07-Sep-2021 | Zion Market Research
Some of the key players operating in the smart energy market are ABB Ltd., Siemens AG, Landis+Gyr AG, S&T Smart Energy GmbH, Robert Bosch GmbH, Larsen and Toubro Ltd., Itron Inc., Honeywell International Inc., General Electric Co., and International Business Machines Corp., among others. These players are set to bolster the development of the global smart energy market. According to analysts at Zion Market Research, the global smart energy market accounted for 130.1 USD Billion in 2020 and is expected to reach 273.8 USD Billion by 2028, growing at a CAGR of 9.9 % from 2021 to 2028.
This review is based on a report by Zion Market Research, titled “Smart Energy Market by Product (Smart Grid, Digital Oilfield, Smart Solar and Home Energy Management System), by End Use (Residential, Industrial and Commercial): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.”
Increase In Environmental Concerns and Growing Necessity for Renewable Energy Sources To Spur Market Growth
The global smart energy market is growing at an exponential rate. The smart energy systems allow the user to match supply & demand and integrate more renewable sources of energy including solar and wind into the system. This allows creating energy to emit less carbon dioxide into the atmosphere and make less pollution. The increase in environmental concerns, growing necessity for renewable energy sources, and growing investments in smart energy systems are a number of the crucial factors that are primarily spurring the expansion of the worldwide market. Additionally, there's an enormous investment in smart grid technology as several benefits are related to it. This includes lower peak demand, which aids lower electricity rates, and many more.
Browse the full “Smart Energy Market By Product (Smart Grid, Digital Oilfield, Smart Solar And Home Energy Management System), By End Use (Residential, Industrial And Commercial): Global Industry Perspective, Comprehensive Analysis And Forecast, 2020 – 2028.” Report at https://www.zionmarketresearch.com/report/smart-energy-market
Existence Of Advanced Technology and Increased Investments in Smart Grid Technology Support North America Dominance
North America is expected to be the fastest growing region for the smart energy market. North America is a technologically advanced region, which means the adoption rate of any new technology is very high in the region. During the forecast period, North America is expected to lead the worldwide smart energy market and account for the largest revenue share. Though the majority of the organizations have already recognised the need for the smart energy market and are using the same as well. The existence of advanced technology, increased investments in smart grid technology, and growing worries about carbon emissions are all factors contributing to the market's growth in this region. Asia pacific is expected to be growing significantly for the smart energy market. The developing region has witnessed a rise in the usage of technology. As the population here becomes more aware of the need to adopt smart energy, the demand for smart energy will be boosted over the next few years. Also, awareness of the government towards the technology advancement will add to the growth of the market in the region. This is due to the increasing use of smart energy gadgets, a shift toward renewable energy sources, and increased environmental concerns. The global smart energy market is segmented as follows:
By End Use
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