Global Internet of Energy Industry Analysis by BIS Research projects the market to grow at a significant CAGR of 21.05% during the forecast period from 2019 to 2024. The market growth is expected to be driven by the rising concern for energy efficiency, growing market penetration of decentralized power generation, as well as the need to prevent cyber-attacks.

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The rapid market penetration of Internet of Energy (IoE) technology has led to the enhancement of the operational productivity by minimizing manual labor and providing an efficient platform for proper data management of production inputs. Widespread implementation of the cloud-based software systems has fueled the market for IoE by reducing risks and increasing overall production capacities. Various established conglomerates such as Siemens AG, IBM Corporation, ABB Ltd., and General Electric reactively investing in the Internet of Energy technology. For instance, in October 2018, Siemens AG invested $730 million and acquired Mendix for the development of Siemens AG IoT portfolio.

Countries such as India, China, and Australia are anticipated to display huge growth prospects supported by the increasing dependency on decentralized power generators and reducing the exploration cost. The global Internet of Energy market is expected to grow at a CAGR of 21.05% from 2019 to 2024. The growth of the global market is significantly attributed to the increasing concern energy efficiency, growing market penetration of decentralized power generation, and the need to prevent cyber-attacks. The Internet of Energy market is growing over time, compelling companies to come up with collaborative strategies such as joint ventures market consolidation to sustain in the intensely competitive market.

Out of all the regions, North America is expected to lead the market for the Internet of Energy in the forecast period, with the U.S. being the technological hub for all digital innovations across the energy sector. During the forecast period, the Asia-Pacific region is expected to flourish as one of the most lucrative markets for the Internet of Energy solution providers and manufacturers. Asia-Pacific region is also expected to exhibit significant growth opportunities for the Internet of Energy due to an increased level of optimism in the economic conditions in these countries. The key countries in this region present immense scope for market development, owing to the increasing urban population size, growing market penetration of advanced technologies, and favorable government investments.

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Strategies such as mergers and acquisitions have also been significantly employed by the players across the supply chain to expand in the Internet of Energy market. For instance, in June 2018, IBM Corporation, one of the leading players in the Internet of Energy market, acquired Oniqua, a company providing maintenance repair and operations (MRO) inventory optimization solutions and services catering to the mining, oil & gas, transportation, utilities, manufacturing, and other asset-intensive industries.

Key companies in the market have also adopted certain business expansion strategies by entering new markets. One of the key players, Schneider Electric in September 2018, signed an agreement with Saudi Aramco. The agreement will include the expansion of Saudi Aramco’s product portfolio into analytics and three-dimensional asset virtualization, power management systems, and integrated manufacturing operations management.

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