Distributed energy systems connected through internet using a machine-to-machine interface is known as Internet of Energy (IoE). The IoE can help streamline the power flow and aid companies to augment workflow and provide useful data in making decisions.

The adoption of IoE technologies has ensued increased productivity and energy sustainability. The shift toward the use of IoE has been widely accepted due to the increasing demand for energy conservation by remote monitoring and increasing the energy efficiency of the overall operating system.

Over the years, IoE industry has adopted several technologies such as seismic data acquisition and data processing technologies, at a faster pace than any other industry. Some of the emerging trends that can influence the market to a great extent include growing role of big data analytics in power industry, advent of artificial intelligence in the energy sector, securing the energy value chain with blockchain technology, and market consolidation, among others.

According to the recently published market intelligence by BIS Research, titled “Global Internet of Energy Market – Analysis and Forecast, 2019-2024”, the IoE market is estimated to be valued at $76.44 billion in 2019 and is projected to grow at a CAGR of 21.05%, during the forecast period from 2019 to 2024.

The growth of the market is supported by the factors such as demand for operational efficiency to fulfil the requirement of energy, growing number of cases of cyber-attacks and increasing demand for decentralized power generation tools. Each of these factors has a certain level of impact over a period.

In addition, there are several opportunities that have the potential to boost the growth of the market. These include introduction of next-generation sensors in the energy sector, growth opportunity in Internet of Things (IoT) analytics market and increasing necessity for smart grids. As more and more IoT related products, services, and solutions are being used in the energy sector, the colossal amount of data generated by them is expected to create a strong need for analytics. Thus, IoT analytics are expected to enable oil and gas industries to manage their resources proficiently and function efficiently and improve their profitability amidst a low-price environment.

Based on the study by BIS Research the market has been categorized on the basis of industry stream, application, and region. The industry stream segment is further categorized into oil and gas segment and power segment. The oil and gas segment is segregated into upstream, midstream, and downstream. At present, the upstream segment is leading the market and is projected to dominate the market in future. Generation, transmission, and distribution are the sub-segments of the power segment. The transmission segment is leading the market at present and is projected to dominate the market during the forecast period (2019-2024) as well.

Among the four major regions, namely North America, Europe, Asia-Pacific, and Rest-of-the-World (ROW), the North American region is leading the market. However, the region of Asia-Pacific is projected to grow at the highest CAGR during the forecast period. In case of the application segment of the market the fleet and asset management segment is leading the market under the oil and gas category and energy management is leading the market under the power market category. However, preventive maintenance segment under the oil and gas category and asset and equipment monitoring segment under the power segment are projected to grow at the highest CAGR during the forecast period.

Further, the IoE market comprises two types of players, namely IT solution providers, and energy management and automation companies. Under the IT solution providers, companies such as Microsoft Corporation, IBM Corporation, Cisco Systems Inc., and Intel Corporation are included. Similarly, prominent players such as General Electric, Siemens AG, Schneider Electric, and ABB Ltd are included under the energy management and automation category of the market.

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