IoT Solutions For Energy Industry Market Scope
The Internet of Things (IoT), known as, things that are installed with sensors, programming, and different innovations that are utilized to interface and trade information with different gadgets and frameworks over the Internet. IoT solutions in the energy industry can be utilized to monitor various framework measurements, including its general well-being, execution, and productivity, and subsequently, improve on its upkeep. Be it a breeze turbine or other basic gear, it very well may be difficult to recognize an issue before the framework goes down. Furthermore, checking for issues physically is an incredibly inefficient and difficult interaction. IoT sensors to screen the yield and usefulness of its gear. By utilizing information from the sensors, it executes prescient upkeep models dependent on its Predix platform.
The leading players in the market are now more focused on setting up effective joint ventures, acquisitions, and/or collaborations in order to expand their respective consumer bases. By doing so, they stand to boost their given target bases by being able to cater to them on both a global as well as domestic level. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global IoT Solutions For Energy Industry market throughout the predicted period.
SAP SE (Germany), Tego Inc. (United States), Maven Systems Pvt. Ltd. (India), Carriots (Spain), Davra Networks (United States), AGT International (Germany), Cisco (United States), Telit (United Kingdom) and Hortonworks Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Symboticware Inc. (Canada) and Accenture (Ireland).
Segmentation Overview
The study have segmented the market of Global IoT Solutions For Energy Industry market , by Application (Oil & Gas and Mining) and Region with country level break-up.
On the basis of geography, the market of IoT Solutions For Energy Industry has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
The growing use of IoT solutions in the power sector for improving energy efficiency and Growing smart cities, smart grids, smart power transportation, smart constructions, and smart electricity meters
Market Growth Drivers:
IoT can help prevent energy losses through the automation of industrial processes and IoT solutions help reduce the loss of energy production or minimize the probability of a blackout
Challenges:
High maintenance cost of the IoT solutions for the energy industry and Reducing the security and connectivity problems
Restraints:
High cost of IoT solutions for the energy industry and Lack of skilled professionals
Opportunities:
Large-scale use of IoT solutions in the oil & gas industry by the countries upstream activities of the oil & gas sector and Increase in research and development and give new technology advancement
Market Leaders and their Expansionary Development Strategies
In July 2020, SAP SE and E.ON SE announced a new partnership to build a platform based on the SAP S/4HANA Utilities solution. The platform will make processes for billing and exchanging information with energy market participants fit for the future.
In July 2020, SAP SE and E.ON SE announced a new partnership to build a platform based on the SAP S/4HANA utility solution. The platform will make processes for billing and exchanging information with energy market participants fit for the future. This allows E.ON Group's energy suppliers, grid operators, and metering point operators will be able to share information faster, more accurately, and more easily.
Key Target Audience
Industrial Associations, Government Regulatory Bodies, Technology Suppliers, Technology Research Institutions and Energy Supplier
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.