According to a new report published by Facts and Factors Market Research, the global internet of things (IoT) in energy market will record a 25% increase between 2020 and 2026. The market was worth $15 billion in 2019 and is predicted to reach nearly $85 billion by 2026.
Key study findings include:
- North America held a major share in the global IoT in energy market in 2019, accounting for a market share of approximately 35% in 2019. North America is expected to record a CAGR of nearly 20% over the projected period. The Middle East and Africa region is expected to record the fastest growth over the forecasted period owing to rising oil and gas exploration activities and soaring energy and utility sectors in the region.
- On the basis of application, the energy management segment is set to hold a dominating share in the global IoT in energy market due to the rising adoption of IoT-based technologies for smart grid applications. In recent years, the number of smart girds across the world has increased significantly. Governments and federal authorities are increasingly spending on developing their smart city infrastructure. Moreover, energy and utility companies are […]
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