IoT Solutions Market for Energy Industry ? Pin-Point Analysis For Changing Compe

Posted by RASHMI on March 7th, 2019

According to the report, the global IoT solutions market in the energy industry stood at US,300.9 mn in 2016 and is likely to rise to a valuation of US,011.8 mn by 2025, expanding at an impressive CAGR of 29.5% between 2017 and 2025. Of the key end-use industries in the power sector making use of IoT solutions, the oil and gas industry accounts for a lion’s share of the market, holding nearly 72% in 2016. Geographically, the North America market accounted for the dominant share in the said year.

The global power generation industry has expanded considerably over the last decade has seen a vast rise in expenditure for the improvement of residential, commercial, and industrial infrastructure along with an increased focus on energy conservation initiatives so as to remain competitive.

With IoT systems in place, the provision of real-time data about parameters such as voltage fluctuations can provide early warning signs of equipment failure and ensure proper allocation of maintenance crews. The increased understanding of these benefits is likely to bring about a considerable increase in the overall demand for IOT systems for grid control and power metering in the near future.

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The IOT solutions market for the energy industry has been segmented based on solution, application, end-user industry, and region/country. On the basis of solution, the market has been segregated into: analytic software, hardware platform, service, and connectivity. By application, the market has been divided into pipeline, refineries, grid control, digital oilfield, and others. By end-user industry, the market is classified into oil & gas, solar, wind, and others. By end-user industry, oil and gas constituted the dominant share of nearly 72% in 2016.