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:
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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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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
Visit Our Website: https://www.skyquestt.com/
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