Market Research Report
Global Internet of Energy Market: Focus on Industry Streams (Oil & Gas, Power), Applications (Fleet & Asset Management, Preventive Maintenance, Energy Management), Use Cases, Solutions, Stakeholder Analysis - Analysis and Forecast 2019-2024
|Published by||BIS Research Inc.||Product code||910883|
|Published||Content info||280 Pages
Delivery time: 1-2 business days
|Global Internet of Energy Market: Focus on Industry Streams (Oil & Gas, Power), Applications (Fleet & Asset Management, Preventive Maintenance, Energy Management), Use Cases, Solutions, Stakeholder Analysis - Analysis and Forecast 2019-2024|
|Published: September 9, 2019||Content info: 280 Pages||
Global Internet of Energy Market to Grow at a CAGR of 21.05% from 2019-2024
The Global Internet of Energy Industry Analysis by BIS Research projects the market to grow at a significant CAGR of 21.05% during the forecast period from 2019 to 2024. The market growth is expected to be driven by the rising concern for energy efficiency, growing market penetration of decentralized power generation, as well as the need to prevent cyber-attacks.
The increasing demand for energy efficiency across the globe has propelled the need for Internet of Energy. Moreover, there is an increased concern for decentralized power generators in the electricity distribution supply chain to reduce the electricity demand. The growth of the market is likely to be encouraged by increasing cyber-attacks on the communication infrastructure, leading to the loss of energy.
"Energy management, asset and equipment monitoring, and field surveillance are the major applications of IoE in the power industry. In 2018, the energy management application accounted for more than 40% of the total Internet of Energy in power market. During the forecast period, asset and equipment monitoring application is expected to display the highest growth of 25.01% owing to the increasing concerns over cyber-attacks on the electrical equipment across the supply chain."
The Internet of Energy market research provides a detailed perspective regarding the applications, its value and estimation, among others. The purpose of this market analysis is to examine the Internet of Energy market in terms of factors driving the market, trends, technological developments, and funding scenario, among others.
The report further takes into consideration the market dynamics and the competitive landscape along with the detailed financial and product contribution of the key players operating in the market. The Internet of Energy market report is a compilation of different segments including market breakdown by application, industry stream, and region.
The Internet of Energy is based on various application catered to the oil and gas and power industry. The oil and gas industry applications include fleet and asset management, preventive maintenance, pipeline monitoring, and security management. Similarly, the power industry applications include energy management, asset and equipment monitoring, and field surveillance. Fleet and asset management in the oil and gas industry and energy management in the power industry accounted for the largest share in the market as a result of the increasing demand for asset security and continuous power supply, worldwide. During the forecast period, preventive maintenance in the oil and gas industry is expected to display the highest growth, owing to the increasing demand for operational efficiency to fulfill the energy requirement.
The emerging trends of the Internet of Energy market vary across different regions. In 2018, North America was at the forefront of the market, with huge market concentration in the U.S. During the forecast period, Asia-Pacific region is expected to flourish as one of the most lucrative markets for Internet of Energy. Rising demand for decentralized power generation drive the growth of Internet of Energy market. Regions such as South America and Middle East are also expected to exhibit significant growth opportunities for Internet of Energy due to the increased optimism in the economic conditions in these countries.
The prominent players in the Internet of Energy market include General Electric Company, Siemens AG, Schneider Electric, ABB Ltd, Honeywell International, Rockwell Automation, Ingersoll Rand Plc, Microsoft Corporation, Cisco Systems, IBM Corporation, Intel Corporation, Huawei Technologies, and HCL Technologies, and Telit Communications PLC.