Global IoT Solutions Market for Energy Industry: Snapshot
In the energy sector, IoT technologies have changed several aspects, such as reducing the possibilities of failures and delays, enhancing productivity and efficiency, improving real-time decision making, solving critical problems, and creating new and innovative experiences. As oil and gas companies are exploring ways to cut down production costs and optimize operations to increase profit margins, solutions provided by IoT technologies to tackle these challenges are witnessing increased demand. IOT solutions aid in minimizing risks and improving safety across all the processes in the energy industry. Oil and gas production output can also be enhanced with the assistance of IOT solutions. IOT solutions can also be used for assessing risky operations, and preventive measures can be undertaken to avoid accidents in the energy industry. In the coming years, with constantly improving technology and increasing integration of large-scale data, even small- and medium-scale players in the energy industry would be drawn to adopt IOT solution and services in the near future.
According to this report, the global IoT solutions market for the energy industry will expand at an unprecedented CAGR of 29.5% over the period between 2017 and 2025.
Oil and Gas Sector to Remain Key Revenue Contributor
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.
Asia Pacific to Lead to Promising Growth Opportunities
The global market for IOT solutions for energy industry has been segmented on the basis of geography into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The global IOT solutions market for energy industry was dominated by North America in 2016. The U.S. is the market leader in region owing to the fact that the oil and gas industry in the country has been utilizing IOT solutions on a wide scale, especially in upstream applications. Europe was the second-largest market globally for IOT solutions for energy industry in 2016. Countries such as France, Germany, and the U.K were the major players in Europe IOT solutions for energy industry market in 2016.
Asia Pacific was the third-largest market globally for IOT solutions market for energy industry in 2016. However, Asia Pacific is expected to grow at a higher growth rate when compared to other regions across the globe. Countries such as China, India, and Japan are expected to be the major players in the region during the forecast period. The IOT solutions market for energy industry in Middle East and Africa accounted for a mere 3.2% of the global market share in 2016. Middle East and Africa IoT solutions market for energy industry is expected to grow at a moderate rate. Countries such as as GCC and South Africa are expected to drive the market in the region during the forecast period.
Some of the leading companies operating in IOT solutions market for energy industry are AGT International, Carriots, Cisco, Davra Networks, Flutura, IBM, Telit, Maven Systems Pvt. Ltd., SAP SE, Symboticware Inc., Hortonworks Inc, Accenture, and Tego Inc.
Global IoT Solutions Market for Energy Industry: Overview
This report analyzes and forecasts the market for IOT Solutions Market for Energy Industry at the global, regional and country level. The market has been forecast based on revenue (US$ Mn) from 2017 to 2025. The study includes drivers and restraints of the global IOT Solutions Market for Energy Industry market. It also covers the impact of these drivers and restraints on demand for IOT Solutions Market for Energy Industry during the forecast period. The report also highlights opportunities in the IOT Solutions Market for Energy Industry market at the global and regional level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global IOT Solutions Market for Energy Industry market. Porter’s Five Forces model for the IOT Solutions Market for Energy Industry market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein end-users are benchmarked based on their market size, growth rate, and general attractiveness.
Global IoT Solutions Market for Energy Industry: Scope of the Report
The study provides a decisive view of the global IOT Solutions Market for Energy Industry market by segmenting it in terms product and end use. These segments have been analyzed based on present and future trends. Regional segmentation includes the current and forecast demand for IOT Solutions Market for Energy Industry in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers demand for individual end-user segments in all the regions.
The study includes profiles of major companies operating in the global IOT Solutions Market for Energy Industry market. Key players profiled in the report include IOT Solutions Market for Energy Industry market include AGT International, Carriots, Cisco, Davra Networks, Flutura, IBM, Telit, Maven Systems Pvt. Ltd., SAP SE, Symboticware Inc., Hortonworks Inc, Accenture, and Tego Inc. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, recent developments, and SWOT analysis.
The report provides the estimated market size of IOT Solutions Market for Energy Industry for 2016 and forecast for the next nine years. The global market size of IOT Solutions Market for Energy Industry has been provided in terms of revenue. Market numbers have been estimated based on product and end use segment of IOT Solutions Market for Energy Industry. Market size and forecast for each major product and end use have been provided in terms of global, regional, and country markets.
Global IoT Solutions Market for Energy Industry: Research Methodology
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market.
Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, category, segment, and sub-segment across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on market size, market trends, growth trends, competitive landscape, and outlook, etc. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
The report segments the global IOT Solutions Market for Energy Industry market as:
Global IOT Solutions Market for Energy Industry: Solution Analysis
- Analytic Software
- Hardware Platform
Global IOT Solutions Market for Energy Industry: Application Analysis
- Grid Control
- Digital Oilfield
Global IOT Solutions Market for Energy Industry: End-user Industry Analysis
- Oil & Gas
Global IOT Solutions Market for Energy Industry: Regional/Country Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America