Global IoT Solutions Market for energy industry is set to record a CAGR of nearly 30.2% over the period from 2020 to 2026.
global IoT solutions for energy industry market is predicted to augment at a CAGR of approximately 30.2% during the forecasted period 2020–2026. The IoT (internet of things) is likely to make a noteworthy impact on the energy segment. From controlling the temperature of a room by utilizing sensors to sophisticated applications that are utilized for controlling the energy use of a whole building, IoT aids in cost-cutting. The devices are implanted with chips, sensors, and others to augment the user’s experience and to surge the operational competence of the operations in the energy segment. These software and devices are proficient to operate different tasks in lesser time consuming methods. The rising need of internet enabled devices and augmenting need of internet connectivity are some of the key aspects that are likely to induce the positive growth of IoT in the energy sector globally.— According to researchers at Zion Market Research, the
Some of the key players in the market are Carriots, AGT International, Davra Networks, Cisco, Telit, SAP SE, Maven Systems Pvt. Ltd., Hortonworks Inc., Symboticware Inc., Tego Inc., and Accenture.
Oil & Gas Segment To Witness The Highest Market Share In The Global IoT Solutions For Energy Industry Market
The IoT solutions for energy industry market depicts constructive growth since most of the energy exploration organizations are shifting to automation systems to decrease the maintenance & operation costs. The market, therefore, shows an upward trend with several energy firms transforming their traditional practices into an analytical performance-powered method. The oil & gas application is projected to register the largest market share in the forecasted period for the IoT in energy market’s application sector. The IoT platform for the mining and oil & gas is anticipated to have major market size rise owing to the customers augmenting inclination toward an extremely customized solution that allows the growth of specialized applications for controlling, monitoring, simulating, visualizing, analyzing, and scheduling the overall operations.
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The global IoT solutions market for the energy industry is bifurcated on the basis of the systems & solutions, network technologies, service, applications, and regional analysis. Based on the systems & solutions, the market is divided into platform, predictive maintenance, connected logistic, security, energy analytics, compliance & risk management, mobile workforce management, intelligent energy management, and field surveillance & monitoring. Based on the network technologies, the market is divided into satellite, cellular, radio, and others. Based on the service, the market is divided into system integration, support & maintenance, and professional service. Based on the applications, the market is divided into mining and oil & gas.
The North America Region Expected To Dominate The Global IoT Solutions Market
Based on geographical analysis, the global IoT solutions market is divided into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. The North American region dominated the overall market in 2016. The U.S. is the chief leader in the region due to the fact that the oil & gas industry across the country has been deploying the IoT solutions on a large scale, particularly in upstream applications.
The global IoT solutions market for energy industry is segmented as follows:
Based on the systems & solutions:
Compliance and Risk Management
Intelligent Energy Management
Mobile Workforce Management
Field Surveillance and Monitoring
Based on the network technologies:
Based on the service:
Support & Maintenance
Based on the applications:
Oil & Gas
Based on the region:
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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