Global IoT in Energy Market by Solution, Service, Platform, Application and Region - Forecasts to 2025
DUBLIN, May 29, 2020 /PRNewswire/ -- The "Internet of Things (IoT) in Energy Market by Solution (Asset Management, Data Management and Analytics, SCADA, Energy Management), Service, Platform, Application (Oil and Gas, Smart Grid, Coal Mining), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global IoT in energy market size is forecast to grow at a CAGR of 11.8% during the forecast period. Major factors expected to drive the growth of the IoT in the energy market include IoT in energy to boost business productivity, the advantage of IoT-based agile systems, and rising instances of cyberattacks. However, the lack of a skilled workforce and lack of data and user privacy are factors that hinder the growth of the IoT in the energy market.
APAC is the largest contributor to the IoT in the energy market. The increasing adoption of smart grid architecture, technology upgrades, energy management, and regulatory mandates are the major contributing factors for the growth of the IoT in the energy market in this region. China, the region's largest economy is also its biggest importer. China is the region's largest producer, accounting for half of its oil. It output of 3.8 million barrels per day was 6% lower than average for nearly a decade. APAC consumes 36% of the world's oil, a total of 36 million barrels per day. Increasing adoption of smart meter in countries, such as China, Japan, Australia, and South Korea has bolstered the growth of the IoT in the energy market in the APAC region.
Key Topics Covered:
11 IoT in Energy Market, by Application
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