The latest research study “Smart Energy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global smart energy market size reached US$ 138.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 247.8 Billion by 2027, exhibiting a CAGR of 9.82% during 2022-2027.
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.
Industry Definition and Application:
Smart energy represents a sustainable energy management solution that uses energy-efficient, renewable, and Internet of Things (IoT)-integrated systems and devices. It involves gas, solar and thermal grids, smart electricity, and home energy management systems that utilize distributed generation systems, meters, modules, etc., for one-way or two-way communications. Smart energy solutions are used for collecting and storing data, which is further transmitted to computers, smartphones, laptops, power line carriers, etc. They aid in reducing commercial energy and aggregate transmission losses while preventing disconnection, eliminating inefficiencies in billing, minimizing re-connection costs, etc. As a result, smart energy solutions are extensively used in residential, industrial, and commercial establishments.
Global Smart Energy Market Trends and Drivers:
The increasing need for smart grids is primarily driving the smart energy market. Besides this, smart energy solutions provide accurate readings regarding energy consumption and aid in remote monitoring of sub-meters to avoid power outages, which is further catalyzing the market growth. Moreover, the widespread adoption of advanced metering solutions, instrumentation, network infrastructures, network management software, etc., is acting as another significant growth-inducing factor. Apart from this, the integration of these solutions with workforce, distribution automation, and mobile management systems for enhanced operational efficiency is also augmenting the global market. Furthermore, the increasing focus on rural electrification is stimulating the market growth. In addition to this, the rising utilization of smart meters for automatic control of electricity, light, and energy to minimize wastage is expected to fuel the smart energy market over the forecasted period.
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|Smart Energy Market Report Scope|
|Market size value in 2021||US$ 138.8 Billion|
|Market forecast in 2027||US$ 247.8 Million|
|Growth Rate||CAGR of 9.82% from 2022 to 2027|
|Base year for estimation||2021|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Component, Product, End Use Sector and Region|
|Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Key companies profiled||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.|
|Market Dynamics||Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,|
|Customization preview||If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.|
The report has been segmented the market into following categories:
Breakup by Component:
- Hardware and Equipment
- Solution and Service
Breakup by Product:
- Smart Grid
- Digital Oilfield
- Smart Solar
- Home Energy Management System
Breakup by End Use Sector:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
List of Major Key Players:
The major players in the market are 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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