Business Description
IoT in energy Market is anticipated to be valued around USD 180 Billion by 2024.
A futuristic application of IoT is a holistic optimization of the entire power network with the goal of decentralization and defossilization of the power sector. IoT has the potential to achieve such a transformation in which (i) energy storage devices are used to store excess energy and deliver energy during periods of high demand; (ii) renewable energy is generated close to load centres; (iii) demand response is used to balance supply and demand; (iv) flexible centralized fossil fuel-based power plants plan production based on real-time predictions of variable renewable generators; and (v) dispatch logic, and controllers are used to managing the flow of power.
Several of the above transformations are being tested in a number of pilots in island grids in Asia Pacific region with the goal of achieving close to 100% renewable energy in the power sector and IoT will be a key enabler. Global IoT in Energy Market is classified on the basis of end users into the power sector, oil & gas sector, and fuel sector.
IoT in energy Market
The oil & gas sector segment held the largest market share in 2016 and is expected to maintain dominance over the forecast period. This is attributed to rising investments from public and private institutions for the development of infrastructure. Based on region, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2018, North America dominated the global market in terms of revenue. This is attributed to the presence of structured and streamlined regulatory processes.
Recently, Huawei showcased its 4.5G-based, 5G-oriented eLTE-DSA solution that leverages wireless narrowband Discrete Spectrum Aggregation (DSA) technology to help the oil and gas industry build an energy Internet of Things (IoT) at the 15th Moscow International Oil and Gas Exhibition (MIOGE). Also, Siemens has also announced at Intersolar that it will be developing its micro-grid solutions further through a project in Finland awarded to it by Lempaalan Energia. The project’s objective is to create an energy self-sufficient business district in the industrial area of Marjamaki for which the energy will be produced by two solar panel fields, with an annual electricity output of 3,600 MWh and will feature more than 15,000 panels. Such participation and initiatives from industry players will boost Global IoT in Energy Market.
Market Segmentation
IoT in energy Market, By Software
• Platforms
• Real-Time Streaming Analytics
• Security Software
• Data Management Software
• Remote Monitoring Software
• Energy Analytics Software
IoT in energy Market, By Application
• Energy Management
• Mobile Workforce Management
• Field Surveillance
• Monitoring of Equipment
• Power Distribution
IoT in energy Market, By End User
• Power Sector
• Oil & Gas Sector
• Fuel Sector (Coal, Petroleum)
The above data will be provided for following regions/countries from 2013-2024 (USD Million)
• North America
o U.S.
o Canada
• Europe
o Germany
o UK
o France
o Spain
o Italy
• Asia Pacific
o China
o India
o Japan
o Australia
• Latin America
o Argentina
o Brazil
o Mexico
• Middle East and Africa
o South Africa
o Saudi Arabia
What information is covered in report?
Actual market numbers from 2013-2017, estimates and forecasts from 2018 to 2024
Detailed market segmentation and market share analysis of each segment
Impact analysis of various drivers and trends
Technology and regulatory landscape
Market segmentation and landscape
Competitive landscape, 2017
