Global Internet of Energy (IOE) Market in Utility Industry: Introduction
- Internet of Energy refers to upgrading and automating of electricity infrastructure for energy producers. The Internet of Energy technology reduces inefficiencies in existing energy infrastructure by increasing generation, transmission, and use of electricity. The technology also reduces the wastage of energy by transmitting it efficiently across lines.
- The usage of automation; AI-based technology; and Internet of Things in energy generation, transmission, and distribution has been rising over the last few years, as it saves cost and time. Companies in the energy industry are investing more in developing highly efficient IOE technology. This is augmenting the Internet of Energy market.
Key Drivers of Global Internet of Energy (IOE) Market in Utility Industry
- Implementation of the smart grid technology is expected to drive the market. Global investment in development and implementation of smart grid has been rising since the last few years. Internet of Energy is one of the transformations of Internet of Things that is used in the power industry. The system provides better operational ability between smart energy systems and the Internet. This allows automatic optimization of consumption, increased efficiency of networks, and intelligent management. Thus, increase in usage of the smart grid technology is expected to drive the Internet of Energy market in the utility industry.
- Demand for electricity is expected to rise in the near future due to the increase in population, industrialization, and urbanization. This increase in demand would put unsustainable burden on the current power system. Internet of Energy can play a vital role in automation and digitalization of the energy infrastructure. Furthermore, it is equipped with smart forecasting systems that use weather forecast, and predict traffic flows and other information to envisage future energy demand. Thus, increase in demand for electricity is anticipated to drive the market in the near future.
Global Internet of Energy (IOE) Market in Utility Industry: Segmentation
- The global Internet of Energy market in utility industry can be segmented based on stream and application
- Based on stream, the global Internet of Energy market in utility industry can be divided into generation, transmission, and distribution. In terms of demand, transmission and distribution segments are expected to expand at a faster pace in the near future.
- In terms of application, the global Internet of Energy market in utility industry can be segregated into preventive maintenance, energy management, asset management, field surveillance, and others. Preventive maintenance and energy management segments are anticipated to expand at a fast-paced CAGR during the forecast period owing to higher implementation of Internet of Energy in these applications.
Global Internet of Energy (IOE) Market in Utility Industry: Regional Outlook
- Based on region, the global Internet of Energy market in utility industry can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- The market in North America and Europe is projected to expand significantly during the forecast period. These are the leading regions in terms of renewable and smart grid projects. Furthermore, governments of countries in these regions are encouraging new investment in renewable energy projects in order to lower carbon emission and greenhouse gases.
- Rapid industrialization and modernization is estimated to boost the Internet of Energy market in utility industry in Asia Pacific in the near future. China, India, and Japan are the leading countries in the region with high demand for electricity. This trend is projected to continue during the forecast period. Furthermore, increase in investment in renewable energy projects in Asia Pacific is anticipated to boost the demand for Internet of Energy in the utility industry in the region.
- The market in Middle East & Africa and Latin America is estimated to expand at a sluggish pace due to lack of investment in Internet of Energy in these regions
- Rapid transmission of the coronavirus is significantly impacting the global energy market. This can be ascribed to the sudden decline in demand for electricity due to lower demand from industrial and commercial sectors. Furthermore, economic activities across the world have been hampered. Surge in COVID-19 cases in Europe, North America, and other regions has significantly hampered investment and project timelines in terms of development of energy projects. Thus, the COVID-19 has significantly hampered the market.
Key Players Operating in Global Market
- Schneider Electric
- Siemens AG
- Thales Group
- Enbridge Inc.
- General Electric
- E.ON SE
Global Internet of Energy (IOE) Market in Utility Industry: Research Scope
Global Internet of Energy (IOE) Market in Utility Industry, by Stream
Global Internet of Energy (IOE) Market in Utility Industry, by Application
- Preventive Maintenance
- Energy Management
- Asset Management
- Field Surveillance
Global Internet of Energy (IOE) Market in Utility Industry, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Interested in this report?
Get a FREE Brochure now!