Smart Energy Market Size and Growth: Research Report Trends Forecast Till 2030 - USD 308.35 billion in 2030 at a CAGR of 8.90% Smart Energy Market, by Product (Smart grid, Digital Oilfield, Smart Solar, and home energy management system), End-User (Residential, Industrial, and Commercial), Component (Hardware and Equipment, Solution and Service) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Smart Energy Market Overview
The Smart Energy market size was estimated at USD 169.76 billion in 2023 and is projected to reach USD 308.35 billion in 2030 at a CAGR of 8.90% during the forecast period 2023-2030.
Smart energy refers to a sustainable energy management solution that utilizes energy-efficient, renewable and the Internet of Things (IoT)-integrated systems and devices. It involves smart electricity, gas, solar and thermal grids and home energy management systems that use distributed generation systems, meters and modules for one-way or two-way communications. These solutions are used for collecting and storing data that are further transmitted to computers, laptops, smartphones and power line carriers.
Smart energy systems enable the consumers to monitor and vary their energy demands and reduce emission rates. They also aid in reducing aggregate transmission and commercial energy losses while preventing disconnection, eliminating inefficiencies in billing and minimizing re-connection costs. As a result, smart energy is widely used for residential, industrial and commercial applications. Smart Energy are used in dyestuff and act as pigment or optical brighteners. Smart Energy are utilized in the manufacturing of rubber chemicals, coating and agricultural chemicals. The chemical industry uses Smart Energy in water treatment as well. Hence the wide range of applications in the various field is creating the demand for Smart Energy market on a large scale.
Based on product, the market is segmented into smart grid, digital oilfield, smart solar, and home energy management system. On the basis of end user, the market is segmented into residential, industrial, and commercial. Based on component, smart energy market can be bifurcated into hardware and equipment and solution and service. Lastly, based on region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa and South America.
The smart energy market is growing rapidly due to a number of reasons including the increasing demand for energy efficiency, the increasing demand for renewable energy, the increasing investment in smart grid technologies and the increasing government regulations. However, there are also some challenges that might hinder the growth of the market during the forecast period. For instance, the upfront costs of smart energy technologies can be high, which can be a barrier to adoption. Moreover, security and privacy concerns as well as interoperability challenges may pose as a challenge to the growth of the market during the forecast period.
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The smart energy market was significantly impacted by the COVID-19 pandemic. The market observed a massive fall in the demand for manufacturing and production centres, owing to the large number of shut downs in the industrial sector. As the demand from end users decreased, the wholesale electricity price also saw a decline.
Delvens Industry Expert's Standpoint
The smart energy market is currently being driven by factors such as increasing demand for energy efficiency as the smart energy technologies can help reduce energy consumption and improve energy efficiency. Moreover, the increasing demand for renewable energy is also driving the growth of the market as smart energy technologies can help integrate renewable energy sources into the grid. In addition to this, utilities are investing in smart grid technologies to improve the efficiency and reliability of the grid which is expected to drive the growth of the market further during the forecast period.
Key Findings
- Based on product, the smart energy market is divided into smart grid, digital oilfield, smart solar, and home energy management system. The smart grid is the highest contributor in this segment and is expected to further grow during the forecast period. Smart grid is a modern power grid that uses digital technologies to improve the efficiency, reliability and sustainability of the grid. The growth is being driven by increasing investments in smart grid technologies by utilities.
- Based on end user, the market is bifurcated into residential, industrial, and commercial. The industrial segment dominated the market in the segment and is expected to grow further during the forecast period. This growth can be attributed to the increasing demand for smart energy in energy intensive industrial sectors, where the smart energy system helps to reduce energy cost and improve the ecological profile of the company, and feedback scheduling.
- Based on component, the market is segmented into hardware and equipment, solution and service. The hardware and equipment segment dominated the smart energy market in 2022. This segment is expected to continue to dominate the market during the forecast period, driven by the increasing demand for smart meters, smart appliances, smart thermostats, smart lighting and smart grid equipment.
- The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period. This is due to increasing demand for cost-effective energy solutions in various households and commercial applications, including washing, cleaning and pool heating, is expected to drive the expansion.
Smart Energy Market Regional Analysis
North America to Dominate the Market
- North America is estimated to account for the largest market share during the forecast period. The growth of the market smart energy market in North America is being driven by the increasing demand for these technologies from utilities, governments and businesses.
- Moreover, the increased demand for cost effective solutions for household and commercial applications is also driving the growth of the market.
Smart Energy Market Competitive Landscape
· ABB Ltd.
· General Electric Company
· Honeywell International Inc.
· International Business Machines Corporation
· Itron Inc.
· Landis+Gyr AG
· Larsen & Toubro Limited
· Robert Bosch GmbH
· S&T AG
· Schneider Electric SE
· Sensus (Xylem Inc.)
· Siemens AG
· Kontron AG
· Mitsubishi Electric Corp.
· Rockwell Automation Inc.
· SAP SE
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Smart Energy Market Recent Developments
- In May 2022, General Electric Digital announced DERMS solution to power the energy transition and help keep the electricity grid safe, secure and resilient. GE Digital and Opus One solutions have come together to help utilities on their DERs journey with a modular DERMS platform.
- In May 2022, GE launched Lifespan, a new digital product portfolio enabling our customers to optimize renewable asset performance and operations across their fleet. It will help connect operators with the information and insights required to seamlessly drive action across all aspects of their organization.
Reasons to Acquire in the Smart Energy Market
- Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for the Smart Energy Market to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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Frequently Asked Questions
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Market HighlightsThe global smart home energy management device market is projected to witness a rapid growth during the forecast period.
High growth opportunities in emerging economies and rising adoption of energy efficient device are the major factors driving the growth of the market.
Other factors such as increasing real-time energy conservation approach, accessibility of cloud computing and data analytics and advanced device interconnectivity technology are aiding the market growth.The global Smart Home Energy Management Device Market, by geography, is segmented into North America, Europe, Asia Pacific, and Rest of the World.
The U.S and Canada are anticipated to drive the growth of the North American smart home energy management device market owing to the presence of large number of established key players such as Nest Labs (U.S.), Logitech (U.S.), Icontrol Networks (U.S.), C3 Energy (U.S.), Energyhub, Inc. (U.S.), Trilliant (U.S.), General Electric Company (U.S.).
Owing to the presence of major players and developing more efficient, convenient, and economic HEM products and solutions.
Increasing need for innovations and advancements in the technology are other major factors responsible for the growth of the smart home energy management device market.In the global smart home energy management device market, Asia Pacific is anticipated to witness a relatively faster adoption at the highest CAGR during the forecast period as compared to other regions owing to the growing adoption of energy efficient device, emerging economies and technological advancement in smart home energy management device in the region.Get Free Sample Copy of Report @ https://www.marketresearchfuture.com/sample_request/1194The global smart home energy management device market is projected to reach USD 3 billion at a CAGR of over 18% by the end of the forecast period 2017-2023.Key Players:Some of the prominent players in the global smart home energy management device market: Aclara (U.S.), Energate Inc. (Canada), Trilliant (U.S.), Honeywell (U.S.), Nest Labs (U.S.), Logitech (U.S.), Icontrol Networks (U.S.), C3 Energy (U.S.), Energyhub, Inc. (U.S.), Trilliant (U.S.), General Electric Company (U.S.), Panasonic Corporation (Japan), Alarm.com (U.S.), Ecofactor (U.S.), Comcast Cable (U.S.), Ecobee (Canada) among others.Smart Home Energy Management Device Market Segmentation:The global smart home energy management device market is segmented on the basis of components and communication technology.
