According to the latest report by IMARC Group, title “Smart Energy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, 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.
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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Smart Energy Market Trends:
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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Key Market Segmentation:
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:
Breakup by Geography:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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List of Key Companies Covered in this Market Report:
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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About IMARC Group:
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.
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