Internet of Things (IoT) in Energy Market is Expected to Grow at a CAGR of 17.3% by 2027, Owing to the Rising Demand for Smart Grids: Says Absolute Markets Insights
PUNE, India, March 12, 2019 /PRNewswire/ --
Summary:
According to new research report on Internet of Things (IoT) in Energy Market is thriving worldwide with an impressive 17.3% CAGR during forecast period 2019 to 2027.
The global internet of things (IoT) in energy market stood at US$ 25,711.2 million in the year 2018, and is expected to surpass US$ 108,298.5 million by 2027, growing at a CAGR of 17.3%. The notion of energy 4.0 has gained momentum across all aspects of the industry. The involvement of fourth industrialization primarily focuses on data and automation, used for production optimization and efficiency in smart factory environment. The digital evolution revolves around the advancement of smart grids, distributed power generation and efficient use of renewable resources. Smart grids are a part of IoT framework that are used primarily among remote places to detect equipment failure, energy spikes, route power and prevent outages. As per a recent study, installation of smart grids across various application, has improved productivity rate by 99.8% and thereby helped in energy savings. Hence, owing to its improved energy efficiency rate, integration of smart grid projects is growing at a fast pace and is thereby influencing the growth of internet of things (IOT) in energy market.
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"Rapid industrialization in the energy sector embraces the sustainability of energy consumption and energy management concepts. As a result, enterprises, municipalities and government are increasing their efforts towards adoption of internet of things (IoT) for optimizing energy consumption. Thus, contributing to the growth of internet of things (IoT) in energy market"
The detailed research study provides qualitative and quantitative analysis of internet of things (IoT) in energy market. The market has been analyzed from demand as well as supply side. The geographical analysis emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East, Africa and Latin America.
Global Internet of Things (IoT) in Energy Market Revenue (USD Million), 2018
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Key Findings of the Report:
- Cellular network offers the most lucrative network segment due to its high bandwidth to transmit huge amount of data within the coverage area.
- Based on the region, Asia Pacific is anticipated to grow at a CAGR of 17.9% over the forecasted period (2019 – 2027) owing to the increasing investment for the development of smart buildings, smart city, smart grids, smart meters and smart thermostat.
- Some of the major players operating in the internet of things (IoT) in energy market are Accenture, Cisco Systems, Inc., IBM Corporation and Intel amongst others
- Organization in the internet of things (IoT) in energy market are pacing their development to offer reliable, efficient, secured and interoperable solutions for sustainable energy management.
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Internet of Things (IoT) in Energy Market
By Offerings
- Hardware
- Software
- Services
By Network Technology
- Cellular Network
- Satellite Network
- Radio Network
By Application
- Energy Management
- Power Distribution
- Mobile Workforce Management
- Asset and Equipment Monitoring
- Field Surveillance
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Norway
- Sweden
- The Benelux Union
- Belgium
- The Netherlands
- Luxemburg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- New Zealand
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- Egypt
- Kuwait
- South Africa
- Rest of Middle East and Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Check out more related reports here at:
https://www.absolutemarketsinsights.com/reports/Global-Home-Energy-Storage-System-Market-2018-2026-8
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Absolute Markets Insights assists in providing accurate and latest trends related to consumer demand, consumer behavior, sales, and growth opportunities, for the better understanding of the market, thus helping in product designing, featuring, and demanding forecasts. Our experts provide you the end-products that can provide transparency, actionable data, cross-channel deployment program, performance, accurate testing capabilities and the ability to promote ongoing optimization.
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SOURCE Absolute Markets Insights
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