According to a research report "Internet of Things (IoT) in Energy Market major factors expected to drive the growth include IoT in energy boost business productivity, advantage of IoT-based agile systems, and rising instances of cyberattacks. The advent of IoT in energy is expected to reduce challenges faced by the energy sector and help evolve it. The application of IoT in energy will improve efficiency, generate revenue, and conserve enterprise resources. - Global Forecast to 2025" published by MarketsandMarkets. The Internet of Things (IoT) in energy market size is expected to grow from USD 20.2 billion in 2020 to USD 35.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.8% during the forecast period.
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Based on solution, the asset management
segment to account for the largest market size during the forecast period
IoT-enabled asset
management solutions are a combination of all processes, assets, workflows, and
analytics into a single solution, which offer centrally consolidated tracking,
monitoring, and analytics system for asset-intensive energy sector. Asset management
solutions include the management of energy meters, predictive asset
maintenance, and control operations of assets. In order to achieve the
organizational strategic plan, the associated performance, risks, and
expenditures over the lifecycle of assets are taken care of by asset management
solutions. Asset management solution offers many advantages such as improved
capacity and utilization, operational visibility and analysis, proactive
solutions for asset failure situations, safety assurance, and management of all
assets from a single platform, extension of asset’s life, and improved return
on assets.
Based on application, the oil and gas segment
to account for the largest market size in 2020
The oil and gas application segment is
leading the IoT in energy market in 2020; the segment is the most
capital-intensive industry. Companies operating in the areas of oil and gas
exploration and refining require large capital to meet their day-to-day
operational costs. Energy companies are continuously carrying out technological
developments and process improvements to sustain in the market. The adoption of
IoT solutions is expected to improve the operational efficiency of the oil and
gas segment, thus helping companies operating in this industry to sustain the drop
in oil prices. IoT solutions can be deployed for remote monitoring of oil rigs
and maintaining pipeline integrity. Thus, the IoT solutions help detect
potential accidents, thus averting them. IoT-enabled sensors and devices allow
remote monitoring of operations and improved end-to-end processes in oil and
gas facilities.
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Among
regions, APAC to account for the highest market share during the forecast
period
The
increasing adoption of smart grid architecture, technology upgrades, energy
management, and regulatory mandates are major contributing factors for the
growth of the IoT in energy market in this region. China, the region’s largest
economy is also its biggest importer. China is the region’s largest producer,
accounting for half of its oil. Its output of 3.8 million barrels per day was
6% lower than average for nearly a decade. APAC consumes 36% of the world’s
oil, a total of 36 million barrels per day. Increasing adoption of smart meter
in countries, such as China, Japan, Australia, and South Korea has bolstered
the growth of the IoT in energy market in the APAC region.
The major
IoT in energy market vendors IBM (US), Actility (France), ABB (Switzerland),
SAP (Germany), Cisco Systems (US), Siemens (Germany), Intel (US), AGT
International (Switzerland), Altair Engineering (US), Flutura (US), Davra
Networks (US), Wind River (US), Schneider Electric (France), HCL Technologies
(India), Aclara (US), Rockwell Automation (US), Bosch (Germany), smartGAS
(Germany), Trimble (US), and Infosys (India).
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