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IoT in Energy Market Business Overview, Trends Analysis, Growth, Demand and Forecast To 2023-2030

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Sakshi Kaurav
IoT in Energy Market Business Overview, Trends Analysis, Growth, Demand and Forecast To 2023-2030

The IoT (Internet of Things) in energy market is experiencing unprecedented growth, with projections indicating that it is poised to reach a valuation of US$114 billion by the end of 2030. A recent report by Fairfield Market Research highlights several key factors contributing to this robust expansion, including:


Read More Industry:

https://www.fairfieldmarketresearch.com/report/iot-in-energy-market

 

Remarkable Growth Trajectory: The IoT industry has experienced phenomenal growth worldwide, surpassing US$0.7 trillion in revenue in 2020, with projections suggesting it could reach over US$4 trillion by 2030.


Post-Pandemic Surge: Investments in IoT technology surged after Q3 2021, significantly contributing to the growth of the IoT in energy market.


Penetration in the Energy Sector: IoT has deeply penetrated the energy sector, with increasing enterprise investments in various IoT projects expected to drive the IoT energy market to nearly US$35 billion in the next few years.


Regional Dynamics: In 2022, North America accounted for 43.3% of the global IoT in energy market valuation, while the Asia Pacific region is expected to register a stronger CAGR of 19.5% during 2023-2030.


Key Application Segments: Asset monitoring led the market in 2022, constituting 23.7% of the market share. The oil & gas segment accounted for more than 43.5% of the market, while the services component led with around 39.2% revenue share in 2022.


Real-world Implementations: Companies such as Euronav, the largest independent crude oil tanker operator globally, have successfully deployed IoT-based platforms like Fleet Automatic Statistics & Tracking (FAST) to enhance operational efficiency, reduce waiting times, and optimize fuel usage.


Key Growth Determinants

The report identifies several key determinants driving the growth of the IoT in energy market:


Decarbonization and Efficiency: The energy market is undergoing strategic reforms focused on decarbonization, energy efficiency, and the adoption of IoT technology to enhance energy market models. IoT enables two-way energy transfer, potentially reducing electricity production costs and improving reliability and efficiency.

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Rising Adoption: Companies in the energy sector are increasingly adopting IoT and AI technologies to improve environmental sustainability, reduce waste, and enhance system efficiency, ultimately aiming to reduce overall energy demand and consumption.


Productivity and Real-time Monitoring: IoT solutions help operators generate less wasted energy, store excess energy, and balance energy loads. Real-time data from IoT sensors in power plants, transmission lines, and substations enables more efficient operations.


Major Growth Barriers

Despite the promising growth prospects, the report also highlights significant challenges facing the IoT in energy market:


Architectural Complexity: The unique architectural demands of using IoT in the energy sector pose a challenge for industry participants, hindering scalability and interconnection between devices and systems.


Integration Challenges: Seamless integration of IoT with existing energy subsystems remains a significant obstacle to market expansion.


Lack of Standardization: Inconsistencies among IoT-enabled devices contribute to a lack of standardization in the industry, impeding rapid growth.


Privacy and Security Concerns: Concerns about user privacy and IoT security are among the primary challenges facing the IoT in energy market.


Regional Frontrunners

The report highlights North America and Asia Pacific as strong growth regions, with the US being a major player both as an end-user and a global supplier of IoT systems. Europe is also expected to see growth in IoT adoption, especially in renewable energy.


Leaders in Global IoT in Energy Industry Space

The global IoT in energy market is characterized by a consolidated landscape with key players driving innovation and expansion. Some of the leading companies in this industry 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

https://www.linkedin.com/pulse/iot-energy-market-future-trends-demands-opportunities-chhavi-rajawat-xejzf

 

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]

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