Industry Background:
The IoT based solution for the energy industry helps in energy management that included planning & management for energy consumption from commercial and industrial sectors. As energy is one of the crucial business. With the increase in energy costs, growing demand, strict enforcement there is a growing demand for these solutions. This solution provides benefits including a reduction in energy bills, enhance efficiency, reduced carbon footprints, and others.
According to AMA Research, the market for IoT Solutions for Energy is expected to register a CAGR of 11.4% during the forecast period to 2030. This growth is primarily driven by High Availability that Boosts Business Productivity
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Energy & Resources sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as 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) and Flutura (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In January 2023, Honeywell acquired Resonant Ink. This acquisition strengthens Honeywell's smart building portfolio by adding Resonant Ink's printed electronics technology for sensor development. In November 2023, Honeywell introduced the Forge Energy Optimization solution. This software platform uses machine learning to analyze energy consumption data and recommend optimization strategies.
In November 2023, Honeywell introduced the Forge Energy Optimization solution. This software platform uses machine learning to analyze energy consumption data and recommend optimization strategies.The market players are operating in this industry are exploring the market in new geographic regions by adopting market growth strategies mergers & acquisitions, expansions, investments, new solution launches, and others. The market key players are exploring new benefits areas through expansions and acquisitions across the globe to avail a market competitive advantage through combined synergies.
Influencing Trend:
Increase in Research and Development and The Rise in Market Competency
Market Growth Drivers:
High Availability that Boosts Business Productivity, The Rise in Health and Safety of Employees and Rising Occurrences of Cyberattacks
Challenges:
Less of Interoperability Standards and The Slowdown in Economy Because of this Covid-19 Impact
Restraints:
Increase in Concern Related Data and User Privacy and Scarcity of Skilled Professionals
Opportunities:
Rise in Awareness of IoT and Artificial Intelligence in the Energy Industry and Growing Demand of System Integrators
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of IoT Solutions for Energy Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of IoT Solutions for Energy Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of IoT Solutions for Energy players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, IoT Solutions for Energy Study Sheds Light on
The IoT Solutions for Energy Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the IoT Solutions for Energy industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where IoT Solutions for Energy industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.