Emphasis on Component (Platform, Solutions, and Services); Service (Consulting, Integration and Deployment, and Support and Maintenance); Application (Oil and Gas, Coal Mining, and Smart Grid); Solution (Asset Management, Data Management & Analytics, SCADA, and Energy Management); and Region/Country
The Internet of Energy Market is expected to grow at a strong CAGR of 11.2% during the forecast period(2023-2030). It is mainly owing to the government programs and incentives to promote cleaner renewable and increasing consumption of electricity globally. Utilities can realize most of this potential by three means: smart meters & the smart grid, digital productivity tools for employees, and automation of back-office processes. IoT simplifies the process of energy monitoring and management while maintaining a low cost and high level of precision. It addresses all points of an organization’s consumption across devices. Its depth of analysis and control provides organizations with a strong means of managing their consumption for cost-shaving and output optimization. IoT systems discover energy issues in the same way as functional issues in a complex business network and provide solutions.
The analytics and action delivered by IoT also help to ensure system reliability. Beyond consumption, IoT prevents system overloads or throttling. It also detects threats to system performance and stability, which protects against losses such as downtime, damaged equipment, and injuries. For instance, General Electric Company utilized the IoE technology, the company launched its own startup, pairing LEDs and solar panels with software. GE announced Current, a first-of-its kind energy company that integrates General Electric’s LED, Solar, Energy Storage and Electric Vehicle businesses with its industrial strength Predix platform to identify and deliver the most cost-effective, efficient energy solutions required by customers. This allows the system to gather data to apply insights to corporate operations that aim to increase savings related to lighting and productivity.
Some of the major players operating in the market are Cisco Systems, AGT International, Altair Engineering, Intel Corporation, IBM Corporation, Davra Networks, Wind River, Schneider Electric SE, SAP SE, and ABB Ltd.
Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Component, the Solutions segment held a dominating share of the market in 2022”
Based on Component, The Internet of Energy market is divided into Platform, Solutions, and Services segments. The solutions segment acquired a majority share in the Internet of Energy market and is expected to showcase a substantial growth rate during the forecast period. The Internet of Things is highly implemented in the power and energy generation sector. The solutions segment helps the energy sector helps in energy generation, efficiency, and effectiveness.
“Amongst Service, the integration and deployment segment held a dominating share of the market in 2022”
Based on Service, the Internet of Energy market is segmented into Consulting, Integration & Deployment, and Support & Maintenance segments. The integration and deployment segment captured the biggest market share in the Internet of Energy market during the forecast period as most countries are developing, modifying, and upgrading their power grids to cope with future demand. Countries such as China and India are contributing heavily to the growth of the Internet of Energy market during the forecast period due to massive investments by them to develop their electricity grid during the projected period. China is one of the biggest markets for the Internet of Energy globally during the forecast period due to its cost-effective smart meters manufacturing capability and plans to develop a high number of smart grid clusters.
Internet of Things Market Report Coverage
“Amongst Application, the Oil & Gas segment held a dominating share of the market in 2022”
Based on Application, the Internet of Energy market is segmented into Oil & Gas, Coal Mining, and Smart Grid segments. The Oil & Gas segment captured the biggest market share in the Internet of Energy market during the forecast period. Oil & Gas is the most capital-intensive segment in the Internet Of Energy market, these energy companies are continuously updating their software technology and improving their process to sustain in the market. The implementation of the Internet of Energy has helped these companies sustain their profit and drop their oil prices. These IoT solutions can be deployed for remote monitoring on oil rigs and maintain pipeline integrity. IoT helps in the remote monitoring of operations and end-to-end process in oil & gas facilities, this detects potential accidents and leads to higher efficiency.
“Amongst Solutions, the Energy Management segment is expected to grow at a significant rate in Internet of Things Market during the forecast period”
Based on Solutions, the Internet of Energy market is segmented into Asset Management, Data Management & Analytics, SCADA and Energy Management segments. The Energy Management segment would grow at a significant rate in the Internet of Energy market during the forecast period. Rapid industrialization and urbanization are driving the Internet of Energy market, and growing energy consumption from countries like India and China is acting as a catalyst in the growth of the aforementioned market. Whereas concerns regarding data privacy and security are hindering the growth of the market in the region.
“APAC dominated the Internet of Things market in 2022”
APAC registered the highest market share in the Internet of Energy market and is expected to witness an influential CAGR in the forecasted period. It is mainly owing to expansion and upgradation of energy (renewable energy included) projects taking place in China, India, Australia, South Korea, and Japan. Moreover, favorable government policies, regulations, and investments in achieving renewable energy targets set by various countries are driving the market. China has become the largest player in the Internet of Energy market due to massive investments from the State Grid in the North and China Southern Power Grid in the South. The Chinese government has set targets for the share of non-hydro renewables of up to 25.9% in 2030 and 36.0% in 2035, expanding its total installed capacity of wind and solar power to over 1 200 GW by 2030. Massive investments with high targets of power generation will act as a catalyst in the growth of the APAC Internet of Energy Market during the forecast period.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Key Insights
4. Executive Summary
5. Impact Of Covid-19 On The Internet Of Energy Market
6. Internet Of Energy Market Revenue (usd Bn), 2020-2030f
7. Market Insights By Component
8. Market Insights By Service
9. Market Insights By Application
10. Market Insights By Solution
11. Market Insights By Region
12. Internet Of Energy Market Dynamics
13. Internet Of Energy Market Opportunities
14. Internet Of Energy Market Trends
15. Demand And Supply-side Analysis
16. Value Chain Analysis
17. Competitive Scenario
18. Companies Profiled
19. Disclaimer
Research Methodology for the Internet of Things Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Internet of Things market were the three major steps undertaken to create and analyze the adoption of Internet of Things in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Internet of Things market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Internet of Things market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Internet of Things market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as Components, Services, Applications, and Solutions. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Internet of Things market. Further, we conducted factor analysis using dependent and independent variables such as Components, Services, Applications, and Solutions of the Internet of Things market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Internet of Things market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Internet of Things market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Internet of Things market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of Components, Services, Applications, and Solutions in the global Internet of Things market.
The main objective of the Global Internet of Things Market Study
The current & future market trends of the global Internet of Things market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
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