The Internet of Things (IoT) in energy market is set to experience remarkable growth, with projections indicating that it will reach a valuation of US$114 billion by the end of 2030. This impressive growth is expected to be driven by a robust compound annual growth rate (CAGR) of 19.4% between 2023 and 2030, according to a report from [Your Company Name], titled "Global IoT in Energy Market, 2019-2030."
Read More Industry:
https://www.fairfieldmarketresearch.com/report/iot-in-energy-market
IoT Industry on a Rapid Growth Trajectory
The IoT industry has been on a rapid growth trajectory worldwide, surpassing the US$0.7 trillion revenue mark in 2020 and projected to reach beyond US$4 trillion by 2030. This staggering growth is attributed to the evolving industry requirements, especially in the post-pandemic era, which have fueled increased investments in IoT technology.
North America Leads, Asia Pacific Grows Strong
In 2022, North America constituted 43.3% of the global IoT in energy market valuation, while Asia Pacific is expected to register a stronger CAGR of 19.5% during 2023-2030. This regional variation highlights the global appeal and adoption of IoT in the energy sector.
Key Growth Determinants
· Decarbonisation Targets and Enhanced Productivity: The energy market is undergoing strategic reforms with a focus on decarbonization, energy efficiency, and the adoption of IoT technology to improve energy market models. IoT enables two-way energy transfer, potentially reducing electricity production costs, enhancing reliability, and lowering costs for consumers.
· Rising Adoption by Energy Companies: Energy companies are increasingly adopting IoT and AI technologies for optimizing energy supply chains and smart grids. However, challenges such as a shortage of skilled workforce and concerns around data privacy need to be addressed for continued market expansion.
· Need for High Productivity, Automation, and Real-time Monitoring: IoT solutions help energy operators generate less wasted energy, balance energy loads, and operate more efficiently. Integration of IoT into energy systems requires expertise, presenting a significant challenge for many businesses.
Major Growth Barriers
· Architectural Challenges: The unique architectural demands of IoT in the energy sector present a significant growth impediment, particularly regarding scalability and interconnection.
· Integration Challenges: Seamless integration of IoT with existing subsystems remains a challenge.
· Lack of Standardization: Inconsistencies among IoT-enabled devices hinder rapid growth and standardization in the industry.
· Security and Privacy Concerns: Concerns around user privacy and IoT security are primary challenges for the IoT in energy market.
Top Segments
· Oil & Gas Industry Leads IoT Investments: In 2022, the oil & gas industry dominated the market, accounting for more than 45% share. Leading oil companies, including BP, Equinor, ExxonMobil, Shell, and TotalEnergies, are embracing IoT technology to increase business value.
· Growing Demand for IoT Service Packages: The services segment dominated in 2022, constituting more than 30% share by value. Service packages provide comprehensive solutions to address energy industry challenges.
· Asset Monitoring Application Thrives: Asset monitoring constituted 24% of the market in 2022. IoT sensors and devices are being used to continuously capture data, analyze it, and improve maintenance, leading to cost savings for businesses.
Regional Frontrunners
· North America: The US leads in IoT adoption across sectors and is a major player in the global IoT in energy market, accounting for over 40% of the market share in 2022.
· Europe: Europe, with a strong focus on renewable energy, is expected to see the share of IoT in renewable power grow by 2030.
· Middle East & Africa: Companies like Shell are implementing IoT solutions for remote pipeline surveillance and wellhead monitoring to enhance their operations in the region.
Leaders in Global IoT in Energy Industry
Prominent industry leaders driving innovation and sustainability in the global IoT in energy market include SAP, IBM, Hiber, HCL Technologies, Accenture Plc, CISCO, Dell Technologies, Siemens, Intel, Infosys, Bosch, and Rockwell Automation.
Global IoT in Energy Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Application Coverage, By End-user Industry Coverage, By Component Coverage, By Geographic Coverage and Leading Companies):
https://www.fairfieldmarketresearch.com/report/iot-in-energy-market
Read Our Reports:
IoT in Energy Market
About us:
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
Contact
Fairfield Market Research
London, UK
UK +44 (0)20 30025888
USA (Toll-free) +1 (844) 3829746
Web: https://www.fairfieldmarketresearch.com/
Email: [email protected]
Comments