Internet of Things (IoT) in Energy Market, by Component (Hardware and Software), Solution (Services and Connectivity &Integrated), Application (Energy Generation and Energy Consumption), End-User (Food Processing, Pulp & Paper, Chemical, Metal & Oil Refining, Gas & Mining: Global Opportunity Analysis and Industry Forecast, 2020–2027

The internet of things in the energy market will witness growth, mainly because of the adoption of integrated green energy and optimization of asset management. Enhancing business performances and affordability offered by IoT in energy management systems are accelerating technological advances and growing demand for IoT in the energy market. In the comprehensive fields such as consumer electronics and chemical industry, IoT energy management systems are widely popular. 

Internet of Things in Energy Market, Analysis:

IoT in energy management systems is utilized to monitor and manage energy consumption and generation. It is easy to maintain and simple to use. IoT in energy or the internet of energy refers to the updating and robotizing of electronic equipment for energy makers and producers. The energy sector is largely impacted by the internet of things (IoT). The expanding interest in proactive security solutions for protecting organizations from online security threats and expanded operational proficiency are crucial factors for the rising demand for IoT in the energy market.

Energy conservation is expected to drive the global internet of things in the energy market:

IoT in the energy management system reduces energy consumption and provides improved energy services. It focuses on optimizing the means of power production as well as generating data information from
connected devices. The scarcity of natural resources that produce energy and increasing wastage of energy have drawn the consideration of adopting IoT in energy management systems. Furthermore, the government acts like the Energy Conservation Act, which has made energy conservation mandatory. Compulsory government acts have made energy-intensive industries to adopt IoT in energy management systems in order to meet government regulations. Energy conservation is projected to drive the growth of the global IoT in the energy market in the forecasted period. 

Implementing new sustainable distributed energy resources into old grids is anticipated to be challenging for the global internet of things in the energy market: 

Coordinating new maintainable Distributed Energy Resources (DER), to distribute centralized energy into the old network grids can act as a barrier. Advancing innovation has broadened the network, including new methods of network generation and two-way power streams. Replacing an old power grid involves the cost of installation, labor work, employee training sessions, and adaptation of new techniques. This can cause a negative impact on the overall IoT in the energy market as some organizations may be rigid and unfavorable towards change.  

The diverse market needs to create enormous opportunities for the global internet of things in the energy market:

The market today consists of multiple groups that have various needs. IoT in energy market providers such as Intel and Infosys offers custom-made management systems for each organization. Energy consumption can be altered, monitored, and recorded in real-time for the ultimate optimization of energy. Energy data stored in cloud-based platforms can be analyzed for energy conservation and reporting. IoT in the energy management system capable of fulfilling the market’s diverse needs is foreseen to serve as an opportunity in the near future.

Internet of Things in Energy Market, by Components:

The software will be most lucrative till 2027

By components, IoT in the energy market is classified into hardware and software. Hardware includes smart thermostats, smart meters, EV charging stations, and other types of hardware. On the other hand, the software includes analytical software, digital platforms, middleware, and other types of software. The software component dominated the market and is foreseen to grow during the forecast period due to the increasing preference of digital platforms over traditional modes by various organizations. 

Internet of Things in Energy Market, by Solutions:

Service solutions will be the fastest-growing segment until 2027

On the basis of solutions the internet of things in the energy market is segmented into services and connectivity & integrated solutions. Service solution includes managed services and professional services. Connectivity & integrated solutions include security, monitoring & controlling, product optimization, and other types of connectivity & integrated solutions. These solutions allow efficient asset management such as enhanced range, efficiency, and analysis of performance. The services solutions segment holds a major share in the global market and is foreseen to grow in the forecasted period.

Internet of Things in Energy Market, by Applications:

Energy consumption is projected to be the highest growing till 2027

By applications, IoT in the Energy market is bifurcated into energy generation and energy consumption. Energy generation includes energy system management, automated processes, increased efficiency, and disaster prevention. Alternatively, energy consumption includes smart energy meters, smarter buildings & grids, and reduced downtime. Energy consumption is expected to grow due to the increasing demand for electricity and gas in the predicted period. 

Internet of Things in Energy Market, by End-Users:

Oil and gas industry projected to be the fastest growing till 2027

IoT in the energy market on the basis of end-users is classified into food processing, pulp & paper, chemical, metal & oil refining, and gas & mining, these are energy-intensive industries. According to the U.S. Energy Information Administration, the bulk chemical industry, the refining industry, and the mining industry combined represented about 58% of all-out U.S. industrial energy consumption. The oil and gas industry is expected to be the fastest-growing industry in IoT in the energy market due to advanced technological development and cost-cutting factor.

Internet of Things in Energy Market, by Region:

Asia-Pacific region to dominate the market shares in the global IoT in the energy market

IoT in the energy market is analyzed across North America, Europe, Asia -Pacific, and LAMEA regions. Asia-Pacific region has the fastest-growing market due to the rising adaptation of smart energy management and regulatory obligations. The major countries with a heavy IoT grip in energy management are China, Japan, Australia, and South Korea, with China being the largest importer. In addition, with the highest number of plants in these regions, the IoT requirement in energy management systems has equally developed. 

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Key Participants in the Global Internet of Things in Energy Market:

Merger & acquisition and advanced product development are the frequent strategies followed by the market players

Some of the major key IoT players in the energy market include International Business Machines Co., Actility, ASEA Brown Boveri, AGT Group GmbH, Cisco Systems Inc., IMB Development Co., Intel Co., SAP SE, HCL Technologies Ltd., Infosys Ltd, and others. Market players prefer inorganic growth strategies to expand into local markets. IoT players in the energy market are emphasizing more on merger & acquisition and advanced product development. These are the frequent strategies followed by established organizations. To emphasize more on the competitor analysis of market players, Porter’s five forces model is explained in the report.

Source: Research Dive Analysis