IoT in Energy Market Growth to Reach $703.52 Billion by 2031: Bosch, Cisco, Google Inc.

According to Allied Market Research, the global Internet of Things (IoT) in the Energy Market was valued at $109.19 billion in 2021 and is projected to reach $703.52 billion by 2031, growing at a CAGR of 20.6% during the forecast period.

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IoT platforms in the energy sector leverage smart, web-connected devices equipped with sensors, processors, and communication hardware to collect and analyze data. This technology transforms traditional operations into smart grids-intelligent networks that connect assets, optimize system performance, and enable real-time decision-making. The result is increased efficiency, productivity, and the development of innovative energy services.

The growing adoption of IoT and AI technologies in the energy sector presents promising opportunities for market expansion. Smart grids in residential, commercial, and industrial settings are driving further growth.

The IoT in energy market trends in Asia-Pacific is expected to exhibit the highest growth during the forecast period. This is attributed to increase in penetration of IoT-based solution in energy sector and higher adoption of network technologies, which propel the growth of the market in this region.

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Moreover, the technology environment in Asian countries is expanding, particularly in sectors such as smart grid, coal mining and other. Governments in the region are continually emphasizing on investing in IT operations regarding various industries, allowing businesses to adopt new solutions and services to streamline their business operations. Growing digitalization towards system, is expected to provide lucrative growth opportunities for the market in this region.

Covid-19 scenario:

1. The Covid-19 pandemic positively affected the market due to surge in adoption of work from home culture across the globe.

2. During the pandemic, IoT proved to be very advantageous for the energy sector as it allowed to control energy usage from remote location.

Segment Insights:

By Application:

Oil & Gas dominated the market in 2021 and is expected to maintain its lead due to increased adoption of IoT solutions aimed at enhancing productivity, lowering maintenance costs, and improving product value.

Other applications (such as disaster management and energy efficiency solutions) are projected to grow at the highest rate, driven by rising energy demand and environmental challenges.

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By Network Technology:

Radio Networks led the market in 2021, supported by the widespread adoption of wireless IoT devices.

Cellular Networks are expected to grow the fastest, thanks to their ease of connectivity, mobile accessibility, and consumer appeal.

By Component:

The Solutions segment led in 2021, but the Services segment is anticipated to see rapid growth moving forward.

By Organization Size:

Large enterprises generated the most revenue in 2021, but SMEs are projected to experience higher growth rates in the near future.

Regional Insights:

North America held the largest market share in 2021.

Asia-Pacific is expected to witness the most significant growth, fueled by increased adoption of smart energy solutions.

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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.

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