IoT in Energy Market - Global IoT in Energy Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 -

Description

IoT in Energy Market Set to Reach $114 Billion by 2030, Driven by Decarbonization Goals and Rising Investments

The global IoT in energy market is on an upward trajectory, poised to attain a remarkable valuation of $114 billion by the year 2030. This robust growth is anticipated to demonstrate a compelling CAGR of 19.4% during the period from 2023 to 2030, according to the latest report by [Your Company Name/Research Firm Name].

Key Market Trends and Drivers:

1. Decarbonization and Energy Efficiency: The energy sector is undergoing transformative reforms, emphasizing decarbonization, energy efficiency, and the adoption of IoT technology. IoT enables efficient energy transfer, storage, and distribution, contributing to lower electricity production costs, enhanced reliability, and efficiency.

2. Rising Enterprise Investments: The increasing investment by enterprises in various IoT projects is expected to drive the IoT in energy market to nearly $35 billion in the next few years. IoT is increasingly integrated into commercial and residential setups to monitor and regulate energy consumption efficiently.

3. IoT Adoption by Energy Companies: Energy companies are embracing IoT to reduce waste, improve system efficiency, and enhance overall energy sustainability. IoT-enabled devices and data analytics help in slashing energy wastage and reducing overall energy demand and consumption.

Major Growth Determinants:

Decarbonization Targets: The energy sector's focus on decarbonization and the adoption of IoT technology to meet energy efficiency goals are driving market growth. IoT facilitates two-way energy transfer, reducing electricity production costs and enhancing reliability.

Rising Adoption in the Energy Sector: The increasing adoption of IoT and AI in the energy industry, along with the deployment of smart grids for energy optimization, presents lucrative growth opportunities for the IoT in energy market.

High Productivity and Automation: IoT solutions enable better compliance with carbon emission regulations, generate less wasted energy, and support the efficient use of energy storage. This results in reduced carbon emissions and lower energy costs.

Major Growth Barriers:

Architectural Challenges: The unique architectural demands of IoT in the energy sector pose challenges for industry participants. Achieving the desired architectural design to promote scalability and interconnections remains a growth impediment.

Integration Complexity: Integrating IoT seamlessly with existing subsystems remains a challenge, leading to inconsistencies and a lack of standardization in deployments.

Privacy and Security Concerns: Concerns around user privacy and the security of IoT devices remain primary growth challenges for the IoT in energy market.

Top Segments:

Oil & Gas Industry: The oil & gas sector dominated IoT investments, accounting for over 45% of the market in 2022. Major oil companies, including BP, Equinor, ExxonMobil, Shell, and TotalEnergies, have adopted IoT technology to enhance their operations and increase business value.

Service Packages: The services segment led the market in terms of components, with over 30% revenue share in 2022. Service bundles that include hardware and software have gained popularity for specific needs and applications.

Asset Monitoring Application: Asset monitoring accounted for 24% of the market in terms of applications in 2022. IoT devices continuously capture data and provide actionable insights, helping organizations reduce maintenance costs and predict equipment issues.

Regional Outlook:

North America and Asia Pacific: North America, particularly the US, is a prominent user and supplier of IoT systems in various sectors, including oil & gas. The region is expected to maintain a significant market share, with Asia Pacific registering a robust CAGR of 19.5% during 2023-2030.

Europe: Europe, known for its strong presence in renewable energy, is likely to witness IoT growth in the renewable power sector. The share of IoT in renewable power is expected to increase in Europe by 2030.

Market Players in Global IoT in Energy Industry Space

SAP

IBM

Hiber

HCL Technologies

Accenture Plc

CISCO

Dell Technologies

Siemens

Intel

Infosys

Bosch

Rockwell Automation

1. Executive Summary

1.1. Global IoT in Energy Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Market Opportunities
- 2.2.4. Economic Trends
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. COVID-19 Impact
- 2.5.1. Supply Chain
- 2.5.2. End-use Industry Customer Impact Analysis

3. Price Trends Analysis, 2019 - 2030

4. Global IoT in Energy Market Outlook, 2019 - 2030

4.1. Global IoT in Energy Market Outlook, by Application, Value (US$ Mn), 2019 - 2030
- 4.1.1. Key Highlights
  - 4.1.1.1. Asset Monitoring
  - 4.1.1.2. Process Automation
  - 4.1.1.3. Fleet Management
  - 4.1.1.4. Tracking
  - 4.1.1.5. Plant Performance Optimisation
  - 4.1.1.6. Quality Control
  - 4.1.1.7. Condition Monitoring
  - 4.1.1.8. Predictive Maintenance
  - 4.1.1.9. Others
- 4.1.2. BPS Analysis/Market Attractiveness Analysis, by Application
4.2. Global IoT in Energy Market Outlook, by End-use Industry, Value (US$ Mn), 2019 - 2030
- 4.2.1. Key Highlights
  - 4.2.1.1. Oil & Gas
  - 4.2.1.2. Renewables
  - 4.2.1.3. Others
- 4.2.2. BPS Analysis/Market Attractiveness Analysis, by End-use Industry
4.3. Global IoT in Energy Market Outlook, by Component, Value (US$ Mn), 2019 - 2030
- 4.3.1. Key Highlights
  - 4.3.1.1. Hardware
  - 4.3.1.2. Software
  - 4.3.1.3. Services
- 4.3.2. BPS Analysis/Market Attractiveness Analysis, by Component
4.4. Global IoT in Energy Market Outlook, by Region, Value (US$ Mn), 2019 - 2030
- 4.4.1. Key Highlights
  - 4.4.1.1. North America
  - 4.4.1.2. Europe
  - 4.4.1.3. Asia Pacific
  - 4.4.1.4. Middle East & Africa
  - 4.4.1.5. Latin America
- 4.4.2. BPS Analysis/Market Attractiveness Analysis, by Region

5. North America IoT in Energy Market Outlook, 2019 - 2030

5.1. North America IoT in Energy Market Outlook, by Application, Value (US$ Mn), 2019 - 2030
- 5.1.1. Key Highlights
  - 5.1.1.1. Asset Monitoring
  - 5.1.1.2. Process Automation
  - 5.1.1.3. Fleet Management
  - 5.1.1.4. Tracking
  - 5.1.1.5. Plant Performance Optimisation
  - 5.1.1.6. Quality Control
  - 5.1.1.7. Condition Monitoring
  - 5.1.1.8. Predictive Maintenance
  - 5.1.1.9. Others
5.2. North America IoT in Energy Market Outlook, by End-use Industry, Value (US$ Mn), 2019 - 2030
- 5.2.1. Key Highlights
  - 5.2.1.1. Oil & Gas
  - 5.2.1.2. Renewables
  - 5.2.1.3. Others
5.3. North America IoT in Energy Market Outlook, by Component, Value (US$ Mn), 2019 - 2030
- 5.3.1. Key Highlights
  - 5.3.1.1. Hardware
  - 5.3.1.2. Software
  - 5.3.1.3. Services
5.4. North America IoT in Energy Market Outlook, by Country, Value (US$ Mn), 2019 - 2030
- 5.4.1. Key Highlights
  - 5.4.1.1. U.S. IoT in Energy Market, Value (US$ Mn), by Application, End-use Industry, Component, 2019 - 2030
  - 5.4.1.2. Canada IoT in Energy Market, Value (US$ Mn), by Application, End-use Industry, Component, 2019 - 2030

6. Europe IoT in Energy Market Outlook, 2019 - 2030

6.1. Europe IoT in Energy Market Outlook, by Application, Value (US$ Mn), 2019 - 2030
- 6.1.1. Key Highlights
  - 6.1.1.1. Asset Monitoring
  - 6.1.1.2. Process Automation
  - 6.1.1.3. Fleet Management
  - 6.1.1.4. Tracking
  - 6.1.1.5. Plant Performance Optimisation
  - 6.1.1.6. Quality Control
  - 6.1.1.7. Condition Monitoring
  - 6.1.1.8. Predictive Maintenance
  - 6.1.1.9. Others
6.2. Europe IoT in Energy Market Outlook, by End-use Industry, Value (US$ Mn), 2019 - 2030
- 6.2.1. Key Highlights
  - 6.2.1.1. Oil & Gas
  - 6.2.1.2. Renewables
  - 6.2.1.3. Others
6.3. Europe IoT in Energy Market Outlook, by Component, Value (US$ Mn), 2019 - 2030
- 6.3.1. Key Highlights
  - 6.3.1.1. Hardware
  - 6.3.1.2. Software
  - 6.3.1.3. Services
6.4. Europe IoT in Energy Market Outlook, by Country, Value (US$ Mn), 2019 - 2030
- 6.4.1. Key Highlights
  - 6.4.1.1. Germany IoT in Energy Market, Value (US$ Mn), by Application, End-use Industry, Component, 2019 - 2030
  - 6.4.1.2. Netherland IoT in Energy Market, Value (US$ Mn), by Application, End-use Industry, Component, 2019 - 2030
  - 6.4.1.3. U.K. IoT in Energy Market, Value (US$ Mn), by Application, End-use Industry, Component, 2019 - 2030
  - 6.4.1.4. Italy IoT in Energy Market, Value (US$ Mn), by Application, End-use Industry, Component, 2019 - 2030
  - 6.4.1.5. Russia & CIS IoT in Energy Market, Value (US$ Mn), by Application, End-use Industry, Component, 2019 - 2030
  - 6.4.1.6. Rest of Europe IoT in Energy Market, Value (US$ Mn), by Application, End-use Industry, Component, 2019 - 2030

7. Asia Pacific IoT in Energy Market Outlook, 2019 - 2030

7.1. Asia Pacific IoT in Energy Market Outlook, by Application, Value (US$ Mn), 2019 - 2030
- 7.1.1. Key Highlights
  - 7.1.1.1. Asset Monitoring
  - 7.1.1.2. Process Automation
  - 7.1.1.3. Fleet Management
  - 7.1.1.4. Tracking
  - 7.1.1.5. Plant Performance Optimisation
  - 7.1.1.6. Quality Control
  - 7.1.1.7. Condition Monitoring
  - 7.1.1.8. Predictive Maintenance
  - 7.1.1.9. Others
7.2. Asia Pacific IoT in Energy Market Outlook, by End-use Industry, Value (US$ Mn), 2019 - 2030
- 7.2.1. Key Highlights
  - 7.2.1.1. Oil & Gas
  - 7.2.1.2. Renewables
  - 7.2.1.3. Others
7.3. Asia Pacific IoT in Energy Market Outlook, by Component, Value (US$ Mn), 2019 - 2030
- 7.3.1. Key Highlights
  - 7.3.1.1. Hardware
  - 7.3.1.2. Software
  - 7.3.1.3. Services
7.4. Asia Pacific IoT in Energy Market Outlook, by Country, Value (US$ Mn), 2019 - 2030
- 7.4.1. Key Highlights
  - 7.4.1.1. China IoT in Energy Market, Value (US$ Mn), by Application, End-use Industry, Component, 2019 - 2030
  - 7.4.1.2. India IoT in Energy Market, Value (US$ Mn), by Application, End-use Industry, Component, 2019 - 2030
  - 7.4.1.3. Japan IoT in Energy Market, Value (US$ Mn), by Application, End-use Industry, Component, 2019 - 2030
  - 7.4.1.4. ASEAN IoT in Energy Market, Value (US$ Mn), by Application, End-use Industry, Component, 2019 - 2030
  - 7.4.1.5. Rest of Asia Pacific IoT in Energy Market, Value (US$ Mn), by Application, End-use Industry, Component, 2019 - 2030

8. Middle East & Africa IoT in Energy Market Outlook, 2019 - 2030

8.1. Middle East & Africa IoT in Energy Market Outlook, by Application, Value (US$ Mn), 2019 - 2030
- 8.1.1. Key Highlights
  - 8.1.1.1. Asset Monitoring
  - 8.1.1.2. Process Automation
  - 8.1.1.3. Fleet Management
  - 8.1.1.4. Tracking
  - 8.1.1.5. Plant Performance Optimisation
  - 8.1.1.6. Quality Control
  - 8.1.1.7. Condition Monitoring
  - 8.1.1.8. Predictive Maintenance
  - 8.1.1.9. Others
8.2. Middle East & Africa IoT in Energy Market Outlook, by End-use Industry, Value (US$ Mn), 2019 - 2030
- 8.2.1. Key Highlights
  - 8.2.1.1. Oil & Gas
  - 8.2.1.2. Renewables
  - 8.2.1.3. Others
8.3. Middle East & Africa IoT in Energy Market Outlook, by Component, Value (US$ Mn), 2019 - 2030
- 8.3.1. Key Highlights
  - 8.3.1.1. Hardware
  - 8.3.1.2. Software
  - 8.3.1.3. Services
8.4. Middle East & Africa IoT in Energy Market Outlook, by Country, Value (US$ Mn), 2019 - 2030
- 8.4.1. Key Highlights
  - 8.4.1.1. Saudi Arabia IoT in Energy Market, Value (US$ Mn), by Application, End-use Industry, Component, 2019 - 2030
  - 8.4.1.2. Iran IoT in Energy Market, Value (US$ Mn), by Application, End-use Industry, Component, 2019 - 2030
  - 8.4.1.3. UAE IoT in Energy Market, Value (US$ Mn), by Application, End-use Industry, Component, 2019 - 2030
  - 8.4.1.4. South Africa IoT in Energy Market, Value (US$ Mn), by Application, End-use Industry, Component, 2019 - 2030
  - 8.4.1.5. Rest of Middle East & Africa IoT in Energy Market, Value (US$ Mn), by Application, End-use Industry, Component, 2019 - 2030

9. Latin America IoT in Energy Market Outlook, 2019 - 2030

9.1. Latin America IoT in Energy Market Outlook, by Application, Value (US$ Mn), 2019 - 2030
- 9.1.1. Key Highlights
  - 9.1.1.1. Asset Monitoring
  - 9.1.1.2. Process Automation
  - 9.1.1.3. Fleet Management
  - 9.1.1.4. Tracking
  - 9.1.1.5. Plant Performance Optimisation
  - 9.1.1.6. Quality Control
  - 9.1.1.7. Condition Monitoring
  - 9.1.1.8. Predictive Maintenance
  - 9.1.1.9. Others
9.2. Latin America IoT in Energy Market Outlook, by End-use Industry, Value (US$ Mn), 2019 - 2030
- 9.2.1. Key Highlights
  - 9.2.1.1. Oil & Gas
  - 9.2.1.2. Renewables
  - 9.2.1.3. Others
9.3. Middle East & Africa IoT in Energy Market Outlook, by Component, Value (US$ Mn), 2019 - 2030
- 9.3.1. Key Highlights
  - 9.3.1.1. Hardware
  - 9.3.1.2. Software
  - 9.3.1.3. Services
9.4. Latin America IoT in Energy Market Outlook, by Country, Value (US$ Mn), 2019 - 2030
- 9.4.1. Key Highlights
  - 9.4.1.1. Brazil IoT in Energy Market, Value (US$ Mn), by Application, End-use Industry, Component, 2019 - 2030
  - 9.4.1.2. Mexico IoT in Energy Market, Value (US$ Mn), by Application, End-use Industry, Component, 2019 - 2030
  - 9.4.1.3. Venezuela IoT in Energy Market, Value (US$ Mn), by Application, End-use Industry, Component, 2019 - 2030
  - 9.4.1.4. Rest of Latin America IoT in Energy Market, Value (US$ Mn), by Application, End-use Industry, Component, 2019 - 2030

10. Competitive Landscape

10.1. Company Market Share Analysis, 2022
10.2. Strategic Collaborations
10.3. Company Profiles
- 10.3.1. SAP
  - 10.3.1.1. Company Overview
  - 10.3.1.2. Product Portfolio
  - 10.3.1.3. Financial Overview
  - 10.3.1.4. Business Strategies and Development
- 10.3.2. IBM
  - 10.3.2.1. Company Overview
  - 10.3.2.2. Product Portfolio
  - 10.3.2.3. Financial Overview
  - 10.3.2.4. Business Strategies and Development
- 10.3.3. HCL Technologies
  - 10.3.3.1. Company Overview
  - 10.3.3.2. Product Portfolio
  - 10.3.3.3. Financial Overview
  - 10.3.3.4. Business Strategies and Development
- 10.3.4. Accenture
  - 10.3.4.1. Company Overview
  - 10.3.4.2. Product Portfolio
  - 10.3.4.3. Financial Overview
  - 10.3.4.4. Business Strategies and Development
- 10.3.5. CISCO
  - 10.3.5.1. Company Overview
  - 10.3.5.2. Product Portfolio
  - 10.3.5.3. Financial Overview
  - 10.3.5.4. Business Strategies and Development
- 10.3.6. Dell Technologies
  - 10.3.6.1. Company Overview
  - 10.3.6.2. Product Portfolio
  - 10.3.6.3. Financial Overview
  - 10.3.6.4. Business Strategies and Development
- 10.3.7. Siemens AG
  - 10.3.7.1. Company Overview
  - 10.3.7.2. Product Portfolio
  - 10.3.7.3. Financial Overview
  - 10.3.7.4. Business Strategies and Development
- 10.3.8. Intel
  - 10.3.8.1. Company Overview
  - 10.3.8.2. Product Portfolio
  - 10.3.8.3. Financial Overview
  - 10.3.8.4. Business Strategies and Development
- 10.3.9. Infosys
  - 10.3.9.1. Company Overview
  - 10.3.9.2. Product Portfolio
  - 10.3.9.3. Financial Overview
  - 10.3.9.4. Business Strategies and Development
- 10.3.10. Bosch
  - 10.3.10.1. Company Overview
  - 10.3.10.2. Product Portfolio
  - 10.3.10.3. Financial Overview
  - 10.3.10.4. Business Strategies and Development
- 10.3.11. Rockwell Automation
  - 10.3.11.1. Company Overview
  - 10.3.11.2. Product Portfolio
  - 10.3.11.3. Financial Overview
  - 10.3.11.4. Business Strategies and Development

11. Appendix

11.1. Research Methodology
11.2. Report Assumptions
11.3. Acronyms and Abbreviations