Pune, India, Nov. 20, 2023 (GLOBE NEWSWIRE) — The global IoT energy management market size was valued at USD 61.02 billion in 2022 and is projected to reach USD 222.56 billion by 2030, exhibiting a CAGR of 17.8% during the forecast period. Fortune Business Insights™ mentioned this in a report, titled IoT Energy Management Market Forecast, 2023-2030.
IoT energy management is a way of handling and planning energy consumption in the industrial and commercial sectors. These systems are deployed in the industrial IoT and smart utility applications for monitoring energy usage and optimization of manufacturing processes in factories.
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Key Industry Development:
- Zoho Corporation shared plans to partner with PwC India. The deal would enable the two companies to advance the digital transformation journey of medium to large enterprises.
- Growing Adoption of Advanced Energy Management Systems Fueled the Market Growth
- Rising Adoption of IoT Solutions Surged the Market Growth during Pandemic
- Smart Utilities Segment Held Dominant Share Due to Increasing Adoption of Smart Meters
- Rising Adoption of Cloud-based Real-Time Energy Management System for Energy Consumption
- By Application Analysis: Smart Utilities Segment Held the Largest Share in 2022 Due to Growing Smart Meter Demand for Grid Optimization
Discover the Leading Players Featured in the Report:
“Companies leading the IoT Energy Management Market share are GridPoint, Inc. (U.S.), IoT.nxt (South Africa), Information Grid Ltd. (U.K.), Aeris Communications Inc. (U.S.), Carrier Global Corporation (EcoEnergy Insights) (U.K.), WebNMS (Zoho Corporation Pvt. Ltd.) (India), Pheonix Contact (Germany), Coda Cloud Limited (U.K.), Siemens AG (Germany), Johnson Controls International PLC (U.S.)”
Report Scope & Segmentation
|Forecast Period||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR||17.8%|
|2030 Value Projection||USD 222.56 Billion|
|IoT Energy Management Market Size in 2022||USD 61.02 Billion|
|Historical Data for||2019 to 2021|
|No. of Pages||120|
|Segments covered||Component, Application, End User and Geography|
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Drivers & Restraints:
Surge in Market Size Driven by Growing Demand for Cloud-based RTEM Systems
The industry has recorded an increase in the demand for real-time energy management (RTEM) systems for maintaining energy consumption across the industrial and commercial sectors. There has been an increasing integration of cloud based energy management solutions into real-time management systems. This is expected to drive the IoT energy management market growth over the forecast period.
However, the high costs pertaining to the installation and maintenance of these systems are anticipated to restrict the market expansion to a certain extent.
- Smart Cities
- Smart Utilities
- Industrial IoT
By End User
- North America
- South America
- Middle East & Africa
- Asia Pacific
Asia Pacific Held Dominating Share in 2022 Owing to Substantial Adoption of Smart Meters in China
The Asia Pacific region accounted for the highest market share in 2022. This can be credited to the escalating adoption of smart meters in China. This adoption is due to their growing deployment for the improvement of energy efficiency.
The Europe market is anticipated to expand at a prominent CAGR during the projected period. This can be attributed to the ambitious energy efficiency targets set by various countries and the vital role played by IoT energy management solutions in meeting their targets.
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Key Players Are Entering Collaborations to Expand Market Presence
The market players are investing in advanced technologies such as AI, IoT, and cloud computing to improve the performance of their offerings. Several companies are adopting various steps to expand their presence in the market. These include collaborations, partnerships, acquisitions, and mergers.
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- IoT Energy Management Market