IoT or Internet-of-Things is a specific network in which physical devices can be sensed & controlled remotely. It’s most important application in energy grid management. IoT in energy grid management is usually used in the natural gas industry. With IoT technology integrated into the energy grid management systems, operators can track data like flow rate and pressure from sensors that provide information on all problems along the way in near real-time. Based on component type, market can be segmented as software, hardware, data analytics applied to huge sets of data from sensors, network connectivity and integration with other IT systems such as CRM or ERP. The oil field is one of the primary users of IoT in managing the power grid. It is expected that the use of advanced technologies such as Internet & Internet-based software systems will use the way to improve productivity, safer operation, greater profitability, reduced emissions and better environmental protection.
Referring to the study, Global IoT In Energy Grid Management Industry Research Report 2021 Segmented by Major Market Players, Types, Applications and Countries Forecast to 2027. Some of the key companies operating in the global IoT in energy grid management market include Schneider Electric, Accenture, Intel, Huawei, Siemens, Texas Instruments, Bosch Software Innovations, Cisco, ThingWorx, Sierra Wireless, Actility and among others.
Based on types, IoT in energy grid management market can be segregated as public IoT, private IoT and others. Public IoT works on the Internet and can be used by everyone. Public IoT devices include various things like traffic sensors, medical implants, industrial machinery, or automobiles. Additionally, private IoT is basically internet-connected device, which is commonly used in the home or for individual purposes. Some examples of private IoT include water meters, smart thermostats, and personal fitness trackers. Private IoT devices are likely to exhibit considerable growth rate because of their superiority over public & other types of IoT devices in the terms of scalability & performance during the forecast period. In addition, based on application, market can be segregated as chemical, oil & gas, natural gas and others.
Growth in penetration of smart technologies in all end-user industries, followed by increase in individualized customer preferences for electricity, growth of IoT in the power industry and rise in penetration rate of smart technologies are some major factors, which are responsible for growth of the IoT in energy grid management market. Apart from this, centralization of data may impact the market.
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Based on regional analysis, the North-America region dominates the global IoT in energy grid management market owing to growth in number of smart and interconnected devices across the region. The Asia-Pacific and Europe regions are estimated to witness higher growth rate due to increase in new initiatives to ensure a smooth-transition to renewable sources of energy coupled with rise in need to reduce the carbon footprint over the forecast period. It is anticipated that future of the global IoT in energy grid management market will be bright as a result of increase in need for energy grid management during the forecast period.
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IoT In Energy Grid Management Market Growth
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