Harnessing Connectivity for Sustainable Growth: Analyzing the Internet Of Things (IoT) In Energy Market's Promising Future

The internet of things (iot) in energy market size has grown rapidly in recent years. It will grow from $23.8 billion in 2023 to $26.56 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to smart grid development, cost reduction needs, rising energy demand, grid modernization initiatives, environmental concerns.

The internet of things (iot) in energy market size is expected to see rapid growth in the next few years. It will grow to $41.52 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to real-time asset monitoring, decentralized energy generation, iot device proliferation, climate change mitigation, energy management systems. Major trends in the forecast period include adaptive energy management, energy consumption analytics, blockchain for energy transactions, renewable energy integration, iot-enabled smart buildings.

Market Overview -
IoT refers to a community of bodily devices and items connected to the network over a wireless platform. IoT uses communication and sensing technologies to collect and send real-time data, allowing for quick computations and the best possible decision-making in the energy industry. The energy sector can benefit from IoT by moving from a centralized to a distributed, intelligent, and integrated energy system.

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Rising Internet Of Things (IOT) Adoption Transforms Energy Management, Driving Demand For Efficient And Sustainable Practices In The Industry
Increasing adoption of energy management is expected to propel the growth of the internet of things in the energy market going forward. Energy management is the proactive, coordinated, and systematic coordination of the acquisition, transformation, distribution, and use of energy to satisfy requirements while taking environmental and economic goals into consideration. In the energy industry, real-time power consumption data is used by IoT-based energy management systems to optimize electricity use, dynamically transitioning to more cost- and resource-efficient regimes, and develop efficient and sustainable energy consumption strategies based on usage patterns. This in turn drives more need for IoT solutions in the energy industry. For instance, according to a report by the Federal Statistical Office of Germany, a Germany-based federal authority for statistics, at the beginning of 2022, 10% (1 in 10) of German households had smart energy management systems such as intelligent thermostats, electricity meters and lighting to save energy. Therefore, the increasing adoption of energy management is driving the demand for the internet of things in the energy market.

Competitive Landscape -
Major companies operating in the internet of things (iot) in energy market report are Cisco Systems Inc., International Business Machines Corporation, Intel Corporation, SAP SE, AGT International, Davra Networks, HCL Technologies Limited, Google LLC, Hewlett-Packard Company, Altair Engineering Inc., Siemens AG, Schneider Electric SE, Rockwell Automation Inc., Asea Brown Boveri Ltd., Aclara Technologies LLC, C3.ai Inc., Honeywell International Inc., Vodafone Group Plc, Duke Energy Corporation, Energie Ohne Namen, Enel S.p.A., Électricité de France, Pacific Gas and Electric Company, National Grid plc, Southern Company, Carriots SL, Flutura Business Solutions LLC, Maven Systems Private Limited, Wind River Systems Inc.

ABB Optimax System Revolutionizing Energy Management And Green Hydrogen Production In Internet Of Things (IOT) Innovation
Product innovation is a key trend in the internet of things (IoT) in the energy market. Major companies operating in IoT in the energy market are focused on developing innovative solutions to sustain their market position. For instance, in November 2022, ABB Ltd., a Switzerland-based technology company launched ABB Ability OPTIMAX, an innovative energy-management system to assist lower production costs by giving real-time awareness of energy consumption across processes. Green hydrogen produced through electrolysis, which separates water into hydrogen and oxygen using electricity from renewable sources, is widely regarded as a key energy source for achieving a low-carbon future. ABB's OPTIMAX helps with this by supporting every stage of a hydrogen plant's lifespan, from simulation during the design and engineering phases to real-time visualization and monitoring when the plant is in operation. The program detects carbon dioxide emissions and two-way power flows, providing operators with contextual data that they can use to decide on the ideal energy consumption levels needed to sustain plant operations and reduce waste.

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Key Segments -

The internet of things (iot) in energy market covered in this report is segmented -

1) By Component: Solution, Platforms, Services
2) By Technology: Cellular Network, Satellite Network, Radio Network, Other Technologies
3) By Application: Energy Generation, Energy Consumption, Network Security, Email Security, Database And Cloud Security, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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