IoT in Energy Market Share Expected to reach USD 703.52 billion by 2031 | Top Players such as -Accenture, HCL and Bosch
Growing technical advances have resulted in the development of innovative IoT platforms for a variety of applications which is driving the growth of the market.
PORTLAND, PORTLAND, OR, UNITED STATE, February 21, 2023 /EINPresswire.com/ — Allied Market Research published a new report, titled, “IoT in Energy Market Share Expected to reach USD 703.52 billion by 2031 | Top Players such as -Accenture, HCL and Bosch.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global IoT in Energy Market Size was valued at USD 109.19 billion in 2021, and is projected to reach at USD 703.52 billion by 2031, growing at a CAGR of 20.6%% from 2021 to 2031.
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Surge in penetration of IoT-based solution in the energy sector and increased adoption of network technologies have boosted the growth of the global internet of things (IoT) in energy market. The market across North America held the lion’s share in 2021, accounting for around two-fifths of the market. The Covid-19 pandemic positively affected the market due to surge in adoption of work from home culture across the globe.
The report divides the global internet of things (IoT) in energy market on the basis of component, network technology, application, organization size, and region. Based on component, the solution segment held the largest share in 2021, accounting for more than two-thirds of the market. However, the services segment is projected to manifest the highest CAGR of 22.1% during the forecast period.
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Depending on application, the oil & gas segment dominated the IoT in Energy Market share in 2021, and is expected to continue this trend during the forecast period. Oil & gas enterprises are adopting IoT solutions such as sensors and smart things majorly to enhance their efficiency and productivity. These innovative IoT solutions for oil & gas raise the value of their products, boosts status, and significantly reduces maintenance costs in long term.
On the basis of network technology, the radio network segment held the lion’s share in 2021, contributing to around two-thirds of the market. However, the cellular network segment is estimated to portray the highest CAGR of 25.4% from 2022 to 2031.
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Depending on the region, the North America dominated the market share in 2021, Advancements in IoT leads to easier monitoring and controlling, which is anticipated to provide lucrative growth opportunities for the IoT in energy market in North America.
This report gives an in-depth profile of some key market players in the IoT in energy market include Accenture PLC, HCL Technologies, Bosch, Cisco, Google Inc., Hewlett-Packard, IBM Corporation, Intel Corporation, Sap Se, and Schneider Electric. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which propel growth of the IoT in energy market globally.
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Covid-19 Scenario:
✓ The Covid-19 pandemic positively affected the market due to surge in adoption of work from home culture across the globe.
✓ During the pandemic, IoT proved to be very advantageous for the energy sector as it allowed to control energy usage from remote location.
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