IoT in Energy Market Growing at a CAGR of 20.6% From 2021-2031 | Cisco, HCL Technologies, Google Inc.

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IoT in Energy Market Growing at a CAGR of 20.6% From 2021-2031 | Cisco, HCL Technologies, Google Inc.
IoT in Energy Market Growing at a CAGR of 20.6% From 2021-2031 | Cisco, HCL Technologies, Google Inc.

The market is expected to grow rapidly after the pandemic, owing to the rise in the adoption of work-from-home cultures across the globe.

PORTLAND, PORTLAND, OR, UNITED STATES, October 9, 2023 /EINPresswire.com/: As per the report published by Allied Market Research, the global Internet of Things (IoT) in the energy market accounted for $109.19 billion in 2021 and is estimated to garner $703.52 billion by 2031, growing at a CAGR of 20.6% from 2021–2031.

The surge in penetration of IoT-based solutions in the energy sector and increased adoption of network technologies have boosted the growth of the global Internet of Things (IoT) in the energy market. On the other hand, an increase in the adoption of IoT and AI in the energy industry and the deployment of smart grids for energy optimisation in commercial, household, and industrial buildings are expected to open lucrative opportunities in the future.

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Covid-19 scenario:

• The COVID-19 pandemic positively affected the market due to a surge in the adoption of work-from-home cultures across the globe.

• During the pandemic, IoT proved to be very advantageous for the energy sector as it allowed for the control of energy usage from a remote location.

The report divides the global Internet of Things (IoT) in the energy market on the basis of components, network technology, application, organisation size, and region.

Based on components, 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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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 have the highest CAGR of 25.4% from 2022 to 2031.

The report offers an analysis of the global Internet of Things (IoT) in the energy market across several regions, such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2021, accounting for around two-fifths of the market. However, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 24.0% during the forecast period.

The global Internet of Things (IoT) in energy market report includes an in-depth analysis of the prime market players such as Accenture PLC, HCL Technologies, Bosch, Cisco, Google Inc., Hewlett-Packard, IBM Corporation, Intel Corporation, Sap SE, and Schneider Electric.

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