Internet of Things (IoT) in Energy Market is Expected to Grow at a CAGR of 16.5% by 2027, with the Increasing Need to Optimize Energy Consumption Rate Coupled with Rising Awareness for Cyber-Attacks Vulnerability: says Absolute Markets Insights

Rapid industrialization in energy sector is revolutionizing the benchmarking operational process of the industries. Industries are further cautiously focusing on the measures to utilize and provide energy saving practices both in the residential and commercial & industrial application. The application of IoT in energy industry, helps primarily in optimizing evacuation drills, reducing the machinery downtime, minimizing downtime after blasts, enhancing workers safety and in achieving energy efficient use benchmarks. Internet of things (IoT) in energy market stood at USD 25,711.2 Mn in the year 2018 and is expected to surpass US$ 108,298.5 million by 2027, growing at a CAGR of 17.3% during the forecast period (2019 – 2027).

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Multiple instance of energy cyber-attacks pertaining to market conditions, corporate plans concerning mergers and acquisitions, or bidding strategies have been observed in the sector. Increase in cyber-attacks among critical infrastructure within the energy and utilities industry has attracted IoT security application. In order to refrain the increasing vulnerability of cyber-attacks, internet of things (IoT) in energy market participants are exploring their opportunity to integrate platforms to enhance the security infrastructure. Additionally, the usage of advanced sensors and actuators for asset condition management, fleet management, emission control & management, workforce management and field service monitoring are leveraging the development of internet of things (IoT) in energy market.

“Increasing penetration of industrial internet of things (IIoT) in energy sector is attracting numerous cyber-attacks. Service providers are adopting measures to develop comprehensive portfolio to offer enhanced security application in critical infrastructure within the energy and utilities environment. Further, emergence of government compliance regulations and awareness towards industrial control systems (ICS)-based attacks is contributing to the development of internet of things (IoT) in energy market.”

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The detailed research study provides qualitative and quantitative analysis of internet of things (IoT) in energy market. The market has been analyzed from demand as well as supply side. The geographical analysis emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East, Africa and Latin America.

Some of the players operating in the internet of things (IoT) in energy market are Accenture, Actility, Altair Engineering, Inc., Cisco Systems, Inc., Flutura, IBM Corporation, Intel, Meazon, Northwest Analytics, Inc., PingThings, SAP SE, Schneider Electric, Siemens, SYMBOTICWARE INC, Telit and Wind River Systems, Inc.

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By Offerings
• Hardware
• Software
• Services

By Network Technology
• Cellular Network
• Satellite Network
• Radio Network

By Application
• Energy Management
• Power Distribution
• Mobile Workforce Management
• Asset and Equipment Monitoring
• Field Surveillance
• Others

By Region

North America
• U.S.
• Canada
• Mexico
• Rest of North America

Europe
• France
• The UK
• Spain
• Germany
• Italy
• Nordic Countries
 Denmark
 Finland
 Iceland
 Norway
 Sweden
• The Benelux Union
 Belgium
 the Netherlands
 Luxemburg
• Rest of Europe

Asia Pacific
• China
• Japan
• India
• Australia
• New Zealand
• South Korea
• Southeast Asia
 Indonesia
 Thailand
 Malaysia
 Singapore
 Rest of Southeast Asia
• Rest of Asia Pacific

Middle East and Africa
• Saudi Arabia
• Egypt
• Kuwait
• South Africa
• Rest of Middle East and Africa

Latin America
• Brazil
• Argentina
• Rest of Latin America

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