Rising incidence of energy consumption is expected to drive the global IOT in energy market. The global IOT in energy market is estimated to reach a market value of US$ 30,165.5 in 2019 and is forecast to reach US$ 108,298.5 by 2027, growing at an estimated CAGR of 17.3% over the forecast period.
Increasing energy consumption, wastage of energy, low rate of production is major reason behind the increase in use of Internet of Things in Energy Market .
According to the survey of Eastern peak, consumption of energy is expected to increase by 40% worldwide. According to Global Energy Statistical Yearbook 2018, China have the highest energy consumption rate and is got doubled in 2017 as compared to 2016. To fulfill future consumption rate, resources are to be managed so that they can last for long period of time. Therefore, IOT’s involvement in energy sector is a remarkable move. In 2018, total energy consumption is increased to 2.9% worldwide as compared to 2017 and energy production rate have a slight change. IOT devices plays role in managing this deviation in production and consumption of energy.
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The digital evolution revolves round the advancement of sensible grids, distributed power generation and economical use of renewable resources. Fast industrial enterprise within the energy sector embraces the property of energy consumption and energy management ideas. Enterprises in us have initiated the applying of IoT connected devices to permit watching and economical usage of energy.
The Global Internet of Things in Energy Market is predicted to grow powerfully throughout the forecast amount. The report provides key statistics on the market conditions of key market players and offers key trends and opportunities within the market. Key market players influencing the market are profiled within the study together with their SWOT analysis and market methods.
Key Findings of the Report:
- Currently, cellular networks for various energy management applications accounts for largest share, however, over the forecast period, satellite network market segment will grow at a robust CAGR over the forecast period
- North America Internet of Things in Energy Market held largest market share owing to rapid implementation of IT in energy industry. However, over the forecast period
- Asia Pacific IoT in energy market is estimated to grow with highest CAGR of over 17% during the forecast period. Increasing adoption of devices and implications of IT in countries such as India and China will attribute to rapid growth.
- Key industrial participants in global IOT in Energy market are Accenture, Actility, Altair Engineering Inc., Cisco Systems Inc., Flutura, IBM Corporation, Intel, Meazon, Northwest Analytics Inc., Ping Things, SAP SE, Schneider Electric, Siemens, SYMBOTICWARE Inc., Telit, Wind River Systems Inc., and other industry participants.
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Internet of Things in Energy Market By Offerings
By Network Technology
- Cellular Network
- Satellite Network
- Radio Network
- Energy Management
- Power Distribution
- Mobile Workforce Management
- Asset and Equipment Monitoring
- Field Surveillance
Internet of Things in Energy Market By Region
- North America
- Rest of North America
- The UK
- Nordic Countries
- The Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
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