Latest News- IoT In Energy Grid Management Market: Hardware is expected to lead the Product segment during 2025-2029

The IoT In Energy Grid Management Market is being driven by Aim of government toward reduction of carbon emissions

The IoT In Energy Grid Management Market is expected to grow at a CAGR of 19.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 57941 million. In the realm of business and technology, cellular communication technologies have evolved significantly since their inception, transcending their original purpose of facilitating end-to-end voice, video communication, and data transfer. The emergence of 5G telecommunication technology is poised to make a substantial impact on the global Internet of Things (IoT) in energy grid management market. With its capability to deliver low-latency and high-bandwidth communication between devices and the network, 5G is anticipated to mitigate the mobile connectivity challenges that IoT devices often encounter. Smart grids, an amalgamation of traditional grids and advanced communication and information control technologies, are renowned for their efficiency, security, and privacy. The deployment of 5G is predicted to be a pivotal catalyst in the evolution of smart grid technologies. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Hardware
  • Software
  • Services
• Application
  • Generation
  • Transmission
  • Substation automation
  • Distribution
• Technology
  • Wired
  • Wireless
• End-user
  • Utilities
  • Industrial
  • Residential
  • Commercial
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Aim of government toward reduction of carbon emissions
• Growing individualized customer preferences
• Increasing penetration of smart technologies

However, the market also witnesses some limitations, which are as follows:

• Increasing investments in initial infrastructure and related requirements
• Rise in concerns about cybersecurity
• Increasing demand due to centralization of data

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Market Scope in IoT In Energy Grid Management Market Research Report

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Research Analysis Overview

The IoT in Energy Grid Management Market encompasses various sectors including energy finance, wind energy, hydro energy, energy research, and grid integration. It facilitates energy transition through energy solutions, infrastructure development, and technology innovations in the energy industry. Green energy sources like solar and wind energy are prioritized, with energy storage and microgrids playing crucial roles. Energy analytics, consulting, and risk management ensure efficient energy use and energy security. Net zero emissions, sustainable energy, and climate change mitigation are key focus areas, alongside energy policy and carbon capture. Industrial automation, digital transformation, technical assistance, power distribution, and environmental regulations are also integral components. Remote monitoring and smart cities leverage cloud computing for optimized energy forecasting and energy modeling.

Market Research Overview

The IoT in Energy Grid Management Market is experiencing significant growth due to the increasing adoption of sensor technology in optimizing energy production from renewable sources. Energy systems are becoming more complex, necessitating advanced communications infrastructure to minimize downtime and reduce carbon footprints. Technavio's market analysis covers sensor technology, energy systems, and energy management solutions, as well as the communications infrastructure required for optimal energy production. The global communications equipment market, which includes revenue from sales of communication equipment, broadcasting equipment, and telecommunication equipment, is expected to expand due to the growing number of data centers and the integration of renewable energy sources into traditional energy infrastructure. This integration requires robust and reliable communication systems to ensure seamless energy transmission and distribution.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/