is anticipated to crease new revenue generating opportunities for the global market.

Key Recommendations from Analysts

• As per our analysts, the global internet of things in energy market was valued approximately USD 15 billion in 2019, the growth in the global market is due to the rising adoption of wireless technology for energy management.
• By offerings, the hardware segment held a major share in the global market in 2019, accounting for a share of 40%. Moreover, the services segment is estimated to record a CAGR of around 23% over the projected period.
• The global internet of things in energy market is expected to grow to a market value of nearly USD 85 billion while recording a CAGR of approximately 22% till 2026.
• By network technology, the radio network segment accounted for a share of around 70% in the global internet of things in energy market in 2019. The cellular network segment is estimated to register the highest growth over the projected period. The growth in the cellular network segment in years ahead is due to the emergence of 5G powered IoT technologies.
• On the basis of region, the Middle East and Africa region is expected to record the highest CAGR of nearly 27% till 2026. The growth in the region is due to rising oil and gas exploration and increasing spending on automation technologies by energy and utility companies.

The quantitative data is further underlined and reinforced by comprehensive qualitative data which comprises various across-the-board market dynamics. The rationales which directly or indirectly impact the internet of things (IoT) in energy industry are exemplified through parameters such as growth drivers, restraints, challenges, and opportunities among other impacting factors.

Throughout our research report, we have encompassed all the proven models and tools of industry analysis and extensively illustrated all the key business strategies and business models adopted in the internet of things (IoT) in energy industry. The report provides an all-inclusive and detailed competitive landscape prevalent in the internet of things (IoT) in energy market.

The report utilizes established industry analysis tools and models such as Porter’s Five Forces framework to analyze and recognize critical business strategies adopted by various stakeholders involved in the entire value chain of the internet of things (IoT) in energy industry. The internet of things (IoT) in energy market report additionally employs SWOT analysis and PESTLE analysis models for further in-depth analysis.

The report study further includes an in-depth analysis of industry players' market shares and provides an overview of leading players' market position in the internet of things (IoT) in energy sector. Key strategic developments in the internet of things (IoT) in energy market competitive landscape such as acquisitions & mergers, inaugurations of different products and services, partnerships & joint ventures, MoU agreements, VC & funding activities, R&D activities, and geographic expansion among other noteworthy activities by key players of the internet of things (IoT) in energy market are appropriately highlighted in the report.

Internet of things (IoT) is a technology that consists of interconnected devices that are embedded with software and network connectivity that helps devices to exchange and collected data. IoT in energy is useful in monitoring energy-related functions, for residential and commercial applications. The data collected from IoT devices can be used to enhance productivity and efficiency. Moreover, data collected from IoT can be used in improving the real-time decision making, solve critical problems, etc. Further, IoT in energy is used to automate energy plants and oil drills. Internet of things (IoT) applications in energy & utilities includes smart grid and smart metering to manage energy consumption. Internet of things (IoT) can be used to forecast maintenance activities, which can be helpful in lowering the downtime.

In recent years, the demand for smart grid has bolstered in recent years due to rising investment in smart cities across the world. Governments and organizations are focusing on modernizing grid. With the modernization of smart gird, companies are focusing on developing new techniques for demand response. This has been a key factor that has fueled the global internet of things (IoT) in energy market. Further, internet of things (IoT) has the ability to offer communication networks for complex communication situations. It also provides efficient use of devices such as reducing power consumption and cost. This has led to increased adoption of IoT across energy and utility sector, which has driven the market. Moreover, the emergence of AI and big data analytics in IoT is expected to create new avenues for the global IoT in energy market.

The internet of things (IoT) in energy market research report delivers an acute valuation and taxonomy of the internet of things (IoT) in energy industry by practically splitting the market on the basis of different types, applications, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026.

The regional segmentation of the internet of things (IoT) in energy industry includes the complete classification of all the major continents including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Further, country-wise data for the internet of things (IoT) in energy industry is provided for the leading economies of the world.

The internet of things (IoT) in Energy market is segmented based on offerings, network technology, and applications.  On the basis of offerings segmentation, the market is classified into hardware, software, and services. By network technology, the global internet of things (IoT) in energy market is bifurcated into a cellular networks, satellite networks, and radio networks. In terms of Application segmentation, the market is bifurcated into application energy management, power distribution, mobile workforce management, asset and equipment monitoring, field surveillance, and others.

Report Scope

Some of the leading players in the global market include

ABB, ACCENTURE, ACLARA, ACTILITY, AGT  INTERNATIONAL, Altair, BOSCH, CISCO, DAVRA NETWORKS, FLUTURA, HCL, IBM, INFOSYS, INTEL, MEAZON, Northwest  Analytics  Inc., PingThings, ROCKWELL  AUTOMATION, SAP, Schneider  Electric  SE, SIEMENS, MARTGAS, Symboticware, Telit, TRIMBLE, WIND  RIVER, etc.

The taxonomy of the internet of things (IoT) in energy market by its scope and segmentation is as follows:

By Offerings Segmentation Analysis

• Hardware
• Software
• Services

By Network Technology Segmentation Analysis

• Cellular Network
• Satellite Network
• Radio Network

By Applications Segmentation Analysis

• Energy Management
• Power Distribution
• Mobile Workforce Management
• Asset and Equipment Monitoring
• Field Surveillance
• Others

By Regional Segmentation Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • Germany
  • The UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa