(MENAFN- America News Hour) Global Internet of Things (IoT) in Energy Market Overview
Rapid growth of urbanization across the globe is changing the way of using devices and things present in the technological environment. Internet of Things (IoT) in energy sector includes the devices and software which have connectivity feature with internet. The devices are embedded with sensors, chips, and others to enhance the user's experience and to increase the operational efficiency of the operations in energy sector. These devices and software are efficient to operate various tasks with less time consuming methods.
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The growing need of internet enabled devices and rising need of internet connectivity are some of the major factors which are anticipated the positive growth of internet of things in energy sector globally. Technological advancements in semiconductors offer the advantages to develop lightweight and efficient devices which are much smarter than the conventional and heavy devices. Internet of things (IoT) in energy helps the sector to reduce the loss of resources and also help them to optimize the use of available resources through smart grids.
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Moreover, rising need of remote monitoring systems and internet enabled devices had supported importance of internet of things (IoT) in energy sector especially in utility and power distribution. These devices and systems enabled to operate efficiently and serve better to consumers. Likewise, the energy management provides ease to various end-use industries such as Power, Oil & gas and mining industries to minimize the energy losses which further cuts down the operational cost. Wide-scale availability and diversity in technological devices are providing ease to the energy sector to adopt latest technology.
On the other hand, mining and petroleum industries are also looking forwards to real-time monitoring systems to manage the mobile workforce. The growing concern towards energy management is one of the major factors which are fuelling the demand for internet of things (IoT) devices and software. The connected devices help the users to maintain their lead time and increase their operational efficiency. The demand for power and fuel is growing in developing countries across the globe due to rapid pace infrastructural development. These factors are creating a huge pressure on the energy sector to increase the supply by utilizing their resources efficiently.
Further, rapid pace development in energy sector including the power and oil & gas sector is changing the ecosystem of these sectors. Urbanization across the globe is increasing the demand for resources such as fuel, power and others. In addition to this, the robust pace in smart cities and smart infrastructure in various developed countries such as U.S. and others are encouraging the energy sector to adopt advanced technology such as internet of things (IoT). Moreover, the smart power grids are showcasing a tremendous growth on the back of rapid adoption of IoT in energy.
The construction of smart power grids with hundreds of sensors and devices further help the energy sector to increase the response and supply. Privatization and newer regulations is expected to increase the penetration of internet of things in energy sector. Government authorities are taking initiatives in developing regions such as Asia-Pacific, Europe and others to strengthen the energy sector by adopting internet of things (IoT) in energy sector. The setting up of smart cities along with growing concern towards optimization of resources is bolstering the growth of IoT in energy. However, issues related to security and privacy of data and connectivity of devices is the major restraint for the market which is creating cynicism among the end-use sector.
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Furthermore, high cost of internet of things devices and software is one of the major reasons which are hampering the growth of IoT in energy sector. The global internet of things (IoT) in energy market reached USD 6.8 Billion in 2015 and the market is expected to reach USD 26.5 Billion by 2023. Further, the market is projected to register a CAGR of 15.5% during the forecast period 2016-2023 globally. The internet of things comprises devices and software that enable connectivity and exchange of information.
Market Segmentation
Our in-depth analysis segmented the Global Internet of Things (IoT) in Energy market in the following segments:
IoT Hardware (Devices, Routers, Sensors, Actuators) in Energy Sector
IoT Software in Energy Sector
IoT Platforms in Energy Sector
IoT Real-Time Streaming Analytics in Energy Sector
IoT Security Software in Energy Sector
IoT Data Management Software in Energy Sector
IoT Remote Monitoring Software in Energy Sector
IoT Energy Analytics Software in Energy Sector
By IoT Application in Energy Sector
IoT in Energy Sector for Energy Management
IoT in Energy Sector for Mobile Workforce Management
IoT in Energy Sector for Field Surveillance
IoT in Energy Sector for Monitoring of Equipment
IoT in Energy Sector for Power Distribution
IoT in End-Use Industry in Energy Sector
IoT in Power Sector
IoT in Oil & Gas Sector
IoT in Fuel Sector (Coal, Petroleum)
By Region
Global Internet of Things (IoT) in Energy Market is further classified on the basis of region as follows:
North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
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Business Questions answered by the report
- What might be the outcome of the BPS analysis for the Internet of Things (IoT) in Energy Sector Market?
- At what compound annual growth rate is the market in the region growing?
- What are the probable growth drivers for the growth of the market?
- What exactly is the remuneration that each geography holds?
- Which region is anticipated to accumulate the maximum market share by the end of forecast period?
- What are the revenues of the segments for the Internet of Things (IoT) in Energy Sector Market?
- Who are the key players for the market?
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Darlene Dooley
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Darlene Dooley is a research expert and freelance writer. She is very dedicated towards her work and writing. She enjoys to write on current news on any industry and conclude the news with highly professional report. She has almost 8 years of experience in the same field. She has strong professional skill in Market research, Business Strategies, online marketing, Industry analysis interested in innovative and trending technologies.
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