Smart Energy Market 2022-2027 | Growth, Trends and Forecast Report

Smart Energy Market

Market Overview 2022-2027:

The latest research study “Global Smart Energy Market Size, Share, Industry Trends, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global smart energy market reached a value of 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.

Industry Definition and Application:

Smart energy is an energy solution that uses renewable, energy-efficient, and Internet of Things (IoT) integrated appliances to build and operate a sustainable energy management system. It is achieved by incorporating machine learning, artificial intelligence (AI), and data analytics technologies into various processes. It also comprises thermal grids, home energy management systems, solar, gas, and smart electricity. Smart energy reduces commercial energy losses and prevents disconnection, eliminates inefficiencies in billing, minimizes electricity costs, enhances reliability, and lowers emission rates. In addition, these solutions collect and store data transmitted to computers, laptops, smartphones, and power line carriers, prompting consumers to monitor and alter energy demands. As a result, smart energy is widely utilized across industrial, residential, and commercial sectors.

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What are the major market drivers in the smart energy market?

The market is primarily driven by the increasing demand for efficient energy solutions and the rising development of smart cities across the globe. In addition, smart energy solutions provide precise readings regarding energy consumption to users and help with remote monitoring of sub-meters to avert power outages, which is contributing to market growth. Moreover, the rising utilization of smart meters for automatic control of energy, light, and electricity to reduce waste represents another major growth-inducing factor.

Besides this, various technological advancements in cloud computing and increasing investment in smart grid technologies are also accelerating the product adoption rate. Furthermore, the implementation of favorable government policies to encourage the utilization of renewable energy resources, rapid urbanization, and extensive infrastructural development are some of the other factors creating a positive market outlook.

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Smart Energy Market Report Scope
Report CoverageDetails
Market size value in 2021US$ 138.8 Billion
Market forecast in 2027US$ 247.8 Billion
Growth RateCAGR of 9.82% from 2022 to 2027
Base year for estimation2021
Historical data2016-2021
Forecast period2022-2027
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments coveredComponent, Product, End Use Sector and Region
Regional scopeNorth America, Europe, Asia-Pacific, Latin America, Middle East and Africa
Key companies profiledABB 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 DynamicsParent 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 previewIf our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Report Segmentation:

The report has segmented the market on the basis of region, component, product and end use sector.

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:

  • Residential
  • Industrial
  • Commercial

Breakup By Geography:

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • 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.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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