New York, United States, Aug. 23, 2022 (GLOBE NEWSWIRE) -- Smart energy prioritizes renewable energy development while minimizing production costs. Smart energy grids include electricity, gas, and heat. China, the U.S., and the U.K.'s transition to energy-efficient technology will boost smart grid demand. Increased infrastructure construction spending is expected to grow sophisticated metering infrastructure technology. For energy management and consumption monitoring, residences, businesses, and industrial buildings need advanced metering equipment. Smart energy requires large capital expenditures and complex technology, the initial phase's most significant barriers.
Instrumentation, network infrastructure, and network management software are needed for smart energy installations. Favorable government rules and a focus on renewable energy will undoubtedly boost industry prospects.
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Growing Demand for Alternative Energy Drives the Global Market
It is projected that a substantial increase in the demand for reliable power solutions that can support large-scale manufacturing activities will be the primary driver driving market expansion. As both the commercial and industrial sectors engage in new power sources for a variety of big data centers and telecommunications enterprises, this will benefit the industry's growth.
The increased use of petroleum products accounted for 70% of the rise in world energy production. In contrast, renewable energy sources accounted for around a fourth of the global increase in energy production. It is anticipated that the need for smart energy will increase with the electricity demand. This factor is predicted to contribute to an even more significant expansion of the smart energy sector.
Report Scope
| Report Metric | Details |
| Market Size | USD 343.10 Billion by 2030 |
| CAGR | 10.2% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product , End-User, Regions |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME, and the Rest of the World |
| Key Companies Profiled/Vendors | General Electric Company ,Siemens Ag ,Abb Ltd ,Honeywell International Inc. ,Itron ,Elster Group Se ,Sensus ,S&T Smart Energy ,Landis + Gyr ,Schneider Electric Se. |
| Key Market Opportunities | Growing Initiatives by Government to Boost Market Opportunities |
| Key Market Drivers | Massive Investment in Smart Grid Technology and Substantial Government Policies to Aid Growth |
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Rising Initiatives by Government Creates Tremendous Opportunities
A rise in worldwide government concern about escalating global warming issues will increase the demand for solar energy. Various nations are introducing new rebates and incentive programs for installing smart energy technology, such as smart solar. Tax incentive programs are predicted to encourage residential and industrial end-users to adopt smart energy.
Regional Analysis
The US, Canada, and Mexico comprise the North American Smart Energy Market. Increasing demand for cost-effective energy solutions in various domestic and commercial applications, such as washing, cleaning, and pool heating, is anticipated to fuel market growth. In North America, solar energy is mainly used for small and medium-sized applications. These new initiatives will provide lucrative opportunities for the smart solar business, promoting market growth.
China dominates the smart energy business because of the significant demand from industries, including the automobile and electrical sectors. As a result of the increasing ambition and population, the region consumes more than half of the world's total energy. In China and India, the smart energy industry has grown significantly. China has become the world's largest producer of bioelectricity and is a prominent player in hydropower, onshore wind power, and solar photovoltaics. In addition, a surge in the production of electric vehicles in the region is one of the most critical factors contributing to the region's market potential.
Key Highlights
- The global smart energy market size was valued at USD 143.15 billion in 2021. It is projected to reach USD 343.10 billion, growing at a CAGR of 10.2% during the forecast period (2022–2030).
- Based on product, the global smart energy market is classified into Smart Grid, Digital Oilfield, Smart Solar, and Home Energy Management Systems. The smart grid is the highest contributor and is expected to grow at a CAGR of 9.7% during the forecast period.
- Based on end-user, the global smart energy market is divided into Residential, Industrial, and Commercial. The industrial segment is the most elevated contributor to the market and is expected to grow at a CAGR of 10.7% during the projection period.
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Competitive Players in the Global Global smart energy market
- Siemens Ag
- Abb Ltd
- Honeywell International Inc.
- Itron
- Elster Group Se
- Sensus
- S&T Smart Energy
- Landis + Gyr
- Schneider Electric Se
Global Smart Energy Market: Segmentation
By product
- Smart Grid
- Digital oilfield
- Smart Solar
- Home Energy Management Systems
By End-User
- Residential
- Industrial
- Commercial
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
TABLE OF CONTENT
- Introduction
- Market Definition
- Market Scope
- Research Methodology
- Primary Research
- Research Methodology
- Assumptions & Exclusions
- Secondary Data Sources
- Market Overview
- Report Segmentation & Scope
- Value Chain Analysis: Smart Energy Market
- Key Market Trends
- Drivers
- Restraints
- Opportunities
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitution
- Threat of New Entrants
- Competitive Rivalry
- Market Share Analysis
- Product Overview
- Introduction
- Market Size & Forecast
- Smart Grid
- Market Size & Forecast
- Digital Oilfield
- Market Size & Forecast
- Introduction
- End User Overview
- Introduction
- Market Size & Forecast
- Residential
- Market Size & Forecast
- Industrial
- Market Size & Forecast
- Introduction
- Regional Overview
- Introduction
- Market Size & Forecast
- America
- North America
- U.S.
- By Product
- By End User
- Canada
- By Product
- By End User
- Mexico
- By Product
- By End User
- Latin America
- By Product
- By End User
- Europe
- Market Size & Forecast
- Germany
- By Product
- By End User
- France
- By Product
- By End User
- U.K.
- By Product
- By End User
- Italy
- By Product
- By End User
- Spain
- By Product
- By End User
- Rest of Europe
- By Product
- By End User
- Asia Pacific
- Market Size & Forecast
- Japan
- By Product
- By End User
- China
- By Product
- By End User
- Australia
- By Product
- By End User
- India
- By Product
- By End User
- South Korea
- By Product
- By End User
- Rest of Asia-Pacific
- By Product
- By End User
- Middle East & Africa
- Market Size & Forecast
- Saudi Arabia
- By Product
- By End User
- South Africa
- By Product
- By End User
- Kuwait
- By Product
- By End User
- Rest of Middle East & Africa
- By Product
- By End User
- Introduction
- Company Profile
- General Electric Company
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Siemens Ag
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Abb Ltd
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- General Electric Company
- Conclusion & Recommendation
- Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/smart-energy-market/toc
Market News
- May 2022- GE Digital Announced DERMS Solution to Power the Energy Transition and Help Keep the Electric Grid Safe, Secure, and Resilient.
- May 2022- GE to launch new Renewable Energy Digital suite.
- May 2022- Tata Power Delhi Distribution Limited has installed over 260,000 smart meters in North Delhi and taken a significant step towards fulfilling India’s vision of a smart grid.
- May 2022- Itron Expands Collaboration with Microsoft to Accelerate the Energy Transition.
News Media
Global Energy Management Systems (EMS) Market to Expand at a Healthy CAGR During Forecast Period
Energy Demand from Various Regions Driving the Fracking Chemicals Market Growth
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