Increase in cyber-attacks in the energy sector, need for improved efficiency, advancement in powerful sensors, and increased expenditure in ICT by energy companies are key factors that drive the growth of the IoT in energy market. However, lack of technical skills for effective implementation of IoT in energy sector and increase in security concerns are expected to restrict the market growth. Advance analytics and effective system integration are the key opportunities for the market. Unavailability of interoperability standards and increase in data generated in the energy industry are prominent challenges for the market.
The global IoT in energy market is segmented based on solution, network technology, service, application, and region. On the basis of solution, the market is categorized into predictive maintenance, security, connected logistics, compliance & risk management, energy analytics, intelligent energy management, mobile workforce management, and others. By network technology, it is classified into cellular, satellite, radio, and others. Applications covered in the study include network security, web security, email security, database & cloud security, and others. The service segment is bifurcated into professional and managed service. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market leaders are acquiring local players for portfolio extension and to improve their market share. For instance, in June 2017, Altair Engineering, Inc. acquired Carriots S.L., which is a leading IoT platform developer for energy sector.
Key industry players such as – AGT International Inc, Carriots S.L., Cisco Systems, Inc., Davra Networks Limited, Flutura Business Solutions LLC, IBM Corporation, ILS Technolgy LLC, Maven Systems Private Limited, Northwest Analytics, Inc., and SAP SE
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Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
The market is analyzed based on regions and competitive landscape in each region is mentioned. Regions discussed in the study include North America (United States, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa). These insights help to devise strategies and create new opportunities to achieve exceptional results.
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