IoT in Energy Market Key Factors Driving Growth | CAGR 5.7%

As per the report published by Allied Market Research, the global internet of things (IoT) in energy market was accounted for $109.19 billion in 2021, and is estimated to garner $703.52 billion by 2031, growing at a CAGR of 20.6% from 2022 to 2031.

Surge in penetration of IoT-based solution in the energy sector and increased adoption of network technologies have boosted the growth of the global internet of things (IoT) in energy market. On the other hand, increase in adoption of IoT and AI in the energy industry and deployment of smart grid for energy optimization in commercial, household, and industrial buildings are expected to open lucrative opportunities in the future.

Request Sample Report at: https://www.alliedmarketresearch.com/request-sample/2937

IoT in Energy" refers to the use of Internet of Things (IoT) technologies within the energy sector. IoT involves connecting devices, machines, and systems to the internet to collect and exchange data, enabling better monitoring, control, and optimization of various processes.

The report offers an analysis of the global internet of things (IoT) in energy market across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion's share in 2021, accounting for around two-fifths of the market. However, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 24.0% during the forecast period.

Based on components, the solution segment held the largest share in 2021, accounting for more than two-thirds of the market. However, the services segment is projected to manifest the highest CAGR of 22.1% during the forecast period.

For Report Customization: https://www.alliedmarketresearch.com/request-for-customization/2937

Based on network technology, the radio network segment held the lion's share in 2021, contributing to around two-thirds of the market. However, the cellular network segment is estimated to portray the highest CAGR of 25.4% from 2022 to 2031.

Some key ways IoT is impacting the energy market:

• Smart Grids

IoT technologies are integral to the development of smart grids, which are modern, digitally-enabled electricity networks. These grids use sensors, meters, and analytics to monitor and control the flow of electricity. Smart grids enhance reliability, optimize energy usage, and facilitate the integration of renewable energy sources like solar and wind.

• Energy Management
IoT devices allow for precise monitoring and management of energy consumption in buildings, homes, and industrial facilities. Smart thermostats, lighting systems, and appliances can automatically adjust settings based on real-time data, leading to significant energy savings.

• Predictive Maintenance
In energy infrastructure such as power plants and transmission lines, IoT sensors collect data on equipment performance. This data is analyzed to predict potential failures before they occur, allowing for timely maintenance and reducing downtime.

• Renewable Energy Optimization
IoT enables better integration and management of renewable energy sources. For example, IoT devices can monitor weather conditions to predict solar panel output, adjust the angle of solar panels for optimal sunlight exposure, and coordinate the storage and distribution of energy from wind farms.

• Demand Response
IoT facilitates demand response programs, where consumers can adjust their energy usage based on real-time pricing or grid conditions. This helps balance supply and demand, reduce peak loads, and avoid blackouts.

• Energy Storage
IoT plays a crucial role in managing energy storage systems, such as batteries. IoT sensors monitor battery health, performance, and charging cycles, optimizing their efficiency and lifespan.

• Electric Vehicle (EV) Charging
With the rise of electric vehicles, IoT-powered charging stations are becoming more prevalent. These stations can communicate with vehicles to manage charging schedules, integrate with renewable energy sources, and balance loads on the grid.

Buy Now & Get Exclusive Report at: https://www.alliedmarketresearch.com/iot-in-energy-market/purchase-options

IoT in energy market has significantly grown in recent years, and is expected to grow further in the coming years. In addition, IoT is anticipated to make a pronounced impact on the energy sector. During the pandemic, IoT has been very advantageous for the energy sector from sensors enabling monitoring of room temperatures to controlling energy usage from a remote location. This not only helped in reduction of costs but also led to sustainable development.

Moreover, many IoT platforms enabled usage of renewable sources of energy, which cuts down exploitation of non-renewable sources along with pollution. This helped enterprises to work despite lockdowns imposed by governments in the view of employee safety. IoT enabled remote working for most of tasks in enterprises of this industry in the pandemic. For instance, in October 2021, Tata Tele Services launched Smart Internet to enable connectivity and cloud solutions for industries including the energy sector. Smart internet could combine high speed internet with cloud-based security and greater control at an optimized cost.

This report gives an in-depth profile of some key market players in the IoT in energy market include HCL Technologies, Bosch, Cisco, Google Inc., Hewlett-Packard, IBM Corporation, Intel Corporation, Sap Se, and Schneider Electric. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which propel growth of the IoT in energy market globally.

Access the full summary at: https://www.alliedmarketresearch.com/iot-in-energy-market

Thanks for reading this article; you can also get individual chapter-wise sections or region-wise report versions like North America, Europe, or Asia.

If you have special requirements, please tell us, and we will offer you the report as per your requirements.

Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

Contact:
David Correa
5933 NE Wi
Toll-Free: 1-800-792-5285
UK: +44-845-528-1300n Sivers Drive
#205, Portland, OR 97220
United States
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm utmost accuracy in our market forecasting. Every data company in the domain is concerned. Our secondary data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.