The global smart energy market size reached USD 130.1 Billion in 2020 By 2028, It will reach a value of USD 273.8 Billion by 2028, growing at a CAGR of 9.9% 2022- 2028
Smart Energy Market
The smart energy market accounted for USD 130.1 Billion in 2020 and is expected to reach USD 273.8 Billion by 2028, growing at a CAGR of 9.9 % from 2021 to 2028.
Smart energy is nothing but a process of using devices for energy efficiency. It majorly focuses on sustainable and powerful renewable sources of energy that encourage eco-friendliness and minimize the cost. It integrates different energy infrastructures and has the potential to serve a wide range of end-users. Smart energy is a cost-effective, sustainable, and secure energy system, which focuses on sustainable energy production while reducing the production cost.
As due to the COVID 19 pandemic, majorly every industry was shut for a significant amount of time. The smart energy market has also been severely impacted by the outbreak of COVID-19 across the world. The market witnessed a large fall in demand from manufacturing and production centres, due to a sizable amount of shutdown within the industrial sector. But, shifting trends toward work from home norms and growing energy demand from residential sectors will foster the smart energy market growth. Nonetheless, social distancing norms and lockdown measures across the world led to supply chain disruption within the smart energy market.
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.
The smart grid segment held a share of over 34 % in 2020. The smart grid accounts for a sizable portion of revenue. A smart grid is an electricity network/grid that allows for a two-way flow of electricity and data, with smart metering being a common first step. This is due to an increase in demand for dynamic or real-time pricing, as well as the use of distributed energy systems in both residential and commercial settings.
Due to a surge in demand for smart energy in energy-intensive industrial sectors, where the smart energy system helps to decrease energy costs and improve the company's ecological profile, and feedback scheduling, the industrial sector accounted for the biggest revenue share and market growth.
The North America region is projected to grow at a CAGR of 9.1 % over the forecast period. The presence of a large number of market players is also going to contribute significantly towards the growth of the smart energy market in the region. 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.
Some of the key players 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 companies adopt various strategies in order to boost their presence and capitalization.
The smart energy market was valued at 130.1 USD Billion in 2020.
The smart energy market is expected to reach USD 273.8 Billion by 2028, growing at a CAGR of 9.9 % between 2021 to 2028.
Some of the key factors driving the smart energy market growth are, 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.
The North America region held a substantial share of the market in 2020. 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.
Some of the major companies 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.
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