IoT in Energy Market Report 2031: The Impact of IoT on Energy Consumption and Sustainability – EIN News

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IoT in Energy Market
A surge in the penetration of IoT-based solutions in the energy sector has boosted the growth of the global internet of things (IoT) in the energy market.
PORTLAND, PORTLAND, OR, UNITED STATE, March 4, 2024 /EINPresswire.com/ — As per the report published by Allied Market Research, the global Internet of Things (IoT) in the energy market accounted for $109.19 billion in 2021, and is estimated to garner $703.52 billion by 2031, growing at a CAGR of 20.6% from 2022 to 2031.
IoT platform includes smart devices connected through web that collect, analyze, and manage data using tools such as sensors, communication hardware, and processors. IoT represents a new reality of production. In the energy sector, IoT creates intelligent networks known as smart grid by collecting, transmitting, and compiling large amount of data. Thus, it integrates all assets connected to a network, optimizes operations and increases the flexibility of systems intelligently.
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Consequently, it helps in the development of new services, improves efficiency & productivity, resolves critical problems, and enhances decision-making in real-time. Moreover, the increase in adoption of IoT and AI in the energy industry is anticipated to provide lucrative growth opportunities for market growth. Furthermore, the deployment of smart grid for energy optimization in household, commercial, and industrial buildings further propel the growth of the Internet of Things in Energy Market during the forecast period.
Surge in penetration of IoT-based solution in the energy sector and increased adoption of network technologies have boosted the growth of the global internet of things (IoT) in energy market. On the other hand, increase in adoption of IoT and AI in the energy industry and deployment of smart grid for energy optimization in commercial, household, and industrial buildings are expected to open lucrative opportunities in the future.
IoT in energy market has significantly grown in recent years, and is expected to grow further in the coming years. In addition, IoT is anticipated to make a pronounced impact on the energy sector. During the pandemic, IoT has been very advantageous for the energy sector from sensors enabling monitoring of room temperatures to controlling energy usage from a remote location. This not only helped in reduction of costs but also led to sustainable development.
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Moreover, many IoT platforms enabled usage of renewable sources of energy, which cuts down exploitation of non-renewable sources along with pollution. This helped enterprises to work despite lockdowns imposed by governments in the view of employee safety. IoT enabled remote working for most of tasks in enterprises of this industry in the pandemic. For instance, in October 2021, Tata Tele Services launched Smart Internet to enable connectivity and cloud solutions for industries including the energy sector. Smart internet could combine high speed internet with cloud-based security and greater control at an optimized cost.
The report offers an analysis of the global internet of things (IoT) in energy market across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2021, accounting for around two-fifths of the market. However, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 24.0% during the forecast period.
Depending on application, the oil & gas segment dominated the IoT in Energy Market share in 2021, and is expected to continue this trend during the forecast period. Oil & gas enterprises are adopting IoT solutions such as sensors and smart things majorly to enhance their efficiency and productivity. These innovative IoT solutions for oil & gas raise the value of their products, boosts status, and significantly reduces maintenance costs in long term. However, others segment witnessed highest growth in the market. There is a huge increase in demand for energy, hence many industries need to reduce wastage of energy with increased productivity and efficiency. Moreover, with changing environmental conditions and disasters taking place, enterprises are investing more on disaster management so as to reduce their losses. Such enhancement drive the growth of this segment.
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Depending on network technology, the radio network dominated the growth in 2021 and is expected to continue this trend during the forecast period. The major diving factor for radio network in the IoT in energy sector is rise in adoption of wireless devices. With mass adoption of IoT, enormous amount of spectrum is required to support wireless devices. However, cellular network is expected to witness the highest growth in the upcoming year. Cellular network in IoT in energy sector is majorly driven by ease in connectivity and simplified access to devices through mobile phones. In addition, IoT-based devices can be easily accessed by mobiles connected with cellular networks, which attracts customers to adopt these devices for energy consumption, which further drive the growth of the market.
This report gives an in-depth profile of some key market players in the IoT in energy market include Accenture PLC, HCL Technologies, Bosch, Cisco, Google Inc., Hewlett-Packard, IBM Corporation, Intel Corporation, Sap Se, and Schneider Electric. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which propel growth of the IoT in energy market globally.
Covid-19 scenario:
• The Covid-19 pandemic positively affected the market due to the surge in adoption of work-from-home culture across the globe.
• During the pandemic, IoT proved to be very advantageous for the energy sector as it allowed to control energy usage from remote location.
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The IoT in energy market trends in Asia-Pacific are expected to exhibit the highest growth during the forecast period. This is attributed to the increase in penetration of IoT-based solutions in the energy sector and the higher adoption of network technologies, which propel the growth of the market in this region. Moreover, the technology environment in Asian countries is expanding, particularly in sectors such as smart grid, coal mining and others. Governments in the region are continually emphasizing investing in IT operations regarding various industries, allowing businesses to adopt new solutions and services to streamline their business operations. Growing digitalization towards system is expected to provide lucrative growth opportunities for the market in this region.
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