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IoT solutions play a crucial role in adhering to carbon emission regulations and optimizing energy generation.
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The Internet of Things (IoT) in the energy market is on a rapid growth trajectory, with projections indicating a valuation of US$114 billion by the end of 2030. According to a recent market analysis by , this robust expansion is driven by a combination of factors, including increased investments in IoT technologies, the adoption of decarbonization targets, and the rising demand for high productivity, automation, and real-time monitoring solutions in the energy sector. Read More Industry: https://www.fairfieldmarketresearch.com/report/iot-in-energy-market Staggering Growth in IoT Industry The global IoT industry has witnessed remarkable growth, surpassing the US$0.7 trillion revenue mark in 2020. By 2030, it is expected to exceed US$4 trillion in revenue. This exponential growth can be attributed to significant shifts in industry requirements before and after the pandemic, with investments accelerating after Q3 2021. Decarbonization and Enhanced Productivity One of the key drivers of the IoT in energy market is the ongoing transformation of the energy sector, focusing on decarbonization, energy efficiency, and the integration of IoT technology. IoT offers a dynamic network architecture that facilitates the efficient transfer, storage, and distribution of energy, ultimately reducing production costs and enhancing reliability. This shift is expected to lower electricity costs for consumers. Rising Adoption in the Energy Sector Companies in the energy sector are increasingly adopting IoT and AI technologies to optimize their operations, with a particular focus on deploying smart grids for energy optimization. However, challenges persist, such as a shortage of skilled workers and concerns about data privacy. High Productivity, Automation, and Real-time Monitoring IoT solutions play a crucial role in adhering to carbon emission regulations and optimizing energy generation. By integrating IoT devices into power plants, transmission lines, substations, and delivery networks, the energy sector has become more efficient, allowing for better energy load balancing. Major Growth Barriers While the potential of IoT in the energy sector is vast, several challenges hinder its widespread adoption. These include the unique architectural demands of the industry, the seamless integration of IoT with existing systems, a lack of standardization among IoT-enabled devices, and concerns about user privacy and security. Top Segments In 2022, the oil & gas industry dominated the IoT in energy market, constituting over 45% of the market share. Leading oil companies such as BP, Equinor, ExxonMobil, Shell, and TotalEnergies have embraced IoT technology to enhance their operations, reduce costs, and lower carbon emissions. Growing Demand for IoT Service Packages
Services, including hardware and software, are a vital component of the IoT in energy market. These service packages offer comprehensive solutions for energy industry challenges and are gaining traction due to their effectiveness. Asset Monitoring Application Leads Demand Asset monitoring, which constituted 24% of the market share in 2022, is a key application of IoT in energy. IoT sensors and devices continuously collect and evaluate data, enabling organizations to identify and address specific concerns and issues, particularly in maintenance and predictive maintenance. Regional Frontrunners North America, home to numerous IoT players, accounted for more than 40% of the global IoT in energy market in 2022. Asia Pacific is projected to experience strong growth, with a CAGR of 19.5% during 2023- 2030. Leading Companies in the Global IoT in Energy Industry The global IoT in energy market is characterized by a few major players, including SAP, IBM, Hiber, HCL Technologies, Accenture Plc, CISCO, Dell Technologies, Siemens, Intel, Infosys, Bosch, and Rockwell Automation. Global IoT in Energy Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Application Coverage, By End-user Industry Coverage, By Component Coverage, By Geographic Coverage and Leading Companies): https://www.fairfieldmarketresearch.com/report/iot-in-energy-market Read Our Reports: IoT in Energy Market https://www.linkedin.com/pulse/iot-energy-market-future-trends-demands-opportunities-chhavi- rajawat-xejzf About us: Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness. Contact Fairfield Market Research London, UK UK +44 (0)20 30025888 USA (Toll-free) +1 (844) 3829746 Web: https://www.fairfieldmarketresearch.com/ Email: sales@fairfieldmarketresearch.com
