Internet of Things (IoT) in Energy Market is expected to rise at a CAGR of 12.0% during 2021-2028
According to Vantage Market Research, the global internet of things (IoT) in the energy market is projected to reach USD 50 Billion by 2028. Internet of things technology is contributing very effectively to the energy sector as it helps in reducing costs and contributes to the production of better and more productive connected buildings.
Increasing adoption of the internet of things in energy to spur the market growth
The demand for IoT solutions has increased at a high rate, this is due to the adoption of innovative solutions and reduced energy wastage services.
Whereas the major factor that is obstructing the market growth for the internet of things (IoT) in energy is due to the integration of new sustainable distributed energy resources or DER, this is a major challenge that the Internet of Things (IoT) in the energy market faces.
COVID-19 pandemic impacted many countries and caused disruptions in many industries. People are now more concerned about their safety and are avoiding physical contact and are preferring to stay home and opt to work from home this has drastically impacted public mobility. Also, due to strict government restrictions, mobility has reduced as the use of public transport in cities was shut down. The use of the internet has increased, and hence COVID-19 pandemic had a moderate impact on the Internet of Things (IoT) in the energy market.
The internet of things (IoT) in the energy market is segmented based on product type the market is bifurcated into security, predictive asset maintenance, energy analytics, energy management, connected logistics, and IoT platform. Also, the market segmentation for the internet of things (IoT) in the energy market can be done on basis of end-user or applications. Hence, by end-user is bifurcated into mining and oil & gas.
North America region is expected to grow at a high rate over the coming years and is the dominating region. This is attributable to the rapid deployment of smart energy projects. Moreover, increasing digitization in various industries has contributed to regional growth. In addition, technological advancements are expected to drive the market in this region.
Some of the major players operating in the global internet of things (IoT) in the energy market include ILS Technology, Northwest Analytics, IBM, Wind River, Cisco, Maven Systems, Davra Networks, Flutura, Symboticware, SAP, Carriots, AGT International, among others.