Internet of Things (IoT) in Energy Market to Reach USD 68.2 Billion by 2031 Owing to Rapid Growth in Digitization of Energy Industry | SkyQuest Technology
WESTFORD, Mass., July 3, 2024 /PRNewswire/ -- According to SkyQuest, the global Internet of Things (IoT) in Energy Market size was valued at USD 25.2 billion in 2022 and is poised to grow from USD 28.1 billion in 2023 to USD 68.2 billion by 2031, growing at a CAGR of 11.7% in the forecast period (2024-2031).
Growing use of automation in the energy industry is forecasted to bolster the demand for internet of things (IoT) in energy over the coming years. Deployment of smart meters and rising demand for smart grid integration are also predicted to create new opportunities for internet of things (IoT) in energy providers in the future. The global internet of things (IoT) in energy market is segmented into component, network technology, organization size, application, and region.
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Internet Of Things (IoT) In Energy Market Overview:
Report Coverage | Details |
Market Revenue in 2023 | $ 28.1 Billion |
Estimated Value by 2031 | $ 68.2 Billion |
Growth Rate | Poised to grow at a CAGR of 11.7% |
Forecast Period | 2024–2031 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Component, Application and Technology |
Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
Report Highlights | High use of smart meters in the energy sector |
Key Market Opportunities | Development of satellite networks to improve IoT connectivity for energy applications |
Key Market Drivers | Grid modernization is estimated to bolster the demand for internet of things (IoT) in energy |
Segments covered in Internet of Things (IoT) In Energy Market are as follows:
- Component
- Platform, Solutions and Services
- Application
- Oil & Gas, Smart Grid, and Cool Mining
- Technology
- Cellular Network, Satellite Network, Radio Network and Others
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Most Internet of Things (IoT) Devices in Energy Sector Connect through Cellular Network
Most IoT devices and components can be connected using a cellular network as cellular infrastructure is already established. Cellular networks offer connectivity for mobile IoT devices and systems used in the energy sector. Growing demand for better connectivity for automation of the energy industry is projected to help this segment account for a substantial share of the global internet of things in the energy market. The advent of 5G technology is also estimated to create new opportunities for internet of things in energy providers in this segment going forward.
An increasing number of IoT and telecommunication network providers are focusing on developing satellite constellations, especially for IoT devices. Low earth orbit (LEO) satellites are being extensively used to establish new communication networks for IoT in energy and other applications. High demand for resilient and reliable connectivity will also help this segment generate new business opportunities in the future.
Smart Grid Applications Lead Internet of Things (IoT) in Energy Adoption Owing to High Investments in Grid Modernization
Smart technologies are being integrated into multiple energy applications to satisfy surging demand for energy and efficient energy management as well. The use of smart meters and the high demand for automation in modern energy grids will also create new opportunities for internet of things in energy companies in the future. High demand for predictive maintenance capabilities in smart grids will also create new opportunities for internet of things (IoT) in energy market players going forward.
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Platforms Remain Essential for IoT Adoption in Energy Industry
Platforms play a crucial role in the functional operation of IoT devices and systems, which is why this segment is projected to account for a dominant market share. Device connectivity is also projected to be highly dependent on platforms, which is why all internet of things (IoT) in energy companies should focus on this segment to bolster market growth in the long run.
Increasing digitization of the energy industry is expected to create several new opportunities for internet of things (IoT) in energy providers going forward. From start-ups to leading internet of things (IoT) in energy companies all have an equal chance of maximizing their business scope in the future.
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