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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overview:
https://www.skyquestt.com/sample-request/internet-of-things-in-energy-market
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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report:
https://www.skyquestt.com/speak-with-analyst/internet-of-things-in-energy-market
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.
View report summary and Table of Contents
(TOC):
https://www.skyquestt.com/report/internet-of-things-in-energy-market
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.
Related Reports:
Internet Of Things (IoT) Market
Narrowband-IoT (NB-IoT) Market
Consumer IoT Market
Internet of Things (IoT) in Smart Cities
Market
IoT Security Market
About Us:
SkyQuest is an IP focused Research and Investment
Bank and Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors,
innovation seekers, entrepreneurs, companies and investors alike in
leveraging external sources of R&D. Moreover, we help them in
optimizing the economic potential of their intellectual assets. Our
experiences with innovation management and commercialization has
expanded our reach across North
America, Europe, ASEAN and
Asia Pacific.
Contact:
Mr. Jagraj Singh
Skyquest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
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SOURCE SkyQuest Technology