IoT in Energy Market Outlook Signals USD 44.79 Billion Opportunity by 2028

The global IoT in energy market is expected to reach USD 44.79 billion by 2028, rising from USD 20.57 billion in 2021. The market is projected to grow at an 11.8% CAGR during 2022-2028.

Market Overview and Growth Outlook

The global IoT in energy market is expected to reach USD 44.79 billion by 2028, rising from USD 20.57 billion in 2021. The market is projected to grow at an 11.8% CAGR during 2022-2028. Its outlook is shaped by energy-security requirements, operational capacity, lower consumption, connected systems, and energy-efficiency needs.

The IoT in energy market is expected to grow at a CAGR of 11.8% during 2022-2028. IoT enables monitoring and management of energy consumption patterns while supporting energy utilization and generation. The source also states that connected technologies can reduce energy consumption, improve energy services, lower costs, and create more productive connected buildings.

The industry outlook extends beyond individual devices. IoT technology is applied across generation, transmission, distribution, workforce management, asset management, security, consumer-side analysis, energy management, infrastructure management, and remote monitoring. This broad implementation base connects technology adoption with multiple operational functions throughout the energy value chain.

TheIoT in energy market outlook is also influenced by smart-grid development and smart-meter adoption. Asia Pacific holds the largest market size over the forecast period, with the source highlighting technology upgrades, regulatory mandates, energy management, and smart-grid adoption as regional growth factors.

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Market Segmentation Analysis

By Component Type, the market is segmented into Platform, Solutions, Services. The solutions segment holds the largest market size over the forecast period. The source states that solutions improve analytics-based decision-making, support asset management, enable remote monitoring, and contribute to operational efficiency across energy companies.

By Solution Type, the market is segmented into Asset Management, Safety, Connected Logistics, Compliance and Risk Management, Data Management and Analytics, SCADA, Mobile Workforce Management, Network Management, Energy Management. These segments reflect the range of IoT-enabled activities covering assets, data, networks, safety, workforce management, compliance, and energy operations.

By Service Type, the market is segmented into Consulting, Integration and Deployment, Support and Maintenance. Integration and deployment holds the largest market size over the forecast period. The source links these services with combining IoT devices and solutions, deploying them into IT infrastructure, improving information flow, and reducing operational costs.

By Network Technology Type, the market is segmented into Cellular Network, Satellite Network, Radio Network. By Application Type, the market is segmented into Oil and Gas, Coal Mining, Smart Grid. Oil and gas held the largest application market size in 2020, while smart meters are expected to hold a significant share.

Regional Market Insights

Asia Pacific holds the largest market size over the forecast period. Its growth is supported by smart-grid framework adoption, technology upgrades, regulatory mandates, and energy management. The source also notes increased smart-meter adoption in China, Japan, South Korea, and Australia as a contributor to regional IoT in energy market development.

Emerging Trends Shaping the IoT in Energy Market

The source highlights smart meters as an important IoT application for energy and utility companies. These devices connect buildings with smart energy grids and provide real-time information. They can support energy-flow control, electric-load balancing, lower power outages, precise forecasting, and dynamic pricing based on real-time demand.

Connected analytics is another important direction. Predictive analytics networks analyze data from sensors embedded in power grids, supporting efforts to reduce energy transmission and distribution losses. Analytics platforms can also connect to installed energy meters, allowing agencies to use information for decisions that reduce energy wastage and support staff productivity.

Key Growth Drivers of the Market

1. Growing interest in energetic security solutions is encouraging demand for IoT technologies that address online security risks.
2. Increased operational capacity is strengthening the need for connected systems across energy-sector activities.
3. Lower energy consumption and improved energy services are increasing demand for energy-management applications.
4. Reducing natural resources and increasing energy wastage are encouraging adoption of solutions focused on efficiency.
5. Smart-grid adoption, technology upgrades, regulatory mandates, and energy management are supporting Asia Pacific's market expansion.

Competitive Landscape

Top Companies in the Market

IBM (US), ABB (Switzerland), SAP (Germany), Actility (France), Cisco Systems (US), Siemens (Germany), Intel (US), AGT International (Switzerland), Altair Engineering (US), Flutura (US), Davra Networks (US), Wind River (US), Schneider Electric (France), HCL Technologies (India), Aclara (US), Bosch (Germany), smartGAS (Germany), Rockwell Automation (US), Trimble (US), and Infosys (India).

Conclusion and Strategic Outlook

The IoT in energy market outlook points toward growth from USD 20.57 billion in 2021 to USD 44.79 billion by 2028. The 11.8% CAGR during 2022-2028 is supported by demand for energy security, operational efficiency, connected monitoring, energy management, smart grids, and technologies that reduce energy wastage.

The market forecast also shows a strong regional position for Asia Pacific. Smart meters, predictive analytics, integration and deployment services, and connected energy applications are among the areas explicitly identified in the source. The competitive landscape comprises the major companies listed by Stratview Research across the global market.

FAQs – IoT in Energy Market

1. What is the expected market size by 2028?

The IoT in energy market is expected to reach USD 44.79 billion by 2028, compared with USD 20.57 billion in 2021. The forecast period is 2022-2028.

2. What is the expected CAGR?

The IoT in energy market is projected to grow at an 11.8% CAGR during 2022-2028. This forecast indicates continued expansion across connected energy applications.

3. What are the major market drivers?

The stated drivers include energetic security requirements, increased operational capacity, lower energy consumption, improved energy services, and the need to address energy wastage.

4. Where is regional demand strongest?

Asia Pacific has the largest market size over the forecast period. Smart-grid frameworks, technology upgrades, regulatory mandates, energy management, and smart meters are identified as regional growth factors.

5. What challenges and investment factors are identified?

The source highlights online security risks and enterprise integration requirements. Integration and deployment services are important because IoT devices and solutions must operate within desired IT infrastructure.