Regional Collaboration among Governments and Corporations to Accelerate the Internet of Energy Utility Adoption in the APAC Region!
- Himanshu Patni
- November 24, 2023
- ENERGY & POWER, NEWS
- Internet of Energy Market, Internet of Energy Market Share, Internet of Energy Market Trends
- 0 Comments
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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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.
APAC Internet of Energy Market Revenue (2020-2030)- USD Bn
· 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.
· 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.
· 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.
· 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.
For a detailed analysis of the Global Internet of Energy Market browse through – https://univdatos.com/report/internet-of-energy-market/
Global Internet of Energy Market Segmentation
Market Insight, by Component
· Platform
· Solutions
· Services
Market Insight, by Service
· Consulting
· Integration and Deployment
· Support and Maintenance
Market Insight, by Application
· Oil and Gas
· Coal Mining
· Smart Grid
Market Insight, by Solution
· Asset Management
· Data Management & Analytics
· SCADA
· Energy Management
Market Insight, by Region
· North America
o U.S.A.
o Canada
o Rest of North America
· Europe
o Germany
o Italy
o United Kingdom
o France
o Spain
o Rest of Europe
· APAC
o China
o Japan
o Australia
o India
o Rest of APAC
· Rest of the World
Top Company Profiles
· Cisco Systems
· AGT International
· Altair Engineering
· Intel Corporation
· IBM Corporation
· Davra Networks
· Wind River
· Schneider Electric SE
· SAP SE
· ABB Ltd
