The Asia Pacific IoT in Energy Market would witness market growth of 20.7% CAGR during the forecast period (2022-2028).
IoT enables a smart grid technology to manage the power flow and significantly reduce energy usage. It further reduces the energy burden to match real-time or near-real-time production. The Internet of Things would be an automated idea that provides a cost-effective means of connecting users for efficient energy use. This also helps preserve the economy and reduces energy waste by conserving energy as a resource. Autos and automobiles with plug-in hybrid technology are now being launched in an effort to reduce the environmental impact of heavy vehicle traffic. In addition, these cars necessitate a smart grid for cost-efficient charging, allowing customers to save money. Employing an intelligent grid enables managers to receive real-time monitoring, quicker data restoration, and improved energy management.
With the proliferation of distributed energy resources (DER) and the ageing structure of distribution and transmission networks, the resilience of the grid and the reliability of the electricity supply have become significantly more challenging. Distribution networks are transforming from their traditional structure. This was monumental and crucial to a new grid structure in which stakeholders are more dispersed and in continual communication.
The demand for natural gas in China has quadrupled during the past decade. China must expand its natural gas industry in order to minimize its dependency on coal. China is indeed the sixth-largest natural gas production in the globe, the third-largest consumption, and the second-largest importer, as reported by the IEA.
The China market dominated the Asia Pacific IoT in Energy Market by Country in 2021; thereby, achieving a market value of $29.0 billion by 2028. The Japan market is anticipated to grow at a CAGR of 20% during (2022 - 2028). Additionally, The India market would experience a CAGR of 21.5% during (2022 - 2028).
Based on Application, the market is segmented into Oil & Gas, Smart Grid, Coal Mining and Others. Based on Network Technology, the market is segmented into Radio Network, Cellular Network and Satellite Network. Based on Component, the market is segmented into Solution and Services. Based on Organization Size, the market is segmented into Large Enterprises and SMEs. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide IoT in Energy Market is Projected to reach USD 357.4 Billion by 2028, at a CAGR of 19.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Accenture PLC, IBM Corporation, Cisco Systems, Inc., Hewlett-Packard Enterprise Company, Intel Corporation, SAP SE, Schneider Electric SE, Robert Bosch GmbH, Google LLC and HCL Technologies Ltd. (HCL Enterprises).
By Application
By Network Technology
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By Organization Size
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