IoT in Energy Market Size, Share and Growth Analysis to 2023-2030 The IoT in energy market is set to soar to a staggering valuation of US$114 billion by the end of 2030, according to the latest market analysis. The market is poised to demonstrate a robust Compound Annual Growth Rate (CAGR) of 19.4% during the period from 2023 to 2030. These compelling projections highlight the profound impact of IoT technology on the energy sector and its potential to revolutionize the industry. Read More Industry: https://www.fairfieldmarketresearch.com/report/iot-in-energy-market Key Market Drivers •
Decarbonisation Targets and Enhanced Productivity: The energy sector is undergoing significant strategic reforms, focusing on decarbonisation, energy efficiency, and the adoption of IoT technology. IoT's ability to transfer, store, and distribute energy efficiently is expected to lower electricity production costs and enhance reliability and efficiency.
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Rising Adoption by Energy Companies: The adoption of IoT and AI technologies in the energy industry, coupled with the deployment of smart grids, is creating lucrative opportunities for the IoT in energy market. However, the shortage of skilled workforce and concerns about data privacy remain challenges.
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High Productivity, Automation, and Real-time Monitoring: IoT solutions are contributing to carbon emission reduction and energy efficiency by optimizing energy generation and storage. They enable power plants to balance energy load, resulting in more efficient energy operations.
Major Growth Barriers •
Architectural Challenges: The unique architectural requirements of IoT in the energy sector present a significant growth impediment, as achieving scalability and interconnections remains a challenge.
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Integration with Existing Systems: Seamless integration of IoT with existing subsystems is crucial but challenging.
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Lack of Standardization: Inconsistencies among IoT-enabled devices hinder rapid sector growth due to a lack of standardization.
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Privacy and Security Concerns: User privacy and IoT security are key challenges facing the IoT in energy market's expansion.
Top Segments •
Oil & Gas Industry Leads IoT Investments: In 2022, the oil & gas industry accounted for over 45% of the IoT in energy market, with major players such as BP, Equinor, ExxonMobil, Shell, and TotalEnergies adopting IoT technology to enhance business value.