Global IoT solutions market for the energy industry will expand at an unprecedented CAGR of 29.5% over the period between 2017 and 2025.
Albany, NY -- (SBWIRE) -- 03/19/2018 -- In the present time, the Internet of Things is transforming the energy business rapidly. The demand for effective IOT solutions has been increasing as it aids in minimizing risks and improving safety across all the processes in the energy industry. Oil and gas production output can also be enhanced with the assistance of IOT solutions. Recently, a study titled "IoT Solutions Market for Energy Industry - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2017 – 2025" has been broadcasted to the wide database of Market Research Hub (MRH), which reveals that the global IoT solutions market for the energy industry will expand at an unprecedented CAGR of 29.5% over the period between 2017 and 2025.
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According to this active research evaluations, the global IoT solutions market in the energy industry stood at US$9,300.9 mn in 2016 and is likely to rise to a valuation of US$94,011.8 mn by 2025. It has been observed that demand for IoT solutions in the energy industry will be driven by security concerns, and for purposes such as optimization, monitoring of operations, minimizing the demand-supply gap and combating cyber threat. In the coming years, with constantly improving technology and increasing integration of large-scale data, even small- and medium-scale players in the energy industry would be drawn to adopt IoT solution and services.
In the market overview section, an in-depth qualitative assessment of factors that are responsible for driving and limiting the growth of this market and for its future opportunities has been presented. For a better understanding of the global market for IoT solutions in the energy industry, the analysts have broadcasted the market into MEA, North America, Latin America, Japan, Asia-Pacific and Europe. For each regional segment, the market size and forecast has been provided for the period from 2015 to 2025 along with the CAGR (%) for the forecast period from 2017 to 2025. Amongst, the North America market accounted for the dominant share during the forecast 2017 to 2025, because in this region, U.S. has been utilizing IoT solutions for energy industry on a wide scale.
Moving further, the analysts of this research report categorizes the global IoT solutions market in the energy on the basis of the solution, application, end-user industry. Based on solution, the market has been segregated into analytic software, hardware platform, service, and connectivity. On the other hand, major applications include pipeline, refineries, grid control, digital oilfield, and others. By end-user industry, the market is classified into oil & gas, solar, wind, and others. Out of these, oil and gas constituted the dominant share of nearly 72% in 2016.
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In the later part, the report contains details about the competitive landscape of the market. This section offers a dashboard view of the key companies along with market share and company profiles. Key players profiled in the report include Maven Systems Pvt. Ltd., AGT International, Hortonworks Inc, Carriots, Cisco, Davra Networks, Flutura, IBM, Telit, SAP SE, Symboticware Inc., Accenture, and Tego Inc.
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