IoT in Energy Market Size, Status and Industry Outlook During to 2023-2030
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The Internet of Things (IoT) in the energy sector is set to witness substantial growth, with market size projected to reach an impressive valuation of US$114 billion by the end of 2030. This prediction is supported by a robust Compound Annual Growth Rate (CAGR) of 19.4% during the period from 2023 to 2030, according to a recent report titled "Global IoT in Energy Market, 2019-2030."
Read More Industry:
https://www.fairfieldmarketresearch.com/report/iot-in-energy-market
Key Market Highlights:
· Explosive Growth in the IoT Industry: The IoT industry has seen remarkable growth, surpassing the US$0.7 trillion revenue mark in 2020, and is poised to reach over US$4 trillion by 2030.
· Post-Pandemic Industry Requirements: The COVID-19 pandemic dramatically shifted industry requirements, leading to accelerated investments in IoT, particularly in the energy sector.
· North America Dominates Market: In 2022, North America accounted for 43.3% of the global IoT in energy market valuation. However, Asia Pacific is expected to register a stronger CAGR of 19.5% during 2023-2030.
· Application and End-User Breakdown: Asset monitoring constituted 23.7% share in 2022 in terms of application, while the oil & gas segment comprised over 43.5% share in the same year in terms of end-user industry. Services led the market with around 39.2% revenue share in 2022 based on the component.
· Leading Companies Embrace IoT: Companies like Euronav, the largest independent crude oil tanker operator globally, are leveraging IoT-based platforms to enhance operational efficiency, predictive maintenance, and communication.
Key Growth Drivers:
· Decarbonization and Enhanced Productivity: IoT plays a pivotal role in achieving decarbonization targets, improving energy efficiency, and adopting new digital energy market models, leading to lower electricity production costs and enhanced reliability.
· Rising Adoption in the Energy Sector: Increased adoption of IoT and AI in the energy industry, coupled with the deployment of smart grids, creates lucrative growth opportunities.
· High Productivity, Automation, and Real-time Monitoring: IoT solutions help reduce wasted energy, enable energy load balancing, and enhance overall efficiency by gathering actionable insights from sensor devices and gateway connectivity.
Key Challenges:
· Workforce Skills and Data Privacy: The shortage of skilled workers and concerns surrounding data privacy pose challenges to market growth.
· Integration Complexity: Integrating IoT devices into the energy grid can be complex, requiring specialized expertise and investment.
· Adoption Hurdles in Oil & Gas: Many oil & gas companies are hesitant to adopt IoT solutions due to cost concerns and uncertainty about their operational benefits.
Top Market Segments:
· Oil & Gas Industry Leads IoT Investments: In 2022, the oil & gas sector dominated the market, constituting over 45% share, with leading companies like BP, Equinor, ExxonMobil, Shell, and TotalEnergies embracing IoT.
· Growing Demand for IoT Service Packages: Services, comprising hardware and software bundles, accounted for over 30% share in 2022 in terms of components.
· Asset Monitoring Application Dominates: Asset monitoring constituted 24% share of the market in 2022, enabling organizations to reduce maintenance costs and predict equipment issues.
Regional Outlook:
· North America and Asia Pacific: North America accounted for over 40% of the global IoT in energy market in 2022, while Asia Pacific is expected to exhibit strong growth.
· Europe's Embrace of Renewable Energy: Europe, strong in renewable energy, is likely to witness IoT's growing role in renewable power by 2030.
Competitive Landscape:
The global IoT in energy market features a consolidated landscape with a few major players. Companies such as SAP, IBM, Hiber, HCL Technologies, Accenture Plc, CISCO, Dell Technologies, Siemens, Intel, Infosys, Bosch, and Rockwell Automation are leading the way in this dynamic sector.
Global IoT in Energy Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Application Coverage, By End-user Industry Coverage, By Component Coverage, By Geographic Coverage and Leading Companies):
https://www.fairfieldmarketresearch.com/report/iot-in-energy-market
Read Our Reports:
IoT in Energy Market
https://www.linkedin.com/pulse/iot-energy-market-future-trends-demands-opportunities-chhavi-rajawat-xejzf
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