Global Internet of Things (IoT) in Energy Market Projected to Reach USD 66.23 Billion by 2032

20-May-2024 | Facts and Factors

Facts and Factors have authored “Internet of Things (IoT) in Energy Market Size, Share, Growth Analysis Report By Network Technology (Satellite Network, Radio Network, Cellular Network, and Others), By Component (Services, Platform, and Solutions), By Application (Smart Grid, Oil & Gas, and Coal Mining), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2024 – 2032”. Based on our analysis, the global internet of things (IoT) in energy market in 2023 was estimated to be valued at around approximately USD 24.35 Billion and is predicted to reach nearly USD 66.23 Billion by 2032. The expected CAGR for the internet of things (IoT) in energy market is around 11.76% from 2023 to 2032.

Internet of things comprises of various mechanical devices, sensors, which are connected to each other through a gateway. The convergence of technologies such as embedded systems, machine learning, real-time monitoring, etc. has expanded the applicability of the internet of things (IoT) across various verticals. In recent years, a large number of electronic devices have the ability to be integrated with internet connectivity, which can be used to balance energy demand and consumption and optimizing power consumption. Moreover, the internet of things can help the user to control smart devices over cloud-based software and allows the user to control HVAC systems, changing lighting conditions, etc. Internet of things can be used in smart grid applications for gathering information and act according to insights gathered to improve the operational efficiency and efficient distribution of energy. In years to come, the rising use of automated systems for controlling electricity distribution is expected to expand the applicability of the internet of things in energy-related applications.

Browse the full “Internet of Things (IoT) in Energy Market Size, Share, Growth Analysis Report By Network Technology (Satellite Network, Radio Network, Cellular Network, and Others), By Component (Services, Platform, and Solutions), By Application (Smart Grid, Oil & Gas, and Coal Mining), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2024 – 2032" report at https://www.fnfresearch.com/internet-of-things-iot-in-energy-market

In recent years, the number of smart girds across the world has increased significantly. Governments and federal authorities are increasingly spending on developing their smart city infrastructure. Growing spending on expansion and modernization of electricity transmission and distribution infrastructure has augmented the adoption of IoT based technologies for smart grid applications, which has driven the global IoT in energy market. Moreover, energy and utility companies are inclined towards opting for smart grids and smart meters to increase operational efficiency. IoT based systems can combine smart meters with sensors to improve the efficiency of energy management. Further, the rise of cognitive computing, AI, and data analytics in IoT technology is anticipated to create new opportunities for the global IoT in energy market.

By offerings, the hardware segment held the largest share in the global IoT in energy market in 2023, accounting for a share of approximately 40% and the hardware segment is estimated to grow at a CAGR of nearly 22%. On the basis of network technology, the radio network dominated the global IoT in energy market in 2023 and held a share of approximately 70%. On the basis of network technology, the cellular network segment is anticipated to record the highest CAGR of nearly 23% over the forecasted period, owing to technological advancements in 5G IoT technology. By application, the energy management segment held a share of nearly 35% in the global IoT in energy market in 2023.

By region, North America held a share of approximately 35% in the global IoT in energy market in 2023. The North America market is expected to record a CAGR of nearly 20% over the projected period. Moreover, the Middle East and Africa region is expected to record the fastest growth over the forecasted period. The Middle East and Africa IoT in energy market growth is attributable to rising oil and gas exploration activities and soaring energy and utility sectors in the region.

Report Scope

Some of the leading players in the global market include

ABB, Accenture PLC, AGT International, Altair Engineering, Bosch, Cisco, Davra Networks, Emerson Electric Co., General Electric (GE), HCL Technologies, Honeywell, IBM Corporation, Infosys, Intel Corporation, Rockwell Automation, Sap SE, Schneider Electric, Siemens AG, Wind River, and others.

This report segments the Internet of Things (IoT) in Energy market as follows:

By Network Technology

• Satellite Network
• Radio Network
• Cellular Network
• Others

By Component

• Services
• Platform
• Solutions
  • Energy Management
  • Power Distribution
  • Mobile Workforce Management
  • Asset and Equipment Monitoring
  • Field Surveillance
  • Network Management
  • Others

By Application

• Smart Grid
• Oil & Gas
• Coal Mining

By Regional Segmentation Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • 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

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