Internet of Things in Energy Sector to be worth $22bn by 2020

 

Internet of Things in Energy Sector to be worth $22bn by 2020

 

Global market research firm, Markets and Markets, recently published their latest report “Internet of Things (IoT) in Energy Market by Systems & Solutions, by Application, by Services and by Regions – Global Forecast to 2020”, offering insights into the energy sector’s predicted uptake and application of IoT technologies.

 

According to the report, energy companies are in the process of shifting their strategic focus towards the implementation of cutting-edge technology in order to achieve increased productivity, improved supply chain management, enhanced reliability, and cash flow optimisation.

MarketsandMarkets suggests that the demand for increased operational efficiency and associated technologies, such as next generation sensors, is expected to drive the growth of IoT in the energy market over the forthcoming years.

The key findings from the research include the following:

  • In 2015 the global IoT energy market is expected to be worth $7.59bn
  • The IoT energy market will grow at a CAGR of 24.1%, reaching a market value of $22.34bn by 2020
  • Adoption of IoT technology across the energy industry could increase the global GDP by 0.8% in the next decade.

 

The report further comments on smart IoT-based solutions, stating that energy organisations which have implemented such technologies are able to reinforce their competitive benefit and achieve integration of machines and intelligent data analysis, allowing them to minimise waste, save money and meet the carbon emissions targets.

Enabling energy companies to connect machines, and gain immediate feedback on the status and operational effectiveness of their remote assets, requires an end-to-end connectivity solution that is secure, cost effective, flexible and scalable enough to incorporate next generation technologies and be deployed over widely dispersed geographies. 3G/4G networking provides the answer to this need.

Able to connect anywhere, anytime, cellular technology is essential to the sector as it adopts more of the Internet of Things in energy applications. From smart metering, to grid monitoring and management, 3G/4G connectivity supports a plethora of key energy solutions.

 

Westbase Technology work with our industry leading partners to offer a variety of solutions which have been designed to enable the communication requirements of key energy applications. Find out more about 3G/4G connectivity solutions for energy by visiting our industry solutions page.