Internet of Things (IoT) in Energy Market Worth $35.2 Billion by 2025 - Exclusive Report by MarketsandMarkets™

CHICAGO, May 11, 2020 /PRNewswire/ -- According to the new market research report "Internet of Things (IoT) in Energy Market by Solution (Asset Management, Data Management and Analytics, SCADA, Energy Management), Service, Platform, Application (Oil and Gas, Smart Grid, Coal Mining), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Internet of Things (IoT) in Energy Market size is expected to grow from USD 20.2 billion in 2020 to USD 35.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.8% during the forecast period.

Major factors expected to drive the growth of the IoT in Energy Market include IoT in energy boost business productivity, advantage of IoT-based agile systems, rising instances of cyberattacks, and enhancing the health and safety of employees

Browse in-depth TOC on "Internet of Things (IoT) in Energy Market"

166 – Tables
38 – Figures
205 – Pages

Request for PDF Brochure:

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=251659593

Based on solution, the asset management segment to account for the largest market size during the forecast period

IoT-enabled asset management solutions are a combination of all processes, assets, workflows, and analytics into a single solution, which offer centrally consolidated tracking, monitoring, and analytics system for asset-intensive energy sector. Asset management solutions include the management of energy meters, predictive asset maintenance, and control operations of assets. In order to achieve the organizational strategic plan, the associated performance, risks, and expenditures over the lifecycle of assets are taken care of by asset management solutions. Asset management solution offers many advantages such as improved capacity and utilization, operational visibility and analysis, proactive solutions for asset failure situations, safety assurance, and management of all assets from a single platform, extension of asset's life, and improved return on assets.

Based on application, the oil and gas segment to account for the largest market size in 2020

The oil and gas application segment is leading the IoT in Energy Market in 2020; the segment is the most capital-intensive industry. Companies operating in the areas of oil and gas exploration and refining require large capital to meet their day-to-day operational costs. Energy companies are continuously carrying out technological developments and process improvements to sustain in the market. The adoption of IoT solutions is expected to improve the operational efficiency of the oil and gas segment, thus helping companies operating in this industry to sustain the drop in oil prices. IoT solutions can be deployed for remote monitoring of oil rigs and maintaining pipeline integrity. Thus, the IoT solutions help detect potential accidents, thus averting them. IoT-enabled sensors and devices allow remote monitoring of operations and improved end-to-end processes in oil and gas facilities.

Speak to Analyst:

https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=251659593

Among regions, APAC to account for the highest market share during the forecast period

The increasing adoption of smart grid architecture, technology upgrades, energy management, and regulatory mandates are major contributing factors for the growth of the IoT in energy market in this region. China, the region's largest economy is also its biggest importer. China is the region's largest producer, accounting for half of its oil. Its output of 3.8 million barrels per day was 6% lower than average for nearly a decade. APAC consumes 36% of the world's oil, a total of 36 million barrels per day. Increasing adoption of smart meter in countries, such as China, Japan, Australia, and South Korea has bolstered the growth of the IoT in Energy Market in the APAC region.

The major IoT in Energy Market vendors IBM (US), Actility (France), ABB (Switzerland), SAP (Germany), Cisco Systems (US), Siemens (Germany), Intel (US), AGT International (Switzerland), Altair Engineering (US), Flutura (US), Davra Networks (US), Wind River (US), Schneider Electric (France), HCL Technologies (India), Aclara (US), Rockwell Automation (US), Bosch (Germany), smartGAS (Germany), Trimble (US), and Infosys (India).

Browse Adjacent Markets: Digitalization and Internet of Things (IoT) Market Research Reports & Consulting

Browse Related Reports:

IoT in Utilities Market by Component (Platform, Solutions (Asset Monitoring and Management and CIS and Billing), Services), Application (Electricity Grid Management Water and Wastewater Management), Region - Global Forecast to 2024

https://www.marketsandmarkets.com/Market-Reports/iot-utility-market-116054824.html

Smart Grid Market by Software (AMI, Grid Distribution, Grid Network, Grid Asset, Grid Security, Substation Automation, and Billing & CIS), Hardware (Smart Meter), Service (Consulting, Integration, and Support), and Region - Global Forecast to 2023

https://www.marketsandmarkets.com/Market-Reports/smart-grid-market-208777577.html

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Visit Our Website: https://www.marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/iot-energy-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/iot-energy.asp

SOURCE MarketsandMarkets