Rising incidence of energy consumption is expected to drive the global IOT in energy market. The global Internet of Things (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.
Rapid growth of urbanization across the globe is changing the way of using devices and things present in the technological environment. Internet of Things (IOT) in Energy Market sector includes the devices and software which have connectivity feature with internet. The devices are embedded with sensors, chips, and others to enhance the user's experience and to increase the operational efficiency of the operations in energy sector. These devices and software are efficient to operate various tasks with less time consuming methods. The growing need of internet enabled devices and rising need of internet connectivity are some of the major factors which are anticipated the positive growth of internet of things in energy sector globally.
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IoT implication in energy industry has already shown remarkable results in the many countries, USA’s energy consumption rate remained stable for year in a row. This was possible due to lower electricity demand and energy efficiency improvement, it’s a result of IOT devices utilization in energy market. Similarly, according to Global Energy Statistical Yearbook 2018, global energy intensity declined by 1.2% in 2017. This indicates that the cost of energy decreases as compare to 2016. If the same trend will be reflected in future, Internet of Things (IOT) in Energy Market will show rapid growth.
IOT devices are responsible for process optimization, resource management, and performance monitoring. All these functions as a whole contributes to optimum utilization of energy and reduces the waste rate of energy. IOT utilization in energy industry will grow at rapid rate due to high efficiency offered by various IT solutions.
Cellular networks are most widely used in energy industry because of high level connectivity offered by the same. With increasing advancements in cellular networks in terms of bandwidth will result in increasing adoption, thus market growth over the forecast period.
The detailed research study provides qualitative and quantitative analysis of global automated breast ultrasound systems market. The Internet of Things (IOT) in Energy Market has been analyzed from the scope of demand as well as supply. The analysis of demand covers market revenue across regions and further also across all the major countries. The analysis of supply covers the major Internet of Things (IOT) in Energy Market players and their regional and global presence and strategies. The geographical analysis emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
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Internet of Things (IOT) in Energy Market Key Market Segments:
Market By Offerings:
- 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 (IOT) in Energy Market held largest market share owing to rapid implementation of IT in energy industry. However, over the forecast period
- Asia Pacific Internet of Things (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 Internet of Things (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.
Internet of Things (IOT) in Energy Market By Network Technology:
- Energy Management
- Power Distribution
- Mobile Workforce Management
- Asset and Equipment monitoring
- Cellular Network
- Satellite Network
- Radio network
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