Internet of Things (IoT) in Energy Global Market Report 2024

The global internet of things (iot) in energy market has grown rapidly in recent years. It will grow from $23.8 billion in 2023 to $26.56 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth observed in the past period was driven by the development of smart grids, the imperative to reduce costs, increasing energy demands, initiatives for grid modernization, and heightened environmental concerns.

The global internet of things (iot) in energy market is expected to see rapid growth in the next few years. It will grow to $41.52 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. Anticipated growth in the upcoming period is driven by real-time asset monitoring, the rise of decentralized energy generation, proliferation of IoT devices, efforts toward climate change mitigation, and the implementation of energy management systems. Key trends expected during this forecast period encompass adaptive energy management practices, utilization of energy consumption analytics, exploration of blockchain for energy transactions, integration of renewable energy sources, and the emergence of IoT-enabled smart buildings.

The expanding adoption of energy management is poised to drive the advancement of the Internet of Things (IoT) within the energy market. Energy management involves a proactive, coordinated, and systematic approach to acquiring, transforming, distributing, and utilizing energy while considering environmental and economic objectives. IoT-based energy management systems in the energy industry leverage real-time power consumption data to optimize electricity usage. They dynamically transition to more cost- and resource-efficient models while crafting sustainable energy consumption strategies based on usage patterns. Notably, a report by the Federal Statistical Office of Germany highlighted that at the outset of 2022, 10% of German households embraced smart energy management systems like intelligent thermostats, electricity meters, and lighting, emphasizing their commitment to energy conservation. Consequently, the increasing adoption of energy management propels the demand for IoT solutions in the energy sector.

The surge in cyber threats is projected to stimulate the growth of IoT in the energy market. Cyber threats encompass various potential risks originating from malicious activities aimed at compromising data, targeting computer systems, networks, and digital information. IoT devices utilized within the energy sector handle sensitive data related to power consumption, grid operations, and user behavior. These devices are susceptible to cyberattacks leading to unauthorized access and privacy breaches. As per the Australian Cyber Security Centre's data in February 2023, cybercrime reports surged to 76,000 in 2022, marking a 13% increase from the previous year. This escalation in cyber threats serves as a driving force behind the growth of IoT in the energy market as organizations aim to reinforce cybersecurity measures and safeguard critical data infrastructure.

Innovating products stands as a crucial trend within the Internet of Things (IoT) in the energy market. Leading companies in this domain are dedicated to developing inventive solutions to maintain their market standing. For instance, in November 2022, ABB Ltd., a Switzerland-based technology company, introduced ABB Ability OPTIMAX, an innovative energy-management system. This system facilitates cost reduction in production by providing real-time insights into energy consumption across operational processes. ABB's OPTIMAX plays a pivotal role in supporting the complete lifecycle of a hydrogen plant, aiding in design simulation, engineering phases, real-time visualization, and operational monitoring. It actively detects carbon dioxide emissions and analyzes two-way power flows, empowering operators with contextual data to optimize energy consumption levels for efficient plant operations and waste reduction, especially in the production of green hydrogen through electrolysis.

Prominent companies engaged in the Internet of Things (IoT) within the energy market are concentrating on pioneering products infused with technological advancements to gain a competitive advantage. One such innovation is DATUM, a smart storage and diesel management tool adopted by major players. For instance, Repos Energy, an India-based energy distribution company, launched DATUM in June 2023. DATUM furnishes real-time insights into fuel availability, quality, quantity, and usage, empowering businesses to monitor diesel consumption and access comprehensive usage records on a daily, weekly, monthly, and yearly basis. Equipped with an anti-theft mechanism, DATUM aims to curb fuel theft, ensuring accessibility for consumers with a simple click on their phones, thereby optimizing operations and enhancing efficiency in fuel management.

In October 2021, Siemens AG, a German technology company specializing in industry, infrastructure, transport, and healthcare, acquired Wattsense for an undisclosed sum. This acquisition enables Siemens to support its European Union clients in complying with the Energy Performance of Buildings Directive (EPBD). The EPBD mandates the installation of energy-efficient automation and control systems in tertiary buildings to reduce CO2 emissions and enhance energy efficiency. Wattsense, headquartered in France, offers a plug-and-play IoT management system tailored for small and mid-size buildings.

Major companies operating in the internet of things (iot) in energy market report are Cisco Systems Inc., International Business Machines Corporation, Intel Corporation, SAP SE, AGT International, Davra Networks, HCL Technologies Limited, Accenture PLC, Google LLC, Hewlett-Packard Company, Altair Engineering Inc., Siemens AG, Schneider Electric SE, Rockwell Automation Inc., Asea Brown Boveri Ltd., Aclara Technologies LLC, C3.ai Inc., Honeywell International Inc., Vodafone Group PLC, Duke Energy Corporation, Energie Ohne Namen, Enel S.p.A., Électricité de France, Pacific Gas and Electric Company, National Grid PLC, Southern Company, Carriots SL, Flutura Business Solutions LLC, Maven Systems Private Limited, Wind River Systems Inc.

North America was the largest region in the k market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global internet of things (IoT) in energy market during the forecast period. The regions covered in the internet of things (iot) in energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the internet of things (iot) in energy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Within the domain of energy, IoT components comprise solutions, platforms, and services. Solutions involve bundles of devices or technologies facilitating IoT applications for users. Various technologies such as cellular networks, satellite networks, radio networks, and others play pivotal roles in applications related to energy generation, consumption, network security, email security, database management, cloud security, and other relevant applications.

This report provides internet of things (IoT) in energy market statistics, including internet of things (IoT) in energy industry global market size, regional shares, competitors with the internet of things (IoT) in energy market share, detailed internet of things (IoT) in energy market segments, market trends, and opportunities, and any further data you may need to thrive in the internet of things (IoT) in energy industry. This internet of things (IoT) in energy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The internet of things (IoT) in energy market consists of revenues earned by entities by providing connected logistics, risk management, data management and analytics, supervisory control and data acquisition, mobile workforce management and energy management services in the energy industry. The market value includes the value of related goods sold by the service provider or included within the service offering. The internet of things (IoT) in energy market also includes sales of IoT sensors, computer chips, actuators, cables, and smart devices used in providing IoT services in the energy industry. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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