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
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.