PUBLISHER: Inkwood Research | PRODUCT CODE: 1078464
PUBLISHER: Inkwood Research | PRODUCT CODE: 1078464
The global IoT in energy & utility applications market is set to project a CAGR of 10.39% during the forecast period, 2022-2030. The market growth is enabled by the increasing consumption and demand for energy generation, emphasis on a greener environment, growing consumer focus on energy consumption, and improvement in the operations of the oil & gas industry,
An increase in globalization in emerging countries, growing income levels, and higher rates of upward mobility are driving the need for higher energy consumption and therefore supporting the demand of IoT in energy & utility applications. Moreover, traditional energy production and supply methods are not sufficient to address growing demand. In contrast, IoT increases efficiency and reduces operational costs, hence easing the adoption of IoT infrastructure among companies.
Further, enterprises face disintegration and new challenges with rapidly evolving technologies where every device is inter-connectable. IoT provides the solution they require by collecting data, offering interoperability, and an end-to-end collaboration between the internet and devices. The application eases the overall operations, securing a rapidly growing demand among various industries.
The global IoT in energy & utility applications market evaluation entails the assessment of North America, Asia-Pacific, Europe, and Rest of World. Asia-Pacific is predicted to propel with the highest CAGR by 2030, owing to the high demand for energy across various sectors and government initiatives to achieve energy efficiency.
Industry rivalry in IoT in the energy & utility application market is comparatively high as the existing players have strongly penetrated the market and possess successful strategies to develop new and innovative products to secure their position among the competitors.
Some of the key market players include: Schneider Electric SE, General Electric Company, Siemens Aktiengesellschaft, SAS Institute INC, SAP SE, etc.