Escalation: Economic Impact of COVID-19 on the Internet of Things (IoT) in Energy Market
Pune, Maharashtra,India, November 9 2020 (Wiredrelease) Origius Systems Private Limited –:The outbreak of COVID-19 has positively impacted the global internet of things (IoT) in energy market. The sustainability of this market is mainly driven by the extensively increasing cyberattacks. Furthermore, the majority of government authorities across the world, are focussing on the implementation of supportive policies that may drive the global market. For instance, in June 2020, the Andhra government set to install IoT devices in medium & small-scale industries (MSMEs) for the energy saving, amid COVID-19 pandemic. This initiative would help to save around 11,000 units per cluster annually.
In addition, due to the critical situation of the COVID-19 pandemic, businesses are more concerned with customer confidence, optimism, and loyalty. Therefore, numerous organizations can go for the adoption of the Internet of Things (IoT) in Energy; and this will significantly impact the global marketplace, after the outbreak situation.
As per the latest publication of Research Dive, the global internet of things (IoT) in energy market is set to generate a revenue of $41.2 Billion by 2027, at a healthy CAGR, throughout the analysis period.
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The segmentation of the market has been done based on network technology, services, component, application, solution, and region. The report offers valuable insights on drivers, future opportunities, segments, restraints, and market players
Factors Affecting the Growth
As per our analyst estimates, the significance of artificial intelligence(AI) in internet of things (IoT) in Energy fuelling the global internet of things (IoT) in Energy market growth. On the other hand, the legal issues coupled with stringent government regulation are anticipated to obstruct the growth of the global tnternt of things (IoT) in energy industry, during the analysis period.
Cellular Networks will have a significant Market Share over the projected Period
Based on the network technology, the global market for Internet of Things (IoT) in energy market is classified into satellite network, cellular network, radio network, and others. The cellular network will register substantial revenue and is anticipated to have rapid growth, in the forecast period. The presence of large manufacturers along with heavy invstments in the R&D and innovations may be predicted to propel the growth of the segment, throughout the analysis period.
The solutions segment will be the Most Lucrative
Based on the solutions, the global market is fragmented into platform, solution, and services. The Solutions segment will have substantial market growth at a healthy growth rate, during the forecast period; mainly owing to the great importance of solutions in remote monitoring, operational efficiency and cost-effectiveness.
The integration & Deployment Services shall have Rapid Market Growth, in the analysis Period
Depending on the services, the global Internet of Things (IoT) in energy market is broadly categorized into asset management, security, compliance & risk management, connected logistics, data management and analytics, supervisory control and data acquisition, mobile workforce management, and energy management. The growth is mainly attributed to the growing emphasis on increasing productivity and quality of the operational process.
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Agriculture sector shall have a Major Market Share in the Forecast Period
on the basis of application, the global market for Internet of Things (IoT) in energy market is classified into oil & gas, smart grid, and coal mining. The oil & gas held the largest market share and is anticipated to generate revenue with noteworthy CAGR in the analysis period mainly due to the growing adoption of process improvements and technological innovations in the energy sector.
Geographical Analysis and Major Market Players
Based on the region, the Internet of Things (IoT) in energy market is segmented into North America, Europe, Asia Pacific, and LAMEA. The Asia-Pacific Internet of Things (IoT) in energy market is expected to increase at a healthy CAGR over the projected period. The extensively rising government spendings in Internet of Things (IoT) in Energy solutions and the growing number of emerging organizations, particularly in China, India, and South Korea, are anticipated to bolster the growth of Asia-Pacific Internet of Things (IoT) in Energy market.
• Altair Engineering, Inc.,
• Intel Corporation,
• Rockwell Automation, Inc,
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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