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 IOT 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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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, 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.
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Key Findings of the Report:
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- 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 IoT 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.
By Network Technology:
- Energy Management
- Power Distribution
- Mobile Workforce Management
- Asset and Equipment monitoring
- Cellular Network
- Satellite Network
- Radio network
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