Internet of Things (IoT) in Energy Market Size, Share, and Trends 2024 to 2034

Internet of Things (IoT) in Energy Market Size to Reach USD 133.3 Bn by 2032

The global internet of things (IoT) in energy market size was valued at US$ 44.70 billion in 2022 and is expected to hit US$ 133.3 billion by 2032, growing at a compound annual growth rate (CAGR) of 11.60% from 2023 to 2032. 

Internet of Things (IoT) in Energy Market in U.S. 2023 To 2032

The U.S. internet of things (IoT) in energy market size was reached at US$ 11.26 billion in 2022 and is projected to be worth US$ 33.60  billion by 2032 with a CAGR  of 11.60% between 2023 to 2032.

North America dominated the internet of things (IoT) in energy market in 2022. The factors such as growing number of energy projects and adoption of innovative technologies such as internet of things (IoT) and big data analytics. The growth of internet of things (IoT) in energy market in North America region is also driven by growing research and development activities.

Asia-Pacific, on the other hand, is expected to develop at the fastest rate during the forecast period. China dominates the internet of things (IoT) in energy market in Asia-Pacific region. The growth of internet of things (IoT) in energy market in Asia-Pacific region is being driven by technological advancements. In addition, favorable government regulations are also creating opportunities for the growth of internet of things (IoT) in energy market in the region.

Growth Factors

The internet of things (IoT) technology is deployed in energy sector for more efficiency and effectiveness of processes. One of the key factors driving the growth of global internet of things (IoT) in energy market is growing need and demand for energy in the near future. The internet of things (IoT) technology is widely used in various sectors such as coal mining, oil and gas, and electricity sectors.

Another factor driving the growth of global internet of things (IoT) in energy market is technological developments. The technologies help to increase the productivity in the energy sector. Moreover, internet of things (IoT) technology helps in time and cost savings. In addition, rapid urbanization and industrialization are also driving the growth of worldwide internet of things (IoT) in energy market. On the other hand, the lack of skilled labors is restricting the expansion of global internet of things (IoT) in energy market during the forecast period. Furthermore, the concerns regarding data privacy and security are also hindering the growth of internet of things (IoT) in energy in the global market.

In addition, the expansion of market is being driven by growing government initiatives and constant efforts for the deployment of advanced and innovative technologies such as internet of things (IoT) in energy sector. Moreover, government is highly investing for the development and expansion of energy sector. All of these aforementioned factors are propelling the growth of worldwide internet of things (IoT) in energy market.

The growing environmental concerns are also boosting the growth of internet of things (IoT) in energy market. This is attributed to the fact that internet of things (IoT) technology helps in the reduction of carbon emissions and greenhouse gases emissions. This technology has also supported in the reduction of pollution levels in the environment. The internet of things (IoT) is significantly impacting the energy sector.

In order to grow into global market, the major market players operating in internet of things (IoT) in energy market favor aggressive growth tactics. The internet of things (IoT) in energy market players are focusing more on mergers and acquisitions and enhanced product development. These are the most common techniques used by well established businesses. In addition, some of the key market players are also collaborating with government agencies for the growth and development of global market.

Report Scope of the Internet of Things (IoT) in Energy Market

Component Insights

The solutions segment accounted largest revenue share in 2022. The internet of things (IoT) is used on a large scale in the power and energy generation sector. The solutions in energy sector helps in the energy generation with efficiency and effectiveness. Thus, all these factors are driving the growth of the segment.

The services segment is fastest growing segment of the IoT in energy market in 2020. The internet of things (IoT) in energy sector is providing various types of services. Those services are transmission, energy generation, asset management, distribution, security, and workforce management. These services are increasing operational efficiency in energy sector.

ServiceInsights

The integration and deployment segment dominated the internet of things (IoT) in energy market in 2022. The integration and deployment help to integrate internet of things (IoT) solutions with favorable information technology infrastructure. This results into more efficient and effective processes in energy generation. Thus, this service is deployed on large scale.

The support and maintenance segment is expected to grow faster from 2023 to 2032. After installation of internet of things (IoT) solutions in energy sector, the main task is to maintain the systems with regular checkups. Thus, the support and maintenance service are deployed in energy sector.

Application Insights

The oil and gas segment dominated the internet of things (IoT) in energy market in 2022. The oil and gas deploy internet of things (IoT) technologies on a large scale. This technology helps in day-to-day operations in oil and gas sector. In addition, the adoption of innovative and advance technologies is also driving the growth of the segment.

The coal mining segment is expected to witness strong growth over the forecast period. The internet of things (IoT) technology has made coal mining easy. With this technology, the position of miners can be tracked easily. The internet of things (IoT) technology also helps to monitor whole process of mining.

Key Developments

• Actility increased its presence in the Kyrgyz Republic and Ukraine in May 2019.
• China Unicom Group and Huawei Technologies Co. Ltd jointly developed a 5^th generation indoor distributed Massive MIMO solution in January 2020. This solution wants to introduce 5^th generation Massive MIMO technology indoors, which can increase the abilities of 5^th generation networks. This is a big milestone in 5^th generation technology in the indoor field, and will open up a lot of possibilities for internet of things (IoT) and other related technologies.
• Altair Engineering purchased DEM solutions, the manufacturers of EDEM for bulk material simulation, in November 2019 to expand their solver portfolio into DEM Analysis. 
• ABB introduced an open software platform in March 2020 to help accelerate the development of smart energy strategies.
• Altair, a CAD solutions supplier, declared the purchase of Carriots S.L., a Madrid based internet of things (IoT) technology firm formed in 2011.

Some of the prominent players in the global internet of things (IoT) in energy market include:

• Cisco Systems
• AGT International
• Altair Engineering
• HCL Technologies
• Rockwell Automation
• Infosys
• Davra Networks
• Wind River
• IBM Corporation
• Siemens

Segments Covered in the Report

(Note*: We offer report based on sub segments as well. Kindly, let us know if you are interested)

By Component

• Platform
• Solutions
• Services

By Solution

• Asset Management
• Predictive Maintenance
• Asset Condition Monitoring
• Data Management and Analytics
• SCADA
• Energy Management
• Safety
• Physical Security
• Cybersecurity
• Connected Logistics
• Fleet Management
• Freight Management
• Port Management
• Compliance and Risk Management
• Sustainability Monitoring
• Emission Monitoring and Control
• Mobile Workforce Management
• Network Management

By Service

• Consulting
• Integration and Deployment
• Support and Maintenance

By Network Technology

• Cellular Network
• Satellite Network
• Radio Network
• Others

By Application

• Oil and Gas
• Upstream
• Midstream
• Downstream
• Coal Mining
• Open-pit Mining
• Underground Mining
• Smart Grid
• Generation
• Power Transmission and Distribution
• Substation Automation

By Geography

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Malaysia
• Philippines
• Latin America
• Brazil
• Rest of Latin America
• Middle East & Africa (MEA)
• GCC
• North Africa
• South Africa
• Rest of the Middle East & Africa