As per the report published by Allied Market Research, the global internet of things (IoT) in energy market was 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 2022 to 2031.

Surge in penetration of IoT-based solution in the energy sector and increased adoption of network technologies have boosted the growth of the global internet of things (IoT) in energy market. On the other hand, increase in adoption of IoT and AI in the energy industry and 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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The Internet of Things (IoT) platform comprises smart devices interconnected via the web, equipped with sensors, communication hardware, and processors to collect, analyze, and manage data. IoT is redefining modern production processes. In the energy sector, it enables the creation of intelligent systems known as smart grids, which gather, transmit, and aggregate vast amounts of data. These systems seamlessly integrate network-connected assets, enhance operational efficiency, and improve system flexibility. 

As a result, IoT supports the development of innovative services, boosts productivity, addresses critical challenges, and enables real-time decision-making. The growing adoption of IoT and artificial intelligence (AI) in the energy industry is expected to unlock significant market growth opportunities. Additionally, the implementation of smart grids for energy optimization across residential, commercial, and industrial buildings is set to further drive the expansion of the IoT in energy market during the forecast period.

The report divides the global internet of things (IoT) in energy market on the basis of component, network technology, application, organization size, and region.

Based on component, 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.

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.

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Depending on application, the oil & gas segment dominated the IoT in Energy Market share in 2021, and is expected to continue this trend during the forecast period. Oil & gas enterprises are adopting IoT solutions such as sensors and smart things majorly to enhance their efficiency and productivity. These innovative IoT solutions for oil & gas raise the value of their products, boosts status, and significantly reduce maintenance costs in long term. However, others segments witnessed highest growth in the market. There is a huge increase in demand for energy, hence many industries need to reduce wastage of energy with increased productivity and efficiency. Moreover, with changing environmental conditions and disasters taking place, enterprises are investing more on disaster management to reduce their losses. 

Covid-19 scenario:

• The Covid-19 pandemic positively affected the market due to surge in 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.