FREMONT, California, Sept. 17, 2019 /PRNewswire/ -- According to a new market intelligence report by BIS Research titled 'Global Internet of Energy Market – Analysis and Forecast, 2019-2024', the internet of energy market is expected to reach $198.68 billion by 2024. The market is expected to rise at a CAGR of 21.05% from 2019 to 2024. The market growth is expected to be driven by the rising concern for energy efficiency, growing market penetration of decentralized power generation, as well as the need to prevent cyber-attacks.
Internet of Energy, as a system integrator, helps in accumulating the complete value chain within a single operating platform, addressing specific client-centric challenges, along with the improvement in overall performance. Furthermore, the cost-effectiveness feature of Internet of Energy is gradually driving the degree of acceptance amongst the energy companies. The three main advantages that the deployment of IoE is expected to bring to the industry are improved reliability, enhanced operations, and added value in the business.
To address the escalating demand for energy conservation and energy security, established industrial Internet of Energy developers and technology vendors are introducing innovative solutions. These solutions are focused on helping the companies across the energy value chain to mitigate the supply demand gap, by ensuring high yields, profitability, and protection of the environment.
The rising demand for increased operational efficiency to meet the energy requirement across the globe has propelled the need for increasing the usage of Internet of Energy. Moreover, there is an essential concern for decentralized power generators in the electricity distribution supply chain to reduce the electricity demand. The Internet of Energy market is expected to progress at a healthy rate in the future, supported by the gradually growing affinity for consistent energy supply and increasing initiatives for the automation of oil fields.
According to Rakhi Tanwar, Principal Analyst at BIS Research, "Upstream, Midstream, and Downstream are the three streams in the oil and gas industry for the installation of Internet of Energy. In 2018, the upstream segment accounted for more than 60% of the total Internet of Energy in the oil and gas market. During the forecast period, the downstream segment is expected to display the highest growth of 20.85%, owing to the concerns over increasing downtime of the refineries and to maintain the inventories to ensure efficient distribution."
Regionally, North America is expected to remain the dominant market for Internet of Energy during the forecast period, with the U.S. being the innovation hub for digital technologies. However, regions such as Asia-Pacific, Latin America, and Middle East are expected to witness a robust growth in the next five years, owing to the increasing dependence on decentralized power generation to meet the electricity demand.
The competitive landscape for the Internet of Energy market demonstrates an inclination toward companies adopting strategies such as partnerships, collaborations, and joint ventures, as well as product launches and developments. With the increasing growth in the global market, companies operating in this industry are compelled to come up with collaborative strategies in order to sustain in the intensely competitive market. For instance, in May 2018 C3 IoT, Inc. entered into a partnership with Intel Corporation to meet the demand for artificial intelligence and Internet of Things (IoT) enterprise software applications across the oil and gas industry.
The major established players in the market are also focusing on product launches and developments to introduce new technologies or developing further on the existing product portfolio. Key players operating in this market have ramped up their product launch activities over the recent years, in order to generate public awareness about their existing and new products and technologies and compete with the competitors' product portfolio. For instance, in August 2018, IBM Corporation launched Tririga building insights which use artificial intelligence for the real-time view of an enterprise.
This report is a meticulous compilation of research on more than 70 players in the Internet of Energy ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 40 leading companies, market participants, and vendors. The report also profiles 20 leading companies across the Internet of Energy supply chain. Key profiles include General Electric Company, Siemens AG, Schneider Electric, ABB Ltd, Honeywell International, Rockwell Automation, Ingersoll Rand Plc, Microsoft Corporation, Cisco Systems, IBM Corporation, Intel Corporation, Huawei Technologies, and HCL Technologies, and Telit Communications PLC, Royal Dutch Shell PLC, Schlumberger Limited, Equinor ASA, Actlility S.A, Enel X North America, Inc., Kellton Tech Solutions Ltd., and C3 IoT, Inc.
Key Questions Answered in the Report:
What is the global Internet of Energy market size in terms of revenue in 2018, and how is it expected to grow during the forecast period 2019-2024?
What is the revenue generated by Internet of Energy solutions in both the power and oil & gas industry?
What are the major driving forces, opportunities, challenges and trends that are expected to influence the demand for the global Internet of Energy market during the forecast period 2019-2024?
Which are the major stakeholders in terms of their contribution and impact in the Internet of Energy ecosystem?
What kind of new strategies are adopted by the existing market players to expand their market position in the industry?
What is the competitive strength of the key players in the Internet of Energy market on the basis of their recent developments, product offerings, and regional presence?
How much revenue is expected to be generated by different segments of the global Internet of Energy market during the forecast period from 2019 to 2024:
On the basis of industry stream, including oil and gas and power
On the basis of application, oil & gas (fleet and asset management, preventive maintenance, pipeline monitoring, and security management) and power industry (energy management, asset and equipment monitoring, field surveillance, and others)
On the basis of region North America, Europe, Asia-Pacific, and Rest-of-the-World (ROW)
What is the regulatory landscape in different regions for Internet of Energy?
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