According to a new market research report, “Internet of Things (IoT) in Energy Market by Systems & Solutions (Predictive Asset Maintenance, Connected Logistics, Security, Energy Analytics, IoT Platform, Energy Management), by Application (Oil & Gas, Mining), by Services & by Regions – Global Forecast to 2020”, published by MarketsandMarkets, IoT in Energy Market is expected to grow from USD 7.59 Billion in 2015 to USD 22.34 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 24.1% during the forecast period.
The market report defines and segments the market on the basis of systems and solutions, network technologies, services, applications, and regions. Systems and solutions include predictive maintenance, platform, security, connected logistic, compliance and risk management, energy analytics, intelligent energy management, mobile workforce management, and field surveillance and monitoring.
The IoT in energy terminology is used to define the implementation of the IoT-based technology solutions and associated services into the various applications of oil & gas, and mining sector. The solutions are primarily aimed at achieving the integration of machines and intelligent data analysis to enhance the operational efficiency targets being set by the energy companies. It also improvises the analytics-based decision making, by diminishing the threats and vulnerabilities of market by using efficient tools and techniques. It imparts benefits to the various end-to-end needs, such as increase in overall operational efficiency, cost-cutting in productivity, optimization of supply chain, diminishing the energy trading risk factors, and data privacy and security, of all the affiliated industries spanning across the entire energy industry value chain.
The rise in security concerns against cyber-attacks and demand for increased operational efficiency is expected to drive the IoT in Energy Market in the coming years. As a result, solution providers are shifting focus towards IoT security solutions to safeguard the connected devices. IoT based solutions are further enabling companies to increase operational efficiency. Advancement in next generation sensors is another major driving factor of the IoT in Energy Market. However, lack of skilled labours and increasing concern about data security and privacy acts as a restraining growth factor of the market.
Furthermore, the IoT in Energy Market is still in the growing phase. The vendors in the IoT in Energy Market are AGT International, Carriots, Cisco, Davra Networks, Flutura, IBM, ILS Technology, Maven Systems, Northwest Analytics, SAP, Symboticware, and Wind River.
Network technologies have been segmented into cellular, satellite, radio, and others. The services have been segmented into system integration, professional service, and support and maintenance. In addition, the report classifies the market into the regions such as North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America.
MarketsandMarkets forecasts that the global IoT in Energy Market is expected to grow from USD 7.59 Billion in 2015 to USD 22.34 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 24.1% during the forecast period. In the current scenario, North America is expected to be the largest market on the basis of market size and technological advancements.
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