Global Internet of Energy Market

MARKET SCOPE:

The global Internet of Energy market is projected to grow significantly, registering a CAGR of 12.1% during the forecast period (2024 – 2032).

The Internet of Energy (IoE) refers to the integration of digital technologies, communication networks, and advanced analytics into the traditional energy infrastructure. It involves the creation of a smart and interconnected energy ecosystem where devices, equipment, and systems can communicate, collect data, and make intelligent decisions to optimize the generation, distribution, and consumption of energy. IoE leverages Internet of Things (IoT) principles to enhance the efficiency, reliability, and sustainability of energy systems. Utilities and grid operators seek solutions to optimize the efficiency of energy grids, reduce losses, and enhance overall grid performance. With the increasing adoption of renewable energy sources, there is a demand for technologies that facilitate the seamless integration of solar, wind, and other renewables into the grid. Consumers and businesses are increasingly interested in smart building solutions for energy efficiency, comfort, and cost savings. IoE enables smart building systems that optimize energy usage, monitor, and control appliances, and adapt to user preferences, contributing to energy savings and sustainability. Utilities seek ways to manage peak demand and avoid grid congestion during high-use periods. The rise of decentralized energy resources, including solar panels and energy storage, creates a need for technologies to manage and optimize these distributed assets. Energy markets require transparency, efficiency, and real-time information to ensure fair and competitive operations.

MARKET OVERVIEW:

Driver: Growing demand for smart grid and grid management is driving the market growth.

The integration of Internet of Energy (IoE) technologies into smart grids presents significant opportunities and has a profound impact on the efficiency and functionality of the energy distribution system. Smart grids leverage IoE technologies to enhance the management and control of the electricity grid. This involves the integration of sensors, communication devices, and data analytics to create a more responsive and adaptive grid infrastructure. Grid operators gain real-time visibility into grid conditions, allowing for proactive decision-making. The ability to monitor and manage the grid remotely leads to improved operational efficiency. IoE enables the deployment of sensors and monitoring devices throughout the grid infrastructure. These devices continuously collect data on parameters such as voltage, current, and equipment health. Real-time monitoring provides grid operators with instant insights into the performance and health of the grid. It facilitates early detection of issues, reducing the likelihood of outages and improving overall reliability. IoE enables demand response programs within smart grids, allowing utilities to dynamically adjust electricity consumption based on demand patterns, grid conditions, and pricing signals.

Opportunities: Connectivity and Networking advancements is expected to pave the way for the market growth in the upcoming years.

The Internet of Energy (IoE) is significantly impacted by advancements in connectivity and networking technologies. These technological developments play a crucial role in enhancing the efficiency, reliability, and scalability of IoE applications. Improved connectivity supports real-time communication between energy devices and systems. This is particularly important for applications that require instant response times, such as grid management and demand response. The ability to connect many devices simultaneously is essential for the IoE, where numerous sensors, smart meters, and other devices need to communicate within the energy ecosystem. LPWAN facilitates the connectivity of energy devices with extended battery life, making it suitable for applications like smart meters, remote monitoring, and asset tracking in the energy sector. By processing data closer to the edge of the network, these computing paradigms reduce latency and enhance the efficiency of IoE applications, especially in critical energy scenarios where quick decision-making is essential. In IoE applications, mesh networking enhances reliability by providing multiple communication paths. If one device fails, data can still be routed through alternative paths, ensuring continuous connectivity.

COVID IMPACT:

The COVID-19 pandemic has had varied impacts on different sectors, including the energy industry and, by extension, the Internet of Energy (IoE). The need for social distancing and restrictions on movement led to an increased emphasis on remote operations and monitoring. IoE technologies facilitated remote monitoring and control of energy assets, allowing operators to manage and optimize systems without the need for on-site personnel. The pandemic accelerated the pace of digital transformation across industries as organizations sought more resilient and adaptable operational models. The energy sector, including IoE, saw increased adoption as organizations recognized the importance of digital technologies for resilience, efficiency, and flexibility. Changes in energy demand patterns and supply chain disruptions influenced grid management and stability. IoE platforms, particularly those related to smart grids, helped utilities adapt to fluctuating demand, integrate renewable energy sources, and ensure grid stability during changing conditions. Lockdowns and remote work led to shifts in energy consumption patterns, with some sectors experiencing decreased demand while residential energy use increased. IoE platforms provided utilities and businesses with real-time data to analyze and adapt to changing energy consumption patterns, helping to optimize energy distribution. The energy industry faced challenges related to supply chain disruptions, affecting the procurement of equipment and components. Platforms supporting supply chain management within the IoE ecosystem helped organizations navigate disruptions, optimize inventory, and maintain operations.

SEGMENTATION ANALYSIS:

The Platform segment is anticipated to grow significantly during the forecast period

Internet of Energy (IoE), the platform segment refers to the digital platforms, software solutions, and integrated systems that enable the connectivity, management, and optimization of various components within the energy ecosystem. These platforms play a crucial role in harnessing data from diverse sources, facilitating communication between devices, and applying advanced analytics to enhance the efficiency and resilience of energy systems. IoE platforms enable real-time data collection, communication, and analysis, allowing stakeholders to make informed decisions, optimize energy use, and enhance overall system performance. EMS platforms help utilities, businesses, and consumers manage their energy resources efficiently, balance supply and demand, and implement demand response strategies. Smart grid platforms enable the integration of renewable energy sources, manage grid assets, monitor grid conditions, and facilitate bidirectional communication between utilities and end-users.

The oil and gas segment is anticipated to grow significantly during the forecast period

The Internet of Energy (IoE) can bring transformative changes to the oil and gas industry by leveraging digital technologies, connectivity, and data analytics to optimize operations, improve efficiency, and enhance safety. IoE enables real-time monitoring of equipment and assets in the oil and gas sector. Sensors and connected devices collect data on the performance and condition of machinery, pipelines, and other critical assets. Smart well technologies utilize IoT sensors to monitor and optimize well conditions. This includes real-time data on pressure, temperature, and production rates. IoE facilitates the analysis of reservoir data, enabling better decision-making in reservoir management, production optimization, and recovery strategies.

REGIONAL ANALYSIS:

The Asia Pacific region is set to witness significant growth during the forecast period.

In the Asia Pacific region, the Internet of Energy is gaining traction as countries in the region strive to modernize their energy infrastructure, improve energy efficiency, and incorporate renewable energy sources into their grids. Many countries in the Asia Pacific region are investing in smart grid technologies and advanced metering infrastructure. These systems enable two-way communication between utilities and end-users, allowing for real-time monitoring and control of energy consumption. The Asia Pacific region is a hub for renewable energy, including solar and wind power. IoE technologies facilitate the seamless integration of distributed energy resources into the grid, optimizing their use and improving grid stability. IoE enables utilities to automate grid management tasks, respond to outages more efficiently, and optimize energy distribution. This is particularly important in densely populated urban areas and regions with varying energy demand. IoE allows for the implementation of demand response programs where consumers can actively participate in managing their energy consumption. Smart devices and IoT-enabled systems enable real-time communication and control. The integration of energy storage solutions, such as batteries, is a key aspect of IoE. These systems help store excess energy during periods of low demand and release it when demand is high, contributing to grid stability.

COMPETITIVE ANALYSIS

The global Internet of Energy market is reasonably competitive with mergers, acquisitions, and Component launches. See some of the major key players in the market.

Cisco Systems

• In April 2024, Cisco takes bold steps towards more efficient energy management of data centers, IoT systems, and buildings. But to operate sustainably demands constant commitment — from raising awareness to driving innovation.

Altair Engineering

• In October 2023, Altair, a global leader in computational science and artificial intelligence (AI), announced the release of Altair® HyperWorks® 2023. This update to Altair’s best-in-class design and simulation platform signifies a transformative leap in technology, offering an integrated solution that streamlines workflows, enhances user experiences, and enables innovation.

AGT International

Intel Corporation

IBM Corporation

Davra Networks

Wind River

Schneider Electric

SAP SE

ABB Ltd.

Scope of the Report

By Component

• Platform
• Solutions and Services

By Service

• Consulting
• Integration and Deployment
• Support and Maintenance

By Application

• Oil and Gas
• Coal Mining
• Smart Grid

By Region

• North America (the United States & Canada)
• Europe (Germany, UK, France, Spain, Italy, and the Rest of Europe)
• Asia Pacific (China, Japan, India, and Rest of Asia Pacific)
• Rest of the World (the Middle East & Africa, and Latin America) 

Key reasons to purchase this report

It provides a technological development map over time to understand the industry’s growth rate and indicates how the Internet of Energy market is evolving.

The report offers a dynamic method to various factors that drive or restrain the growth of the market and specifies which Internet of Energy submarket will be the main driver of the overall market from 2024 to 2032.

It renders a definite analysis of changing competitive dynamics and stipulates the leading players and what are their prospects over the forecast period.

It builds a nine-year estimate based on how the market is predicted to grow and shows what will market shares of the global region change by 2032 and which country will lead the market in 2032.