Energy Industry Adopting Internet of Things

IoT in energy integrates IoT-based energy solutions for sectors such as oil & gas, utilities, coal, and mining. This implementation aims to improve operational efficiency, enhance production, and provide analytical-based decisions. Enhanced security, better reliability, and proper management of assets in the industry are added benefits of IoT in energy solutions.

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Increase in cyber-attacks in the energy sector, need for improved efficiency, advancement in powerful sensors, and increased expenditure in ICT by energy companies are key factors that drive the growth of the IoT in energy market. Unavailability of interoperability standards and increase in data generated in the energy industry are prominent challenges for the market.

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The market leaders are acquiring local players for portfolio extension and to improve their market share. For instance, in June 2017, Altair Engineering, Inc. acquired Carriots S.L., which is a leading IoT platform developer for energy sector. Based on solution, the market is categorized into predictive maintenance, security, connected logistics, compliance & risk management, energy analytics, intelligent energy management, mobile workforce management, and others. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.