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|
|Market size value in 2021||US$ 138.8 Billion|
|Market forecast in 2027||US$ 247.8 Billion|
|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 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:
Breakup By Geography:
- 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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