Internet of Things (IoT) in Energy Market to Hit $703.52

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Portland, OR, July 14 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the Internet of things (IoT) in the energy market accounted for $109.19 billion in 2021 and is expected to gross $703.52 billion by 2031, growing at a CAGR of 20.6% from 2022 to 2031.

High penetration of IoT-based solutions in the energy sector and increased adoption of network technologies have driven the growth of the global Internet of Things (IoT) in the energy market. On the other hand, increasing adoption of IoT and AI in the energy sector and deployment of smart grid for energy optimization in commercial, domestic and industrial buildings are expected to open up lucrative opportunities in the future.

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Covid-19 scenario:

  • The Covid-19 pandemic has had a positive impact on the market due to the surge in the adoption of working from home across the globe.
  • During the pandemic, the IoT has proven to be of great benefit to the energy sector as it enables remote control of energy consumption.

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The report splits the global Energy Internet of Things (IoT) market on the basis of component, network technology, application, organization size, and region.

Based on components, the solutions segment held the largest share in 2021, accounting for more than two-thirds of the market. However, the services segment is expected to show the highest CAGR of 22.1% during the forecast period.

Based on networking technology, the radio networking segment captured the lion’s share in 2021, contributing about two-thirds of the market. However, the cellular network segment is estimated to have the highest CAGR of 25.4% from 2022 to 2031.

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The report offers analysis of the global Energy Internet of Things (IoT) market across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The North American market held the lion’s share in 2021, accounting for around two-fifths of the market. However, the Asia-Pacific market is expected to show the highest CAGR of 24.0% during the forecast period.

The global internet of IoT in the energy market The report includes an in-depth analysis of major market players such as Accenture PLC, HCL Technologies, Bosch, Cisco, Google Inc., Hewlett-Packard, IBM Corporation, Intel Corporation, Sap SE, and Schneider Electric.

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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

Pawan Kumar, CEO of Allied Market Research, directs the organization towards the provision of high quality data and information. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.


        
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