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Global Internet of Things (IoT) in Energy Sector Market : Global Demand Analysis & Opportunity Outlook 2023

Published On : December, 2018 REP-ID-256 Category: ICT & Electronics

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 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.

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 /U.S. & Canada)
  • Latin America (Brazil, Mexico, Rest of Latin America)
  • Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe)
  • Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia)
  • Middle East and North Africa (MENA)
  • Rest of World

Key Players

The key players of Global Internet of Things (IoT) in Energy market as follows:

  • Intel Corporation
    • Company Overview
    • Key Product Offerings
    • Business Strategy
    • SWOT Analysis
    • Financials
  • Alcatel-Lucent
  • Accenture PLC
  • Cisco Systems Inc.
  • Google Inc.
  • Hewlett-Packard
  • IBM

Scope and Context

Overview of the Parent Market

Analyst View

Segmentation

The Global Internet of Things (IoT) in Energy Market is segmented as follows:

  • By Components type Market Size and Y-O-Y Growth Analysis
  • By Software type Market Size and Y-O-Y Growth Analysis
  • By Application type Market Size and Y-O-Y Growth Analysis

By Regions

  • North America (U.S., Canada) Market Size and Y-O-Y Growth Analysis
  • Latin America (Mexico, Brazil, Rest of Latin America) Market Size and Y-O-Y Growth Analysis
  • Western and Eastern Europe (Germany, Italy, Spain, France, U.K, Benelux, Hungary, Rest Of Western Europe, Russia Poland, Rest of Eastern Europe) Market Size and Y-O-Y Growth Analysis
  • Asia-Pacific (China, India, Singapore, Japan, Australia and New Zealand and Rest of Asia) Market Size and Y-O-Y Growth Analysis
  • Middle East and North Africa (MENA) Market Size and Y-O-Y Growth Analysis
  • Rest of World  Market Size and Y-O-Y Growth Analysis

Market Dynamics

Supply and Demand Risk

Competitive Landscape

Porter’s Five Force Model

Geographical Economic Activity

Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio

Recent Trends and Developments

Industry Growth Drivers and Challenges

Key Information for Players to establish themselves in current dynamic environment

Key Answers

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