What Has Been The Historical And Current Growth Of The Internet Of Things (IoT) In Energy Market?
The internet of things (iot) in energy market has seen considerable growth due to a variety of factors.
• The energy market for the Internet of Things (IoT) has witnessed rapid expansion in recent times. The market size is predicted to jump from $25.97 billion in 2024 to $28.68 billion in 2025, indicating a compound annual growth rate (CAGR) of 10.4%. This historical growth trend can be linked back to various factors such as the evolution of smart grids, the need to minimize costs, escalating energy demand, initiatives toward grid modernization, and environmental issues.
What are the Market Size and Expected Growth Rates for the Internet Of Things (IoT) In Energy Market?
The Internet Of Things (IoT) In Energy market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the Internet of Things (IoT) market in energy is predicted to undergo a swift expansion in the upcoming years. The market, observing a compound annual growth rate (CAGR) of 13.4%.
, is set to reach a value of $47.41 billion by 2029. This predicted surge during the forecast period can be credited to factors such as real-time asset tracking, decentralized power production, an influx of IoT devices, measures to lessen climate change effects, and energy management systems. Additionally, the forecast period is likely to witness major trends like adaptive energy management, data-driven energy consumption, blockchain usage for energy dealings, incorporation of renewable energy sources, and smart buildings enabled by IoT.
Which Key Drivers Are Propelling The Internet Of Things IoT In Energy Market's Growth?
The projected growth of internet of things (IoT) in the energy sector is primarily attributed to the escalating embrace of energy management. As a proactive, coordinated, and planned approach to energy use, energy management involves procurement, modification, distribution, and utilization of energy to fulfill needs whilst prioritizing environmental and fiscal aims. IoT-informed energy management systems leverage real-time power usage data in the energy industry to fine-tune electricity consumption, gradually shifting towards cost-effective and resource-saving methods while formulating efficient, eco-friendly energy use strategies based on consumption routines. This escalates the necessity for IoT solutions in the energy sector. To illustrate, a 2022 report by the Federal Statistical Office of Germany, a Germany-based statistics federal authority, suggested that 10% (or 1 in 10) of German households utilized smart energy management systems, such as intelligent thermostats, electricity meters and lighting, to conserve energy. Consequently, the swell in energy management adoption is spurring the demand for IoT in the energy market.
What Are The Key Segments Within The Global Internet Of Things IoT In Energy Market?
The internet of things (IoT) in energy market covered in this report is segmented –
1) By Component: Solution, Platforms, Services
2) By Technology: Cellular Network, Satellite Network, Radio Network, Other Technologies
3) By Application: Energy Generation, Energy Consumption, Network Security, Email Security, Database And Cloud Security, Other Applications
Subsegments:
1) By Solution: Smart Metering Solutions, Energy Management Solutions, Predictive Maintenance Solutions, Demand Response Solutions
2) By Platforms: IoT Platforms For Energy Management, Data Analytics Platforms, Cloud-Based Platforms, Connectivity Platforms
3) By Services: Consulting Services, Implementation Services, Maintenance And Support Services, Training And Education Services
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How Are New Trends Impacting The Size Of The Internet Of Things IoT In Energy Market?
The innovation of products is a significant trend in the energy sector of the Internet of Things (IoT). To maintain their place in the market, key organizations involved in IoT in energy sectors concentrate on creating inventive solutions. In illustration, ABB Ltd., a tech firm based in Switzerland, introduced an advanced energy management system, ABB Ability OPTIMAX, in November 2022. The system aids in reducing production costs by delivering immediate updates on energy usage throughout various processes. Green hydrogen, made via electrolysis, which divides water into hydrogen and oxygen powered by renewable energy, is largely viewed as a vital energy resource for a low-carbon future. Every phase of a hydrogen plant's lifespan is assisted by ABB's OPTIMAX, including design and engineering simulation phases to real-time visualization and monitoring during operation. The platform tracks carbon dioxide emissions and bidirectional power flows, supplying operators with relevant information for determining the optimal energy consumption levels required to maintain plant operations and minimize waste.
Who Are the Key Players In The Internet Of Things IoT In Energy Market?
Major companies operating in the internet of things (IoT) in energy market include:
• Cisco Systems Inc.
• International Business Machines Corporation
• Intel Corporation
• SAP SE
• AGT International
• Davra Networks
• HCL Technologies Limited
• Accenture PLC
• Google LLC
• Altair Engineering Inc.
• Siemens AG
• Schneider Electric SE
• Rockwell Automation Inc.
• Asea Brown Boveri Ltd.
• Aclara Technologies LLC
• C3.ai Inc.
• Honeywell International Inc.
• Vodafone Group PLC
• Duke Energy Corporation
• Enel S.p.A.
• Électricité de France
• Pacific Gas and Electric Company
• National Grid PLC
• Southern Company
• Carriots SL
• Flutura Business Solutions LLC
• Maven Systems Private Limited
• Wind River Systems Inc.
What Are The Regional Insights Into The Internet Of Things IoT In Energy Market?
North America was the largest region in the k market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global internet of things (IoT) in energy market during the forecast period. The regions covered in the internet of things (IoT) in energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
