IoT Energy Management Market Size to Surpass USD 311.86 Billion by 2032 | SNS Insider

The IoT Energy Management Market was $71.23 Bn in 2023 and is set to reach $311.86 Bn by 2032, growing at a 17.89% CAGR from 2024-2032.

AUSTIN, TX, UNITED STATES, February 24, 2025 /EINPresswire.com/ -- The IoT Energy Management Market size was USD 71.23 Billion in 2023 and is expected to reach USD 311.86 Billion by 2032, growing at a CAGR of 17.89% over the forecast period of 2024-2032.

IoT technology is transforming energy management, enabling industries to monitor and optimize consumption with real-time insights.

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Some of Major Keyplayers:

- GridPoint, Inc. (Energy Management Platform, GridPoint IoT-enabled Building Management System)
- IoT.nxt (Edge Computing Platform, Smart Energy Management System)
- Information Grid Ltd. (Smart Grid Platform, Energy Management System)
- Aeris Communications Inc. (Aeris IoT Solutions, Aeris Smart Metering Solutions)
- Carrier Global Corporation (EcoEnergy Insights, HVAC Energy Management Solutions)
- WebNMS (Energy Management IoT Platform, Smart Metering Solutions)
- Phoenix Contact (Energy Monitoring System, Industrial IoT Solutions)
- Coda Cloud Limited (Coda IoT Energy Management Platform, Coda Cloud Energy Analytics)
- Siemens AG (Desigo CC, Siemens Building Energy Management Solutions)
- Johnson Controls International PLC (Metasys Building Management System, Johnson Controls Energy Management Solutions)
- Schneider Electric (EcoStruxure Energy Management Platform, Power Monitoring Expert)
- Honeywell International Inc. (Honeywell Building Management Solutions, Honeywell IoT Energy Management)
- ABB Ltd. (ABB Ability Energy Management, ABB Smart Grid Solutions)
- Enel X (Enel X Demand Response Platform, Enel X Energy Efficiency Solutions)
- Tridium (Tridium Niagara Framework, Tridium Energy Management Solutions)
- Lutron Electronics (Lutron Energy Management System, Lutron Building Control Solutions)
- Siemens (Siemens Smart Grid Solutions, Siemens Energy Efficiency Solutions)
- GE Digital (Predix Asset Performance Management, GE Digital Energy Management Platform)
- Wattics (Wattics Energy Analytics Platform, Wattics Energy Management System)
- C3.ai (C3 AI Energy Management, C3 IoT Energy Optimization Platform)

By Component, Solution Segment Dominates IoT Energy Management Market, While Services Sector Grows with Rising Demand for Expert Support

In 2023, the Solution segment dominated the IoT Energy Management Market, accounting for 69% of the market share. The dominance is contributed to the widespread adoption of integrated IoT that allows for real-time monitoring, optimization, and predictive analytics which increases energy efficiency and aligns with sustainability objectives. The Services segment is expected to witness a substantial expansion at a compound annual growth rate CAGR of 19.65% during the forecast period from 2024 to 2032, owing to a growing demand for specific services like advisory, setup, and continuous system maintenance.

By End-User, Industrial Sector Dominates IoT Energy Management Market, While Commercial Segment Grows with Rising Energy Efficiency Demand

The Industrial segment emerged as the leading end-user in 2023, capturing 57% of the market share. In industries with high energy consumption, optimizing and reducing costs has become necessary. The Commercial segment is projected to achieve a CAGR of 19.43% between 2024 and 2032, driven by a growing demand for energy efficiency in commercial spaces such as office buildings and retail establishments as well as government incentives for sustainable practices.

By Applications, Smart Utilities Dominate the IoT Energy Management Market, While Smart Cities Drive Future Growth with Sustainable Solutions

The Smart Utilities segment led the market with a 49% share in 2023, driven by the necessity for improved grid reliability, efficient energy distribution, and cost reduction. Smart Cities segment is projected to grow at the highest CAGR of 19.74% during 2024-2032 owing to urbanization and its need-based demand for sustainable living solutions. Since smart cities align with initiatives on reducing carbon and improving efficiency, IoT technologies reduce energy consumption in infrastructure and transportation.

IoT Energy Management Market Segmentation:

By Component
- Solution
- Services

By Application
- Smart Cities
- Smart Utilities
- Others

By End User
- Commercial
- Industrial

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Asia Pacific Dominates IoT Energy Management Market, While Europe Poised for Fastest Growth Amid Sustainability Push

In 2023, the Asia Pacific region dominated the IoT Energy Management Market, securing approximately 38% of the revenue share. This leadership is attributed to rapid industrialization, escalating energy consumption, and proactive government initiatives aimed at enhancing energy efficiency and sustainability. Nations such as China, India, and Japan are at the forefront, adopting IoT-based solutions to optimize energy management across industrial and residential sectors.

Europe is poised to experience the fastest growth, with a projected CAGR of approximately 20.25% from 2024 to 2032. This surge is driven by stringent regulations and government mandates focused on achieving carbon neutrality and energy efficiency targets. The European Union's commitment to green energy, smart grids, and sustainable urban development is propelling the adoption of IoT energy management solutions. As businesses and governments invest in smart energy technologies to comply with these regulations.

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