Internet of Things (IoT) in Energy - Global Strategic Business Report

The global market for Internet of Things (IoT) in Energy was estimated at US$38.4 Billion in 2023 and is projected to reach US$80.1 Billion by 2030, growing at a CAGR of 11.1% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

Global Internet of Things (IoT) in Energy Market - Key Trends and Drivers Summarized

How Is the Internet of Things (IoT) Shaping the Future of Energy?

The Internet of Things (IoT) is playing a critical role in modernizing the energy sector by improving energy efficiency, enabling predictive maintenance, and optimizing grid management. IoT devices such as smart meters, sensors, and connected appliances provide real-time data on energy consumption, allowing utilities and consumers to monitor and manage energy use more effectively. Smart grids powered by IoT enable utilities to detect outages, balance supply and demand, and integrate renewable energy sources like solar and wind power. IoT solutions are also helping companies in the energy sector predict equipment failures and schedule maintenance before issues escalate, reducing downtime and increasing operational efficiency.

How Are Technological Advancements Shaping IoT in Energy?

Technological advancements in IoT sensors, AI, and machine learning are driving the transformation of the energy sector. Advanced sensors embedded in power generation equipment and distribution networks provide real-time data on system performance, allowing for early detection of inefficiencies or potential failures. AI and machine learning algorithms analyze data from IoT devices to predict energy consumption patterns, optimize grid operations, and balance load demands in real-time. Edge computing is also emerging as a key technology, allowing energy companies to process data closer to the source and enabling faster response times in managing grid fluctuations or equipment malfunctions. These innovations are making the energy sector more efficient, sustainable, and resilient.

How Do Market Segments Define the Growth of IoT in Energy?

Solution types include hardware such as smart meters and sensors, software platforms for energy management, and services for integration and maintenance. Applications include grid management, demand response, predictive maintenance, and energy analytics, with smart grid management representing the largest segment as utilities increasingly rely on connected devices to manage power distribution and consumption. End-users range from utility companies and industrial energy consumers to residential consumers, with utility companies leading the adoption of IoT solutions to modernize their infrastructure and improve service reliability. The market is expanding rapidly in regions like North America and Europe, where energy efficiency and sustainability are key priorities.

What Factors Are Driving the Growth in the IoT in Energy Market?

The growth in the IoT in energy market is driven by several factors, including the increasing demand for energy efficiency, the integration of renewable energy sources, and advancements in smart grid technology. As energy consumption continues to rise, utilities are adopting IoT solutions to optimize grid management, reduce energy waste, and improve the integration of solar and wind power. Technological innovations in sensors, AI, and edge computing are also driving growth by enabling real-time monitoring and predictive maintenance, reducing operational costs, and enhancing energy system reliability. Additionally, regulatory initiatives focused on sustainability and carbon reduction are pushing energy companies to invest in IoT technologies that promote cleaner and more efficient energy consumption.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Platform Component segment, which is expected to reach US$27.1 Billion by 2030 with a CAGR of a 10.8%. The Solutions Component segment is also set to grow at 11.8% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, which was estimated at $10.4 Billion in 2023, and China, forecasted to grow at an impressive 10.4% CAGR to reach $12.3 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Internet of Things (IoT) in Energy Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Internet of Things (IoT) in Energy Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Internet of Things (IoT) in Energy Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of major players in the Internet of Things (IoT) in Energy market such as ABB, Aclara, Actility, AGT International, Altair Engineering and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Some of the 182 companies featured in this Internet of Things (IoT) in Energy market report include:

• ABB
• Aclara
• Actility
• AGT International
• Altair Engineering
• Bosch
• Cisco
• Davra Networks
• Flutura
• HCL
• IBM
• Infosys
• Intel
• Rockwell Automation
• SAP
• Schneider Electric
• Siemens
• Smartgas
• Trimble
• Wind River