Internet of Things (IoT) in Energy – Thematic Intelligence

Iot In Energy Theme Analysis Report Overview

The Internet of Things (IoT) can create a tech ecosystem that addresses many challenges within the energy sector such as balancing supply with demand, workplace safety, integrating renewable energy into the grid, and fluctuating energy prices. For instance, the predictive maintenance capabilities of IoT can significantly transform the energy sector by optimizing operations, managing asset performance, and engaging customers to lower energy costs.

The energy sector has already reaped benefits from early consumer-oriented IoT applications such as smart meters and smart thermostats.

The Internet of Things (IoT) in Energy thematic intelligence report assesses how IoT, combined with other emerging technologies, can be used across the energy value chain. It provides an overview of the current landscape. The report also includes key players and highlights opportunities for the use of IoT in the future. The report provides an industry-specific analysis based on GlobalData databases and surveys.

IoT in Energy – Industry Analysis

The IoT software subsector is currently the largest market segment.

The IoT market for the energy sector was valued at $27.8 billion in 2022 and it is expected to achieve a CAGR of more than 18% during 2022-2027. The IoT software subsector currently constitutes the largest market segment and is expected to be the fastest-growing segment during the forecast period. Condition monitoring and smart metering are the leading applications of IoT by sector revenue, representing the strong use of this technology for predictive analysis within the energy industry. It will be beneficial for energy sector companies to invest in IoT technologies to enhance their maintenance and analysis applications, as part of the digital transformation of their operations.

Global IoT Product Revenue in Energy, 2022-2027 ($ Billion)

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IoT in Energy - Value Chain Analysis

IoT adopters only realize the value of the application layer in the IoT value chain.

The IoT value chain is split into five layers, namely physical, connectivity, data, apps, and services.

Physical layer: This layer can be further subdivided into connected things, cameras and lenses, sensors and microcontrollers, and microprocessors. Most connected devices such as smartphones, tablets, and laptops have a physical dimension controlled by humans. In the IoT, most such connected things will be run by other connected things. For manufacturers of other devices such as washing machines, door locks, and light bulbs, among others, the challenge is whether they can retain the bulk of the added value during the transition to IoT. Their use of the data collected by various embedded chips, sensors, antennae, and beacons is also in question. Some industry profits will likely be siphoned out by technology companies that increasingly provide IoT solutions as a service.

IoT Value Chain Analysis

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Leading IoT Adopters

BP, a leading technology adopter among big oil companies, actively pursued cybersecurity to safeguard its operations while foraying into blockchain technology for energy trading.

Some of the leading energy companies currently deploying IoT are:

• American Electric Power
• BP
• Chevron

Specialist IoT Vendors in Energy Devices

Some of the specialist IoT vendors in the energy sector are:

• ABB
• Aker Solutions
• Bosch

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Power Utilities Sector Scorecard

At GlobalData, we use a scorecard approach to predict tomorrow’s leading companies within each sector. Our sector scorecard has three screens: a thematic screen, a valuation screen, and a risk screen.

The thematic screen ranks companies based on overall leadership in the 10 themes that matter most to their industry, generating a leading indicator of future performance.

The valuation screen ranks our universe of companies within a sector based on selected valuation metrics.

The risk screen ranks companies within a particular sector based on overall investment risk.

Power Utilities Sector Scorecard – Thematic Screen

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IoT in Energy Sector Scorecard also includes:

• Integrated oil & gas sector scorecard

Scope

This report shows how the internet of things is impacting energy operations globally.

Reasons to Buy

• This report will help you to understand IoT and its potential impact on the energy sector.
• Benchmark your company against your competitors, by comparing how prepared companies in the energy sector are for IoT disruption.
• Identify and differentiate between the leading IoT vendors and formulate an adoption plan for your company.
• Position yourself for future success by investing in the right AI technologies. Cut through the noise with GlobalData’s priority ratings for each IoT technology for each segment of the sector (upstream, midstream, downstream, equipment manufactures and services, engineering, procurement, construction, generation, transmission and distribution, and end-user).
• Develop relevant and credible sales and marketing messages for energy companies by understanding key sector challenges and where IoT use cases are most useful.
• Identify attractive investment targets by understanding which companies are most advanced in the themes that will determine future success in the energy sector.