Internet of Things (IoT) in Energy

Global Internet of Things (IoT) in Energy Market to Reach US$80.1 Billion by 2030

The global market for Internet of Things (IoT) in Energy estimated at US$38.4 Billion in the year 2023, is expected to reach US$80.1 Billion by 2030, growing at a CAGR of 11.1% over the analysis period 2023-2030. Platform Component, one of the segments analyzed in the report, is expected to record a 10.8% CAGR and reach US$27.1 Billion by the end of the analysis period. Growth in the Solutions Component segment is estimated at 11.8% CAGR over the analysis period.

The U.S. Market is Estimated at US$10.4 Billion While China is Forecast to Grow at 10.4% CAGR

The Internet of Things (IoT) in Energy market in the U.S. is estimated at US$10.4 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$12.3 Billion by the year 2030 trailing a CAGR of 10.4% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 9.4% and 9.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.1% CAGR.

Global Internet of Things (IoT) in Energy Market - Key Trends and Drivers Summarized

How Is the Internet of Things (IoT) Shaping the Future of Energy?

The Internet of Things (IoT) is playing a critical role in modernizing the energy sector by improving energy efficiency, enabling predictive maintenance, and optimizing grid management. IoT devices such as smart meters, sensors, and connected appliances provide real-time data on energy consumption, allowing utilities and consumers to monitor and manage energy use more effectively. Smart grids powered by IoT enable utilities to detect outages, balance supply and demand, and integrate renewable energy sources like solar and wind power. IoT solutions are also helping companies in the energy sector predict equipment failures and schedule maintenance before issues escalate, reducing downtime and increasing operational efficiency.

How Are Technological Advancements Shaping IoT in Energy?

Technological advancements in IoT sensors, AI, and machine learning are driving the transformation of the energy sector. Advanced sensors embedded in power generation equipment and distribution networks provide real-time data on system performance, allowing for early detection of inefficiencies or potential failures. AI and machine learning algorithms analyze data from IoT devices to predict energy consumption patterns, optimize grid operations, and balance load demands in real-time. Edge computing is also emerging as a key technology, allowing energy companies to process data closer to the source and enabling faster response times in managing grid fluctuations or equipment malfunctions. These innovations are making the energy sector more efficient, sustainable, and resilient.

How Do Market Segments Define the Growth of IoT in Energy?

Solution types include hardware such as smart meters and sensors, software platforms for energy management, and services for integration and maintenance. Applications include grid management, demand response, predictive maintenance, and energy analytics, with smart grid management representing the largest segment as utilities increasingly rely on connected devices to manage power distribution and consumption. End-users range from utility companies and industrial energy consumers to residential consumers, with utility companies leading the adoption of IoT solutions to modernize their infrastructure and improve service reliability. The market is expanding rapidly in regions like North America and Europe, where energy efficiency and sustainability are key priorities.

What Factors Are Driving the Growth in the IoT in Energy Market?

The growth in the IoT in energy market is driven by several factors, including the increasing demand for energy efficiency, the integration of renewable energy sources, and advancements in smart grid technology. As energy consumption continues to rise, utilities are adopting IoT solutions to optimize grid management, reduce energy waste, and improve the integration of solar and wind power. Technological innovations in sensors, AI, and edge computing are also driving growth by enabling real-time monitoring and predictive maintenance, reducing operational costs, and enhancing energy system reliability. Additionally, regulatory initiatives focused on sustainability and carbon reduction are pushing energy companies to invest in IoT technologies that promote cleaner and more efficient energy consumption.

Select Competitors (Total 182 Featured) -

• ABB
• Aclara
• Actility
• AGT International
• Altair Engineering
• Bosch
• Cisco
• Davra Networks
• Flutura
• HCL
• IBM
• Infosys
• Intel
• Rockwell Automation
• SAP
• Schneider Electric
• Siemens
• Smartgas
• Trimble
• Wind River

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