Published Date: 30-Sep-2022
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According to a new report, published by KBV research, The Global IoT in Energy Market size is expected to reach $357.4 billion by 2028, rising at a market growth of 19.7% CAGR during the forecast period.
The Oil & Gas market is leading the Global IoT in Energy Market by Application in 2021; thereby, achieving a market value of $155.7 billion by 2028. The oil & gas industry makes extensive use of Internet of Things (IoT) technology. This technology aids in the daily operations of the oil and gas industry. In addition, the use of novel and advanced technologies contributes to the segment's expansion.
The Cellular Network market is experiencing a CAGR of 20.2% during (2022 - 2028). A cellular network refers to a radio network dispersed across land via cells, with each cell including a transceiver known as a base station at a fixed position. Collectively, these cells offer radio coverage over broader geographical regions. Therefore, user equipment (UE), like mobile phones, may interact even when passing across cells during transmission.
The Solution market acquired the maximum revenue share in the Global IoT in Energy Market by Component in 2021; thereby, achieving a market value of $237.0 billion by 2028. It is due to the increased use of Internet of Things solutions among various companies. IoT in power sector is the deployment of IoT solutions in the power generation industry. Such solutions are primarily geared on accomplishing the combination of computers with intelligent data to achieve the operating performance objectives of energy firms.
The SMEs market is anticipated to grow at a CAGR of 21.6% during (2022 - 2028). IoT adoption in energy services offers several benefits to SMEs, such as cost savings, optimal consultancy, procurement, analytics, design, and deployment. This would motivate SMEs to adopt such solutions and services, which will boost their profits and hence, augment the market growth.
The North America market dominated the Global IoT in Energy Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $129.4 billion by 2028. The Europe market is estimated to grow at a CAGR of 18.9% during (2022 - 2028). Additionally, The Asia Pacific market would register a CAGR of 20.7% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/iot-in-energy-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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