Tuesday, 21 September 2021 08:01 GMT

Internet of Things (IoT) in Energy Sector Market 2021 Industry Size with Global Opportunities by Leading Players, Top Countries Data, Demand Status, Regional Overview, CAGR Value and Share Analysis till 2030


(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for Internet of Things (IoT) in Energy Sector Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Internet of Things (IoT) in Energy Sector Market products.

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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.

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.

“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”

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.

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.

“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”

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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

“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”

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?

Customization Scope for the Client

Client satisfaction is our first and last priority. And that's why Kenneth Research offers customization according to Company's specific needs. The following customization options are available for the report:

For any special requirements about this report, please let us know and we can provide custom reports.

“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”

Download Sample of This Strategic Report-  

About Kenneth Research:

Kenneth Research is a multi-client market research report selling agency that aids business professionals to strategize their business plans for future expansion. With the help of the presence of a large database of syndicated market research reports, along with the scope for report customization, the platform provides a wide opportunity to industry professionals to achieve their end objectives. Kenneth Research offers its services to a scattered level of industries, including consumer goods and food, healthcare, information and communication technology, energy and power and chemical among others.

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James Bullock

James Bullock is a Research Expert with a demonstrated history of working in the professional training & coaching industry. Strong professional skilled in business strategy , Strategic Planning, Research Strategy, and Marketing. also have interest in new innovations and technology

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