Internet of Things (IoT) in Energy Market Revenue to Attain USD 97.78 Bn by 2033

02 Apr 2025

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Table of Content

1. Internet of Things (IoT) in Energy Market Revenue and Trends 2025 to 2033 2. Market Overview  3. Report Highlights 4. Market Trends 5. Regional Insights 6. Internet of Things (IoT) in Energy Market Coverage 7. Market News 8. Internet of Things (IoT) in Energy Market Key Players 9. Market Segmentation

Internet of Things (IoT) in Energy Market Revenue and Trends 2025 to 2033

The global internet of things (IoT) in energy market revenue reached USD 34.42 billion in 2025 and is predicted to attain around USD 97.78 billion by 2033 with a CAGR of 13.94%. The demand for energy-efficient solutions is increasing due to the technological advancements in the sector.

Market Overview 

The Internet of Things (IoT) is revolutionizing the energy market by optimizing data analysis, real-time monitoring, and automation, which leads to enhanced energy efficiency, minimizes costs, and gives a more sustainable future. IoT devices devices such as smart sensors and meters enable real-time monitoring of energy distribution and consumption, facilitating better grid optimization and management. IoT helps combine renewable energy sources such as wind and solar into the grid.

Report Highlights

• By component, the solution segment dominated the Internet of Things (IoT) in energy market in 2024. The dominance of the segment can be attributed to the increasing use of IoT solutions on a huge scale in the energy and power generation sector. The services segment is expected to grow at the fastest rate over the forecast period. The growth of the segment can be credited to the provision of different services by this segment, such as energy generation, asset management, etc.
• By service, the integration and deployment segment held the largest market share in 2024. The dominance of the segment can be linked to the growing demand for more effective and efficient processes in energy generation. The support and maintenance segment is anticipated to grow at the fastest rate over the forecast period. The growth of the segment can be driven by the rising installation of Internet of Things (IoT) solutions in the energy sector.
• By application, in 2024, the smart grid segment led the market by holding the largest market share. The dominance of the segment is due to the deployment of Internet of Things (IoT) technologies by the oil and gas sector on a large scale. The coal mine segment is estimated to grow at the fastest rate during the projected period. The growth of the segment is owing to the increasing use of IoT technology in coal mining.

Market Trends

Increasing Focus on Energy Efficiency

Energy demand across the globe is increasing rapidly. This promotes the Internet of Things (IoT) in energy market players are shifting towards multiple solutions to meet the demand. In addition, the use of IoT and other innovative smart technologies enables efficient and effective distribution of energy, decreasing losses and hence impacting positive market expansion.

Growing Use of Renewable Energy

Increasing emphasis on sustainability has fueled the energy demand across the globe. IoT technologies and devices play an essential role in combining renewable energy solutions with current grids to decrease emissions and maximize efficiency from the sector as well.

Smart Grids and Modernization

Rising investments in grid modernization and smart grid development are the latest trends in the Internet of Things (IoT) in energy market, allowing real-time monitoring, enhanced grid resilience, and optimized energy distribution. Furthermore, IoT is being utilized in various applications such as energy storage solutions, smart meters, virtual power plants, and smart city infrastructure.

Regional Insights

North America dominated the Internet of Things (IoT) in energy market in 2024. The dominance of the region can be attributed to the increasing number of energy projects coupled with the adoption of advanced technologies like big data analytics. Moreover, the expansion of the Internet of Things in the energy sector can lead to increasing research and development activities in the region.

Asia Pacific is expected to show the fastest growth in the Internet of Things (IoT) in energy market over the period studied. The growth of the region can be credited to the surging investments in grid modernization to meet the increasing need for energy supply. Furthermore, rapid increase in population growth and focus on energy conservation in developing countries in the region, such as China and India, are driving positive market growth.

Internet of Things (IoT) in Energy Market Coverage

Market News

• In February 2025, Myriota, the telco for global field intelligence, announces the exciting expansion of its connectivity portfolio with the launch of Myriota HyperPulse™, a 3GPP 5G-based Narrowband Non-Terrestrial Network (NB-NTN) service built in partnership with Viasat, a global leader in satellite infrastructure.
• In March 2025, X2M Connect announced the launch of ‘Hive.AI by X2M,’ a new AI-enabled solution aimed at improving operational efficiencies and revenue for renewable energy companies. The platform integrates X2M’s proprietary Internet of Things (IoT) technology with artificial intelligence and machine learning capabilities, offering an end-to-end system for data aggregation and performance optimization.
• In September 2024, Indus Towers, a leader in the telecom space, announced the adoption initiatives that promote the utilization of AI, IoT, and advanced analytics tools for enhancing energy efficiency and safety across different sources in their telecom infrastructure.

Internet of Things (IoT) in Energy Market Key Players

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

Market Segmentation

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

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