The global internet of things (IoT) in energy
market reached USD 6.8 Billion in 2015 and the market is expected to reach USD
26.5 Billion by 2023
Rapid
growth of urbanization across the globe is changing the way of using devices
and things present in the technological environment. Internet
of Things (IoT) in energy sector
includes the devices and software which have connectivity feature with
internet. The devices are embedded with sensors, chips, and others to enhance the
user’s experience and to increase the operational efficiency of the operations
in energy sector. These devices and software are efficient to operate various
tasks with less time consuming methods. The growing need of internet enabled
devices and rising need of internet connectivity are some of the major factors
which are anticipated the positive growth of internet of things in energy
sector globally. Technological advancements in semiconductors offer the
advantages to develop lightweight and efficient devices which are much smarter
than the conventional and heavy devices. Internet of things (IoT) in energy
helps the sector to reduce the loss of resources and also help them to optimize
the use of available resources through smart grids.
Moreover,
rising need of remote monitoring systems and internet enabled devices had
supported importance of internet of things (IoT) in energy sector especially in
utility and power distribution. These devices and systems enabled to operate
efficiently and serve better to consumers. Likewise, the energy management
provides ease to various end-use industries such as Power, Oil & gas and
mining industries to minimize the energy losses which further cuts down the
operational cost. Wide-scale availability and diversity in technological
devices are providing ease to the energy sector to adopt latest technology. On
the other hand, mining and petroleum industries are also looking forwards to
real-time monitoring systems to manage the mobile workforce. The growing
concern towards energy management is one of the major factors which are
fuelling the demand for internet of things (IoT) devices and software. The
connected devices help the users to maintain their lead time and increase their
operational efficiency. The demand for power and fuel is growing in developing
countries across the globe due to rapid pace infrastructural development. These
factors are creating a huge pressure on the energy sector to increase the
supply by utilizing their resources efficiently.
Further, rapid
pace development in energy sector including the power and oil & gas sector
is changing the ecosystem of these sectors. Urbanization across the globe is
increasing the demand for resources such as fuel, power and others. In addition
to this, the robust pace ion smart cities and smart infrastructure in various
developed countries such as U.S. and others are encouraging the energy sector
to adopt advanced technology such as internet of things (IoT). Moreover, the
smart power grids are showcasing a tremendous growth on the back of rapid
adoption of IoT in energy. The construction of smart power grids with hundreds
of sensors and devices further help the energy sector to increase the response
and supply. Privatization and newer regulations is expected to increase the
penetration of internet of things in energy sector. Government authorities are
taking initiatives in developing regions such as Asia-Pacific, Europe and
others to strengthen the energy sector by adopting internet of things (IoT) in
energy sector. The setting up of smart cities along with growing concern
towards optimization of resources is bolstering the growth of IoT in energy.
However, issues related to security and privacy of data and connectivity of
devices is the major restraint for the market which is creating cynicism among
the end-use sector.
Furthermore,
high cost of internet of things devices and software is one of the major
reasons which are hampering the growth of IoT in
energy sector.The market is projected to register a CAGR of
15.5% during the forecast period 2016-2023 globally. The internet of things
comprises devices and software that enable connectivity and exchange of
information.
Market Segmentation
Our
in-depth analysis segmented the Global Internet of Things (IoT) in Energy
market in the following segments:
IoT
Hardware (Devices, Routers, Sensors, Actuators) in Energy Sector
IoT
Software in Energy Sector
IoT
Platforms in Energy Sector
IoT
Real-Time Streaming Analytics in Energy Sector
IoT
Security Software in Energy Sector
IoT Data
Management Software in Energy Sector
IoT
Remote Monitoring Software in Energy Sector
IoT
Energy Analytics Software in Energy Sector
By IoT
Application in Energy Sector
IoT in
Energy Sector for Energy Management
IoT in
Energy Sector for Mobile Workforce Management
IoT in
Energy Sector for Field Surveillance
IoT in
Energy Sector for Monitoring of Equipment
IoT in
Energy Sector for Power Distribution
IoT in
End-Use Industry in Energy Sector
IoT in
Power Sector
IoT in
Oil & Gas Sector
IoT in
Fuel Sector (Coal, Petroleum)
By Region
Global
Internet of Things (IoT) in Energy Market is further classified on the basis of
region as follows:
North
America (United States /U.S. & Canada)
Latin
America (Brazil, Mexico, Rest of Latin America)
Western
and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium,
Netherlands & Luxembourg, Rest of Western Europe)
Asia-Pacific
(China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia)
Middle
East and North Africa (MENA)
Rest of
World
Key Players
The key
players of Global Internet of Things (IoT) in Energy market as follows:
Intel
Corporation
Company
Overview
Key
Product Offerings
Business
Strategy
SWOT Analysis
Financials
Alcatel-Lucent
Accenture
PLC
Cisco
Systems Inc.
Google
Inc.
Hewlett-Packard
IBM
Scope
and Context
Overview
of the Parent Market
Analyst
View
Segmentation
The
Global Internet of Things (IoT) in Energy Market is segmented as follows:
By Components
type Market Size and Y-O-Y Growth Analysis
By
Software type Market Size and Y-O-Y Growth Analysis
By
Application type Market Size and Y-O-Y Growth Analysis
By
Regions
North
America (U.S., Canada) Market Size and Y-O-Y Growth Analysis
Latin
America (Mexico, Brazil, Rest of Latin America) Market Size and Y-O-Y Growth
Analysis
Western
and Eastern Europe (Germany, Italy, Spain, France, U.K, Benelux, Hungary, Rest
Of Western Europe, Russia Poland, Rest of Eastern Europe) Market Size and Y-O-Y
Growth Analysis
Asia-Pacific
(China, India, Singapore, Japan, Australia and New Zealand and Rest of Asia)
Market Size and Y-O-Y Growth Analysis
Middle
East and North Africa (MENA) Market Size and Y-O-Y Growth Analysis
Rest of
World Market Size and Y-O-Y Growth Analysis
Market
Dynamics
Supply
and Demand Risk
Competitive
Landscape
Porter’s
Five Force Model
Geographical
Economic Activity
Key
Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent
Trends and Developments
Industry
Growth Drivers and Challenges
Key
Information for Players to establish themselves in current dynamic environment
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Ajay Daniel
Email:
ajay.daniel@researchnester.com
U.S. +1 646 586 9123
U.K. +44 203 608 5919
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