The Internet of Things or IoT has emerged as the next big thing in the world of technology. With the help of some efficient tools and techniques, it improvises the decision based on analytics, increases operational efficiency, increases productivity, reduces maintenance cost, and secures private data. The market for IoT in Energy market has shown a positive growth trend in the past few years, owing to most of the companies that are involved in energy exploration, which are now creeping into automation systems in order to lower the costs of operation and maintenance.

Key Market Drivers and Restraints

Even though the market for IoT in Energy is still in growing phase, researchers have predicted a promising future in the coming years. The major factors stimulating the growth of this market are:

• Increasing concern for security against cyber-attacks
• Strict policies and regulations for the safety of assets and employees in energy sector
• Demand for more operational efficiency
• Developments in next-generation sensors

To increase the operational efficiency, organizations are now shifting their focus towards IoT-based security solutions in order to secure the connected devices, which continuously monitor and control their physical and digital aspects. The oil & gas sector for this market is expected to be the largest mainly because of the shifting focus of customers towards more customized solution.

Although the market is expected to see a good growth over the coming years, shortage of skilled labor and rise in concern for security and privacy of critical information in organizations may be some deterrents for the growth of IoT in Energy market.

Market Scenario

The global IoT in Energy market is poised to make a huge jump from USD 7.59 Billion in 2015 to USD 22.34 Billion by 2020, at a CAGR of 24.1% during the forecast period. While the North America is expected to lead the market with highest share, MEA is anticipated to register highest CAGR during the forecast period.

The oil & gas application is estimated to lead the market with largest share, and is also expected to have the highest CAGR during the estimated period. The wireless communication market is set to become the fastest-growing sector in integrated circuit industry.

The major companies operating in the market for IoT in Energy are AGT International, Cisco System Inc., IBM Corporation, SAP SE, Carriots S.L., Davra Networks, Flutura Business Solutions LLC, ILS Technology LLC, Maven Systems Pvt Ltd., Northwest Analytics Inc., Symboticware Inc., and Wind River Systems Inc.

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Research Scope

The market size for IoT in Energy has been forecasted and analyzed by breaking it down on the basis of following segments:

• Systems & Solutions
 Predictive Maintenance
 Platform
 Security
 Connected Logistic
 Compliance and Risk Management
 Energy Analytics
 Intelligent Energy Management
 Mobile Workforce Management
 Field Surveillance and Monitoring

• Network Technologies
 Cellular
 Satellite
 Radio
 Others

• Service
 System Integration
 Professional Service
 Support and Maintenance

• Applications
 Oil and Gas
 Mining

• Region
 North America
 Europe
 Middle East & Africa
 Asia-Pacific
 Latin America