- The cellular network will register substantial revenue and is expected to show rapid growth in the forecast period
- Legal issues along with strict government regulation are anticipated to obstruct the growth of the global internet of things (IoT) in the energy industry
The global internet of Things (IoT) in the energy market will generate a revenue of $41.2 billion by 2027 as per a report by Research Dive. The report added that the significance of artificial intelligence(AI) in IoT in energy is boosting the global internet of things in energy market growth. It further said that legal issues along with strict government regulation are anticipated to obstruct the growth of the global internet of things (IoT) in the energy industry, during the analysis period.
As per the report, the cellular network will register substantial revenue and is expected to show rapid growth in the forecast period. This is due to the presence of large manufacturers along with heavy investments in the R&D and innovations. The solutions segment will show substantial market growth at a good growth rate during the forecast period. This will mainly be due to the importance of solutions in remote monitoring, operational efficiency, and cost-effectiveness. Depending on the services, the integration and deployment services segment will show rapid market growth as per the report.
Oil and gas held the largest market share
The report added, “On the basis of application, the global market for Internet of Things (IoT) in the energy market is classified into oil and gas, smart grid, and coal mining. The oil and gas held the largest market share and is anticipated to generate revenue with noteworthy CAGR in the analysis period mainly due to the growing adoption of process improvements and technological innovations in the energy sector.”
The Asia-Pacific Internet of Things (IoT) in the energy market is expected to increase at a good CAGR over the forecast period. This is due to the rising government spending in IoT in energy solutions and the increasing number of emerging organisations especially in China, India, and South Korea.
