According to Goldstein Research, “Growing connected devices and rising need for the sustainable extraction and utilization of natural resources driving the growth of IoT in energy sector.” Rising need for the remote monitoring systems and internet connected devices had supported importance of IoT in energy sector especially in utility and power distribution. Implementation of IoT technology enabled to operate efficiently and serve better to consumers.
The global IoT in energy Sector market is segmented based on components, by applications and by end users. Component segment is further bifurcated into software and hardware. In 2016, hardware devices and systems accounted for the highest revenue share of more than 65% in global IoT in energy sector market. By 2020, more than 5.4 million devices and sensors are expected to install at oil extraction rigs to monitor the performance and productivity remotely.
Global IoT market in 2016 accounted for more than USD 154.6 billion in 2016 in which IoT in energy sector constitute USD 7.3 billion. The global IoT in energy sector market is likely to expand at a CAGR of 17.8% over the forecast period i.e. 2016-2024.
Asia-Pacific is the largest region for IoT in energy sector market in 2016 and is expected to dominate the market during the forecast period of 2016-2024. Asia-Pacific IoT in energy sector market valued USD 2.7 billion in 2016 and is estimated to reach USD 7.3 billion by 2024. China is expected to dominate the IoT in energy sector market followed by Japan owing to huge investments in IoT technology and development of advanced infrastructure for energy sector.
Rising investments and demand for sustainable distribution of energy: Major Boost
In past few years number of internet connected devices have grown dramatically which significantly raised the amount of traffic they generated. For instance, Cisco estimated that rise to 70% in 2020 from 40% in 2015. Cisco also estimated that M2M connections will rise from 24% of all connected devices in 2015 to 43% in 2020. In 2016, the global IoT industry attracted more than USD 4.46 billion investments, a large proportion of these investments were from startups in the industrial space. The global IoT funding is expected to grow at 5% year on year. Growing number of connected devices and rising penetration of IoT technology expected to bolster the market growth of IoT in energy sector.
“Global IoT in Energy Sector Market Outlook 2024” contains detailed overview of the global IoT in energy sector market in terms of market segmentation by component type, by application type and by end users.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global IoT in Energy Sector Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as Alcatel-Lucent, SAP Se, Intel Corporation, General Electric, Cisco Systems Inc., Microsoft, Hewlett-Packard, IBM, Accenture PLC etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global IoT in energy sector market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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