IBM (US) and Siemens (Germany) are leading players in Internet of Things (IoT) in Energy Market
The global Internet of Things (IoT) in energy market size is expected to grow from USD 20.2 billion in 2020 to USD 35.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.8% during the forecast period. Major factors expected to drive the growth of the IoT in energy market include IoT in energy boost business productivity, advantage of IoT-based agile systems, and rising instances of cyberattacks.
The major IoT in energy market vendors include IBM (US), Actility (France), ABB (Switzerland), SAP (Germany), 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), Rockwell Automation (US), Bosch (Germany), smartGAS (Germany), Trimble (US), and Infosys (India). These players have adopted various growth strategies in the IoT in energy market. Agreements, collaborations, and partnerships, and new product launches and product enhancements have been the most dominating strategies adopted by the major players from 2018 to 2020, which helped them innovate their offerings and increase their customer base.
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Siemens is a leading player in the IoT in energy market. Siemens is a technology company that is active in nearly all countries of the world, focusing on the areas of automation and digitalization in the process and manufacturing industries, intelligent infrastructure for buildings and distributed energy systems, conventional and renewable power generation and power distribution, smart mobility solutions for rail and road, and medical technology and digital healthcare services. In the field of IoT in energy market, the company offers a wide range of solutions, including Grid Diagnostic Suite - Powered by MindSphere, SIMINE, Pipelines 4.0, Topsides 4.0, integrated LNG solutions, and Digital Solutions. The company has significantly focused on R&D activities to offer innovative products in the market. For instance, the company invested USD 6.3 billion on R&D activities in the fiscal year of 2019. The company has adopted partnerships as a major growth strategy to maintain its market position. For instance, in December 2018, Siemens partnered with Aker Solutions to strengthen digital offerings.
IBM (US) is one of the leading companies in the IoT in energy market. In the field of IoT in energy market space, IBM has developed IBM Maximo APM for Energy and Utilities. IBM Maximo APM for Energy and Utilities includes open, integrated platform and analytics tooling to provide a detailed understanding of asset and network performance. It is an open analytics solution for energy and utility companies that includes a wide range of capabilities to meet the current and future needs of providers. Additionally, IBM IoT for Energy and Utilities capabilities can be further extended through applications from IBM partners and IBM Global Business Services, thereby increasing the value of the investment in IBM IoT for Energy and Utilities. Complementary products and solutions from partners and IBM address needs, such as asset investment planning, outage prediction and response optimization, power quality management, grid monitoring, load forecasting, transmission and feeder sizing, power quality, energy storage, and aerial imaging. Moreover, the company has invested significantly in R&D activities in last three years. For instance, the company spent USD 5.9 billion on R&D activities in the fiscal year of 2019. IBM has adopted a mix of organic and inorganic growth strategies to enhance its global business. For instance, in November 2019, IBM launched Maximo Asset Monitor, a new AI-powered monitoring solution. Additionally, in June 2018, IBM acquired Oniqua, to strengthen its IoT capabilities to help businesses proactively maintain vital assets.
Related Reports:
Internet of Things (IoT) in Energy Market by Solution (Asset Management, Data Management and Analytics, SCADA, Energy Management), Service, Platform, Application (Oil and Gas, Smart Grid, Coal Mining), and Region - Global Forecast to 2025
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