IoT Solutions for Energy Market is expected to rise at a CAGR of 11.5% during 2021-2028
According to Vantage Market Research, the global IoT solutions for the energy market is projected to reach USD 60.66 Billion by 2028. It assists the energy sector with integrated power, smart, and distributed systems from centralized systems.
Increased use of smart technologies to spur the market growth for IoT solutions for energy
The use of smart technologies like smart grids, smart cities, smart constructions, smart power transportation, and smart electricity meters, will contribute to the growth of IoT solutions for the energy market in the future. In addition, within the energy and power industry the IoT solutions are used for mitigation of environmental impacts due to power usage and for improvement in energy efficiency.
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 been 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) for the energy market.
The IoT solutions for the energy market are segmented based on product type the market is bifurcated into analytic software, connectivity, service, and hardware platform. Also, the market segmentation for IoT solutions for the energy market can be done on basis of end-user or applications. Hence, by end-user is bifurcated into oil & gas, wind, solar, and others.
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 growing use of IoT solutions in the oil and gas sector in this region. Moreover, the increased use of smart technologies in this region contributes to regional growth.
Some of the major players operating in the global IoT solutions for the energy market include BlauLabs, Actility, SAS, Telit, Cisco Systems Inc., IoT World Today, Telefonica, Flutura Business Solutions LLC., IoTSWC, Soracom, Maven Systems Pvt. Ltd., IBM, SAP SE, Davra Networks, AGT International, Devicehub, Intel Corporation, Easternpeak, and Symboticware Inc., among others.