IoT in Energy Market Growing at a CAGR of 20.6% From 2021-2031

IoT in Energy Market Growing at a CAGR of 20.6% From 2021-2031

IoT in Energy Market

The market is expected to grow rapidly after the pandemic, owing to the rise in adoption of work-from-home culture 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 grid for energy optimization 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 culture across the globe.

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

The report divides the global Internet of things (IoT) in the energy market on the basis of components, network technology, application, organization 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 portray 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 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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm utmost accuracy in our market forecasting. Every data company in the domain is concerned. Our secondary data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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