2020-25 Global Energy IoT Market Grows at a CAGR of 11%

According to the Energy IoT Market Research Report released by Markets and Markets, a leading global market research firm, the IoT market size of the global energy industry will grow from $20.
2 billion in 2020 to $35.
2 billion in 2025, with a compound annual growth rate of about 11%
during the period.

The major factors expected to drive the growth of IoT in the energy market include IoT's ability to improve energy efficiency, advantages of IoT-based agile systems, response to cyberattacks, and increasing
need to enhance the health and safety of employees.

Based on the solution, the asset management segment will account for the largest market size
during the forecast period.
IoT-enabled asset management solutions combine all processes, assets, workflows, and analytics into one solution, providing a centralized, integrated tracking, monitoring, and analytics system
for asset-intensive energy sectors.
Asset management solutions include meter management, predictive asset maintenance, and asset control operations
.
To achieve organizational strategic initiatives, asset management solutions consider the associated performance, risk, and expense
of assets throughout their lifecycle.
Asset management solutions offer many advantages, such as improved capacity and utilization, operational visibility and analytics, proactive solutions for asset failure scenarios, security assurance and management of all assets from a single platform, extended asset life, and improved return on assets
.

Based on application, the oil and gas sector will hold the largest market size in 2020 and continue to maintain its dominance
during the forecast period.
This segment is the most capital-intensive sector
.
Companies operating in the oil and gas exploration and refining sector need significant capital to cover their day-to-day operating costs
.
Energy companies are constantly developing technologies and improving processes to maintain the market
.
The adoption of IoT solutions is expected to improve operational efficiency in the oil and gas sector, thereby helping companies in the sector sustain the decline
in oil prices.
IoT solutions can be deployed for remote monitoring of oil rigs and maintenance of pipeline integrity
.
Therefore, IoT solutions help to detect potential accidents and thus avoid them
.
IoT-enabled sensors and devices enable remote monitoring of operations in oil and gas facilities and improve end-to-end processes
.

Based on the regional market, Asia Pacific will hold the highest market share
during the forecast period.
The growing popularity of smart grid architecture, technology upgrades, energy management, and regulatory requirements are the major contributing factors
for the growth of IoT in the region's energy market.
The Asia-Pacific region consumes 36% of the world's oil, totaling 36 million barrels
per day.
In addition, the increasing adoption of smart meters in countries such as China, Japan, Australia, and South Korea is driving the growth
of IoT in the energy market in Asia Pacific.

During the forecast period, the major IoT vendors in the energy market will continue to be concentrated in the European and American markets, especially the United States, Germany, Switzerland, etc.
, including IBM (United States), Actility (France), ABB (Switzerland), SAP (Germany), Cisco Systems (United States), Siemens (Germany), Intel (United States), AGT International (Switzerland), Altair Engineering (United States), Flutura (United States), Davra Networks (USA), Wind River (USA), Schneider Electric (France), Rockwell Automation (USA), Bosch (Germany), smartGAS (Germany), Trimble (US) and Infosys (India), among others
.