Global Smart Energy Market to Reach US$ 318.6 Billion by 2032, Bolstered by Increasing Demand for Smart Grid Technologies

October 04, 2022 | Technology & Media

The latest report by IMARC Group, titled “Smart Energy Market Report by Component (Hardware and Equipment, Solution and Service), Product (Smart Grid, Digital Oilfield, Smart Solar, Home Energy Management System), End Use Sector (Residential, Industrial, Commercial), and Region 2024-2032,” finds that the global smart energy market size reached US$ 164.3 Billion in 2023. Smart energy refers to a sustainable energy management solution that uses high-efficiency technologies, energy-efficient, clean, renewable resources, and the Internet of Things (IoT)-integrated systems and devices. It involves gas, solar, thermal grids, smart electricity, and home energy management systems that use distributed generation systems, meters, and modules for one-way or two-way communications. It also helps collect, monitor, and load data on laptops, smartphones, computers, and power line carriers. In addition, these systems enable consumers to understand waste patterns and other key performance indicators (KPIs) to optimize energy usage. As a result, smart energy is extensively utilized across industrial, residential, and commercial sectors.

Global Smart Energy Market Trends:

The market is primarily driven by the surging demand for smart grid technologies globally. In addition, the rising demand for efficient energy solutions is contributing to market growth. Smart energy solutions offer users accurate readings about the energy consumption and assist in remote monitoring of sub-meters to prevent power outages. Moreover, the widespread adoption of network infrastructure, advanced metering solutions, instrumentation, and network management software, especially in developing economies, is providing a positive thrust to market growth. These solutions are incorporated with workforce and mobile management systems and distribution automation solutions for improved operational efficiency. Besides this, the rising focus on rural electrification and the increasing utilization of smart meters for automatic control of light, electricity, and energy to reduce wastage is anticipated to propel the market growth. Other factors, including the implementation of favorable government policies to encourage the utilization of renewable energy resources, along with extensive infrastructural development, are creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 318.6 Billion by 2032, exhibiting a CAGR of 7.5% during the forecast period (2024-2032).

Market Summary:

Based on the component, the market has been bifurcated into hardware and equipment, and solution and service.
On the basis of the product, the market has been classified into smart grid, digital oilfield, smart solar, and home energy management system.
Based on the end use sector, the market has been segmented into residential, industrial, and commercial.
Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
The competitive landscape of the industry has also been examined in the report, with some of the key players being 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.) and Siemens AG.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Component, Product, End Use Sector, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	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.) and Siemens AG.
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Smart Energy Market to Reach US$ 318.6 Billion by 2032, Bolstered by Increasing Demand for Smart Grid Technologies

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