The latest report by IMARC Group, titled “Smart Energy Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global smart energy market size reached US$ 138.8 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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$ 247.8 Billion by 2027, exhibiting a CAGR of 9.82% during the forecast period (2022-2027).
- 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.
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