Press release
IoT in Energy Market Set to Surge, Expected to Reach $81.71 Billion by 2033 at a 13.5% CAGR
Emergen Research's latest market research report, titled Global IoT in Energy Solution Market, provides estimated market size and shares, latest industry trends, global market growth rates, key drivers and opportunities, constraints, product segmentation, and major market players. Cost structure, market size, competitive landscape, product portfolio and specifications, and company profiles.The global Internet of Things (IoT) in Energy market is projected to grow from $26.14 billion in 2024 to $81.71 billion by 2033, registering an impressive compound annual growth rate (CAGR) of 13.5% during the forecast period. This growth is driven by the increasing demand for energy efficiency and sustainability in energy management systems, with IoT playing a pivotal role in revolutionizing energy usage and optimization.
IoT Driving Energy Efficiency and Sustainability
IoT is transforming energy management by enabling predictive and adaptive energy use. Smart sensors embedded in IoT systems can monitor real-time data from appliances, industrial machines, and utility grids to optimize energy usage based on patterns and peak load times. This reduces energy waste and operational costs significantly.
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For instance, IoT-enabled lighting and heating systems in commercial buildings automatically adjust to occupancy levels and natural light, ensuring energy is used efficiently. Renewable energy integration is another key benefit, as IoT solutions connect solar panels, wind turbines, and battery systems to balance energy generation with demand, maximizing the use of clean energy sources.
Notably, Advantech introduced the WISE-2410 LoRaWAN sensors in 2022, which monitor equipment with vibration detection to enhance energy usage in industrial applications. These sensors have broad applications in industrial, medical, and aerospace fields.
Market Growth Drivers
Smart Grids and Smart Metering Lead the Way
IoT technologies are advancing smart grids by providing real-time data on energy flow, equipment health, and voltage levels. This allows utility companies to quickly detect and resolve issues like power outages, reducing disruptions. Predictive maintenance, powered by IoT analytics, further prevents potential faults in energy systems.
Smart meters are also revolutionizing energy management by offering granular data on consumption. These meters help utilities dynamically adjust energy distribution to match demand, especially with the fluctuating inputs from renewable energy sources. On the consumer side, smart meters provide insights into energy habits, enabling cost-saving decisions.
In 2024, Genus Power Infrastructures Limited marked a milestone by delivering Smart Ultrasonic Water Meters equipped with LoRa communication to Australia, facilitating remote monitoring and management for efficient resource distribution.
Challenges in IoT Adoption
Security Concerns as a Key Restraint
Despite its benefits, IoT in energy systems faces challenges, particularly in cybersecurity. The interconnected nature of IoT devices in smart grids and energy networks increases susceptibility to hacking and data breaches. Unauthorized access to devices like sensors or smart meters can disrupt power distribution, manipulate energy data, or compromise consumer privacy. Addressing these security concerns is crucial for the sustained growth of the IoT in Energy market.
Market Solutions and Innovation
IoT has revolutionized energy management across industries by enabling real-time monitoring, optimization, and cost reduction. IoT devices embedded in appliances, HVAC systems, and industrial equipment communicate with central platforms to analyze energy consumption patterns. Advanced algorithms and AI-driven systems further predict demand and inefficiencies, offering actionable insights for energy savings.
In February 2024, Cisco and TELUS expanded 5G capabilities in North America, supporting IoT applications across industries. This includes connected vehicles and energy optimization through IoT-enabled infrastructure.
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Competitive Terrain:
The global IoT in Energy Solution industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market. These players dominate the industry in terms of their strong geographical reach and a large number of production facilities. The companies are intensely competitive against one another and excel in their individual technological capabilities, as well as product development, innovation, and product pricing strategies.
Leading Market Players Profiled in the Report:
IBM
Actility
ABB
SAP
Cisco Systems
Siemens
Intel
AGT International
Altair Engineering
Flutura
Key reasons to buy the Global IoT in Energy Solution Market report:
The latest report comprehensively studies the global IoT in Energy Solution market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
The report offers an insightful analysis of the regional outlook of the market.
It offers a detailed account of the end-use applications of the products & services offered by this industry.
The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.
The global IoT in Energy Solution market report covers the analysis of drivers, trends, limitations, restraints, and challenges arising in the IoT in Energy Solution market. The report also discusses the impact of various other market factors affecting the growth of the market across various segments and regions. The report segments the market on the basis of types, applications, and regions to impart a better understanding of the IoT in Energy Solution market.
IoT in Energy Solution Market Segmentation Analysis
Component Outlook (Revenue, USD Billion; 2024-2033)
Platform
Solutions
Services
Solution Outlook (Revenue, USD Billion; 2024-2033)
Asset Management
Predictive Maintenance
Asset Condition Monitoring
Safety
Physical Security
Cybersecurity
Connected Logistics
Fleet Management
Freight Management
Port Management
Compliance and Risk Management
Sustainability Monitoring
Emission Monitoring and Control
Data Management and Analytics
SCADA Mobile Workforce Management
Network Management
Energy Management
Service Outlook (Revenue, USD Billion; 2024-2033)
Consulting
Integration and Deployment
Support and Maintenance
Network Technology Outlook (Revenue, USD Billion; 2024-2033)
Cellular Network
Satellite Network
Radio Network
Others
Application Outlook (Revenue, USD Billion; 2024-2033)
Oil and Gas
Upstream
Midstream
Downstream
Coal Mining
Open-pit Mining
Underground Mining
Smart Grid
Generation
Power Transmission and Distribution
Substation Automation
Browse Full Report@ https://www.emergenresearch.com/industry-report/iot-in-energy-market
Regional Outlook:
North America (the U.S., Canada, Mexico)
Europe (the U.K., Germany, France, Italy)
Asia Pacific (India, China, Japan, Korea)
Latin America (Brazil, Argentina, Ecuador, Chile)
Middle East & Africa (Egypt, Turkey, Saudi Arabia, Iran)
The study will prove useful for leading companies looking to find new sources of income by helping them to understand the market and its underlying dynamics. It will also be useful for businesses looking to expand into new markets or diversify their current operations.
How will this Report Benefit you?
An Emergen Research report of 250 pages contains 194 tables, 189 charts and graphics, and anyone who needs a comprehensive analysis of the global IoT in Energy Solution market, as well as commercial, in-depth analyses of the individual segments, will find the study useful. Our recent study allows you to assess the entire regional and global market for IoT in Energy Solution. In order to increase market share, obtain financial analysis of each segment and the whole market.
Look at how you can utilize the current and potential revenue-generating opportunities available in this sector. We believe that there are significant prospects for energy storage technology in this industry due to the rapid expansion of the technology. In addition to helping you build growth strategies, improve competitor analysis, and increase business productivity, the research will also assist you in making better strategic decisions.
Thank you for reading our report. For further details or to inquire about customization, please let us know and we will offer you the report as per your needs
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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