The Europe IoT in Energy Market would witness market growth of 18.9% CAGR during the forecast period (2022-2028).
Air pollution as well as climate change caused by the uncontrolled combustion and use of fossil fuels have a negative impact on the environment and human health. Hence, the primary choice for integrating IoT with the energy sector is to reduce unnecessary energy consumption and fossil fuel use's negative effects. The Internet of Things (IoT) is an emerging technology that attempts to link physical objects or "things" to the internet. Appropriate sensors installed on such physical objects and communication networks allow the extraction of important data and the provision of a variety of services to customers, including the intelligent control of the building's energy usage with decreased energy expenditures.
In the energy management system, the Internet of Things reduces energy use and enhances energy services. It concentrates on enhancing energy production techniques and producing data from interconnected devices. The scarcity of energy-producing natural resources and the increase in energy waste have encouraged the incorporation of IoT into energy management systems. In addition, the government has implemented legislation mandating energy conservation, like the Energy Conservation Act. Energy-intensive businesses have been compelled to integrate IoT into their energy management systems in order to adhere to regulatory regulations.
Transformation of energy is one of the key pillars of the European Commission's (EC) economic recovery agenda. This strategy is consistent with Poland's economic goals of transforming the energy industry to satisfy EU Green Deal requirements. Transformation of energy is among the key pillars of the European Commission's (EC) economic recovery agenda.
The Germany market dominated the Europe IoT in Energy Market by Country in 2021; thereby, achieving a market value of $22.5 billion by 2028. The UK market is estimated to grow at a CAGR of 17.9% during (2022 - 2028). Additionally, The France market would witness a CAGR of 19.8% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global IoT in Energy Market will Hit $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).
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