Internet of Things (IoT) in Energy Market Valuation is Poised to Reach USD 285.9 Billion By 2032 | Astute Analytica
The most promising outlook for IoT in the energy market lies in its ability to enhance efficiency and sustainability. By enabling smart grids, predictive maintenance, and real-time monitoring, IoT can significantly reduce costs, improve reliability, and facilitate the integration of renewable energy sources, transforming the energy landscape.
New Delhi, Aug. 08, 2024 (GLOBE NEWSWIRE) — The global Internet of Things (IoT) in energy market was valued at US$ 38.28 billion in 2023 and is projected to reach US$ 285.9 billion by 2023, growing at a CAGR of 25.1% during the forecast period 2024-2032.
The Internet of Things (IoT) in the energy sector is experiencing significant growth, driven by the increasing demand for smart energy solutions, government initiatives promoting energy efficiency, and advancements in IoT technology. This growth is supported by the adoption of IoT across various applications, including oil and gas, water management, and electricity grids, which are benefiting from enhanced monitoring, predictive maintenance, and optimized operations. The integration of IoT in energy systems is also facilitating the transition to renewable energy sources, improving energy efficiency, and reducing environmental impacts.
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Recent developments in IoT technology have significantly impacted the energy sector and the IoT in energy market. IoT sensors and devices enable real-time data collection and remote control, which are crucial for reducing energy consumption and operating costs. Predictive maintenance, enabled by IoT, minimizes equipment downtime and extends asset lifespans, thereby enhancing overall efficiency. Smart metering systems and IoT-enabled grids are making infrastructure more resilient and capable of meeting environmental goals. Additionally, IoT technology is playing a vital role in virtual power plants by integrating various energy resources to ensure optimized energy distribution. The volume of IoT data is expected to increase from 2% in 2013 to 10% in 2021, with data doubling every two years, reaching 163 zettabytes by 2025.
Manufacturers are increasingly recognizing the potential of IoT in the energy market and are investing heavily in this technology. Leading companies in the IoT in energy market such as IBM, Siemens, Cisco Systems, and Schneider Electric are at the forefront of this transformation, offering a range of IoT solutions for energy management. These companies are leveraging IoT to unify systems, bridge internal silos, and enhance communication with external partners. The adoption of IoT is also enabling manufacturers to offer new data-driven services, creating additional revenue streams and growth opportunities. Moreover, the deployment of IoT in renewable energy sites is boosting efficiency, sustainability, and intelligence.
The future of IoT in the energy sector looks promising, with continuous advancements and increasing adoption across the globe. The market is expected to witness several growth opportunities driven by rising investments in smart grids and renewable energy. North America is anticipated to lead the market, followed by Europe and Asia-Pacific. As the trend towards decarbonization grows stronger, companies will need to digitalize to reduce emissions and break into cleaner energy markets. The integration of IoT with AI is also expected to further enhance energy management, offering new opportunities for risk management and environmental compliance. The number of global IoT connections grew by 18% in 2022 to 14.3 billion and is expected to reach 16.7 billion by 2023. The IoT in energy market is projected to grow at a CAGR of 21.6% from 2023 to 2028, highlighting the sector’s rapid expansion and the transformative potential of IoT technologies.
Key Findings IoT in Energy Market
| Market Forecast (2032) | US$ 285.9 billion |
| CAGR | 25.1% |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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Deployment and Integration of IoT in Energy market is Catalyzing Transformation in the Energy Sector
The deployment and integration of IoT in the energy sector is experiencing significant growth due to several pivotal factors. The primary driver is the increasing need for energy efficiency and real-time monitoring. With global energy demands rising, utilities and consumers alike are seeking smarter solutions to manage consumption and optimize resources. For instance, smart meters, which provide real-time data on energy use, have become ubiquitous, with 75% of households in the U.S. projected to have them by the end of 2024. Furthermore, predictive maintenance powered by IoT sensors can foresee equipment failures, potentially reducing maintenance costs by up to 30%.
Another significant catalyst behind the growth of the IoT in energy market is the push towards sustainable energy solutions. IoT technologies enable better integration of renewable energy sources, such as solar and wind, into the grid. By 2024, it’s expected that IoT-enabled smart grids will account for more than 30% of the total energy grid infrastructure worldwide. This integration not only ensures a more reliable energy supply but also helps in reducing carbon footprints. For example, the European Union has seen a 20% improvement in energy efficiency due to IoT implementations in smart grids and renewable energy management.
Lastly, the proliferation of IoT in the energy sector is driven by advancements in technology and decreasing costs of IoT devices. The cost of IoT sensors has dropped by nearly 50% over the past five years, making them more accessible. Additionally, the global IoT in energy market is expected to reach $35.5 billion by 2024, a testament to its growing importance. With utilities reporting a 15% increase in operational efficiency through IoT integration, the sector is poised for continued innovation and growth, driven by the compelling benefits of these advanced technologies.
IoT is Revolutionizing Energy Management, Became the Large Application with Revenue Contribution of US$ 15.5 Billion
The integration of IoT in energy management is transforming the global IoT in energy market by enhancing efficiency, reducing costs, and promoting sustainability. IoT-enabled systems allow for advanced monitoring and optimization of energy consumption in homes, buildings, and industrial settings. For instance, smart solar panels equipped with IoT technology can optimize performance and facilitate the integration of solar energy into existing power grids, thereby improving grid stability and efficiency. Additionally, IoT-based energy management systems provide real-time data and predictive maintenance capabilities, which help in reducing operational costs and improving energy efficiency.
The demand for IoT in energy management is rapidly increasing due to several key factors. The global IoT energy management market is driven by the need for cost reduction, operational efficiency, and sustainability. Businesses are increasingly adopting IoT solutions to monitor and control energy usage, reduce their carbon footprint, and comply with regulatory mandates. The integration of AI and machine learning with IoT systems further enhances the ability to analyze energy consumption patterns and optimize energy usage, making these solutions indispensable for modern energy management in the global IoT in energy market.
Several examples illustrate the impact of IoT on energy management. In the mining industry, IoT-enabled ventilation systems can significantly reduce electricity use and CO2 emissions. Similarly, digital twins and computer vision technologies help in predictive maintenance and monitoring of equipment, leading to substantial energy savings and reduced maintenance costs. The adoption of IoT in energy management is not only a technological advancement but also a strategic move towards a more sustainable and efficient energy future.
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North America is Leading the IoT Revolution in the Energy Sector with Revenue Contribution of Over US$ 12.5 Billion
North America, particularly the United States and Canada, has established a dominant position in the IoT in energy market through a combination of technological advancements, strategic investments, and supportive regulatory frameworks. The U.S. has been a forerunner in IoT adoption, leveraging advancements in Big Data, IoT, and mobility to drive growth in the energy sector. The deployment of smart energy projects has significantly contributed to this dominance, with the U.S. leading in the implementation of IoT solutions across various energy applications, including smart grids, energy management systems, and predictive maintenance. This technological edge is underscored by the increased number of global IoT connections, which grew by 18% in 2022, reaching 14.3 billion, with North America playing a crucial role.
Strategic investments have bolstered this growth of the IoT in energy market, particularly in the U.S., where legislative measures such as the “IoT Readiness Act” have facilitated massive IoT growth with the advent of 5G networks. These investments have accelerated the deployment of IoT devices, enhancing the efficiency and reliability of energy systems. In Canada, the energy sector has increasingly adopted internet-connected sensors to monitor activities across generating plants, distribution networks, and smart home meters. The U.S. has also seen a 50% increase in renewable energy capacity in 2023, with solar PV accounting for three-quarters of the additions. Moreover, initiatives like the aggregation of 2,500 residential storage systems in California, which delivered 16.5 MW of solar power to the grid during a conservation call, highlight the strategic role of IoT in energy management.
Regulatory frameworks in North America have been conducive to IoT adoption, further cementing the region’s dominance. U.S. utilities, for example, are subsidizing residential battery installations to create AI-orchestrated aggregations for peak demand periods, enhancing grid stability and promoting renewable energy integration. The North American IoT in energy market is projected to witness steady growth, driven by rapid digitalization and technological advancements. While the U.S. remains at the forefront of IoT adoption in the energy sector, Canada is quickly catching up, with significant investments in IoT for energy monitoring and management. The focus on internet-connected sensors and smart home meters in Canada is enhancing operational efficiency and reliability, positioning North America as a global leader in the transformative IoT energy sector.
Key Findings in IoT Advancements in the Energy Sector
Recent developments in IoT in energy market have significantly transformed the energy sector, enhancing efficiency and sustainability. IoT-enabled devices now allow for real-time monitoring and predictive maintenance, reducing operational interruptions and improving grid stability. Moreover, IoT facilitates the integration of distributed energy resources like residential solar panels and community battery storage, ensuring a seamless flow of energy and real-time adjustments based on consumption patterns.
Consumers are also benefiting from IoT advancements, gaining detailed consumption data that enables informed energy use decisions. This real-time monitoring supports participation in demand response programs, balancing supply and demand while reducing costs. Additionally, IoT technologies are crucial for integrating renewable energy sources into the grid, optimizing energy production, and contributing to a resilient infrastructure.
The financial commitment to IoT in energy market is substantial, with global IoT revenue projected to reach $59 billion by 2025. Leading companies like Duke Energy, EDF, and NextEra Energy are investing heavily in IoT solutions to enhance efficiency and support digital transformation. These investments are addressing critical challenges such as cybersecurity and data privacy, ensuring the widespread adoption of IoT technologies in the energy sector.
Prominent Players in the Global IoT in Energy Market
- Accenture
- Actility
- Altair
- Cisco Systems Inc.
- Flutura
- IBM Corporation
- Intel Corporation
- MEAZON
- Northwest Analytics Inc.
- PingThings
- SAP SE
- Schneider Electric SE
- Siemens
- Symboticware
- Telit
- ABB
- C3.AI
- Honeywell
- Hitachi Vantara
- Rockwell Automation
- Other Prominent Players
Market Segmentation Overview:
By Component
- Hardware
- Software/Platform
- Services
By Type
- Consulting Service
- Support And Maintenance
- Deployment And Integration
- Managed Service
- Professional Service
By Network Technology
- Cellular Network
- Satellite Network
- Radio Network
By Application
- Energy Management
- Power Distribution
- Mobile Workforce Management
- Asset and Equipment Monitoring
- Field Surveillance
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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