Internet of Things (IoT) in Energy Market to Surpass USD 68.90 Billion by 2031 | SkyQuest Technology

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Westford,USA, May 17, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Internet of Things (IoT) in Energy Market will attain a value of USD 68.90 billion by 2031, with a CAGR of 11.8% during the forecast period (2024-2031). The Internet of Things is used by energy management systems for tracking and controlling power consumption and production. It is user-friendly and requires minimal attention to maintain. This describes the transformation and automation of electronic hardware used in the manufacture and provision of power by internet of energy or IoT for short. The energy sector is significantly impacted by the internet of things (IoT). Increased operational proficiency and interest in proactive security solutions to protect businesses from online security threats are driving the growing demand for IoT in the energy sector.

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Browse in-depth TOC on the “Internet of Things (IoT) in Energy Market”

  • Pages – 157
  • Tables – 87
  • Figures – 73

Internet of Things (IoT) in Energy Market Overview:

Report Coverage Details
Market Revenue in 2023 $28.23 Billion
Estimated Value by 2031 $68.90Billion
Growth Rate Poised to grow at a CAGR of 11.8%
Forecast Period 2024–2031
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Component, Application and Network Technology
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights Empowering Utilities and Smart Cities with IoT-Enabled Smart Meter
Key Market Opportunities Growing Smart Grid Investments to Propel Market Expansion
Key Market Drivers Surging Investments in Renewable Energy to Create Excellent Growth Possibilities

Component Segment to Hold Highest Market Share Owing to Rise in Sensor Miniaturization and Data Analytics

Technological developments such sensor miniaturisation and data analytics, which enable effective energy management, are some of the driver’s driving domination in the Global Internet of Things (IoT) in the Energy Market. These aspects are behind in terms of solution component. Furthermore, the assimilation of IoT with renewable energy sources facilitates sustainability campaigns, augmenting market share. As a result, businesses who have all-inclusive IoT solutions have a competitive advantage and can dominate their market thanks to improved energy optimisation and cost savings.

Demand for Low-Power Wide-Area Network is Increasing, Owing to High Focus on Network Technology

While radio network technology lags, the emergence of LPWAN (Low-Power Wide-Area Network) technologies like NB-IoT and LoRaWAN has bolstered the domination of the Global Internet of Things (IoT) in the Energy Market. These technologies provide low-power, long-range connection, which is essential for remote energy infrastructure monitoring. Their extensive use makes it easier for IoT devices to integrate seamlessly, allowing for effective energy management and optimisation. As a result, businesses that utilise cutting-edge radio network technology acquire a competitive edge on the Internet of Things energy industry, propelling them to market leadership.

Increase in Adoption of Big Data Analytics Results in North America Holding Dominance

The growing number of energy projects and the use of big data analytics and IoT technologies are reasons why North America is leading in the IoT energy industry segment. Besides, increasing research and development activities are a factor in the internet of things’ (IoT) surge within the energy sector across North America. On the other hand, Asia-Pacific is expected to increase at the fastest rate during the projection period. Progress in technology has led to the expansion of Internet of Things (IoT) within the energy market in Asia-Pacific region.

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Internet of Things (IoT) in Energy Market Insight

Drivers: 

  1. Rising investments in smart grid to drive market growth
  2. Increasing focus on achieving energy efficiency to create higher demand in the industrial sector
  3. Rising penetration of IoT in the property sector to push the consumption rate further

Restraints: 

  1. Associated risk of data breach and cybercrime to restrict the market growth
  2. Lack of supporting infrastructure to challenge market growth
  3. Hindering Widespread Adoption

Prominent Players in Global Internet of Things (IoT) in Energy Market

  • Aclara (US)
  • smartGAS (Germany)
  • Wind River (US)
  • Actility (France)
  • Siemens (Germany)
  • Infosys (India)
  • Rockwell Automation (US)
  • HCL Technologies (India)
  • Flutura (US)
  • ABB (Switzerland)

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Key Questions Answered in Global Internet of Things (IoT) in Energy Market Report

  • How much is the global Internet of things (IoT) predicted to be worth in the energy market by 2031, and how fast is it likely to grow?
  • How can LPWAN technologies impact remote monitoring of energy infrastructures positively and contribute more to IoT dominance within the energy industry?
  • What strengths motivate while weak points hinder adoption and advancement of IOT within its environment, influencing evolution within this sector?

This report provides the following insights:

  • Analysis of key drivers (Increasing investments in the development of smart grid infrastructure, to meet the dynamic power requirements, surging industrialization & increasing demand for power from the residential sector and higher smart energy consumption and conservation), restraints (Risk of being a cybercrime victim, energy grid vulnerable to data breachesandmany countries have extremely old energy generation systems), opportunities (Reducing dependence on fossil fuels, interest in renewable energy infrastructure and power generation tools using sustainable sources), and challenges (Maintainance the data collection and safeguarded against physical manipulation & hardware attacks) influencing the growth of internet of things (IoT) in Energy Market
  • Market Penetration: Comprehensive information on the product portfolios offered by the top players in the internet of things (IoT) in energy market
  • Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the internet of things (IoT) in Energy Market
  • Market Development: Comprehensive information on lucrative emerging regions
  • Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
  • Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.

Related Reports: 

Internet Of Things (IoT) Market

IoT Sensors Market

IoT Security Market

IoT In Healthcare Market

Industrial Internet Of Things (IIoT) Market

About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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