According to the report by IMARC Group, “Global Smart Energy Market Size, Share, Growth, Industry Trends, 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 refers to an effective and sustainable energy solution that uses renewable, energy-efficient, and Internet of Things (IoT) integrated appliances. It includes smart electricity, solar, gas, thermal grids, and home energy management systems, which reduce commercial energy losses and electricity costs while preventing disconnection, eliminating inefficiencies in billing, decreasing emission rates, and minimizing re-connection costs. These solutions are deployed for collecting and storing data which is further transmitted to smartphones, computers, laptops, and power line carriers while enabling consumers to monitor and alter their energy demands. As a result, smart energy is extensively utilized by consumers in the industrial, residential, and commercial sectors.
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COVID-19 Impact on Market: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Smart Energy Market Trends and Drivers:
The market is primarily driven by the increasing deployment of smart grid technologies. In addition, the escalating demand for efficient energy solutions is further contributing to market growth. Moreover, smart energy solutions provide accurate readings about energy consumption to the users and can aid in the remote monitoring of sub-meters to avert power outages. This, coupled with the widespread adoption of advanced metering solutions, instrumentation, network infrastructure, and network management software, is accelerating the product adoption rate.
Furthermore, the rising utilization of smart meters for automatic control of energy, light, and electricity to minimize wastage is also augmenting the market growth. Other factors, including the implementation of favorable government policies to encourage the utilization of renewable energy resources, the increasing focus on rural electrification, and extensive infrastructural development, are anticipated to propel the market growth in the coming years.
Global Smart Energy Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these top key players include:
- 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.)
- Siemens AG.
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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 Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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