- Smart Grid
- Digital Oilfield
- Smart Solar Home
Smart Energy Market was valued at USD 151.7 billion in 2022 and is expected to grow at a 10.4% CAGR from 2023 to 2029. Smart energy is referred to the use of advances technologies like smart sensors, analytics, smart meters to optimize the generation, distribution, and consumption of energy. the smart energy is used to enhance efficiency, reliability, sustainability of energy system by integration of communication and information technologies. The objective of smart energy is to create a flexible workspace and responsive energy infrastructure that can adapt to changing energy demands, reduce carbon emission, and integrate renewable energy source. The growing population across the globe and rapid urbanization is expected to increase the demand for energy which is expected to drive the growth of smart energy market over the forecast period. In addition, increasing need for grid modernization and upgradation of energy infrastructure and rising demand for alternative energy is expected to boost the smart energy market growth at a significant rate. Furthermore, rising electricity cost, energy price volatility, and decrease in production of energy based on fossil fuels is expected to have a positive effect on the growth of smart energy market over the forecast period. For instance, the Indian national renewable energy act supports the energy production from renewable energy sources to eliminate the dependency on fossil fuels. In addition, increasing investments in smart grid technologies and supporting government policies is expected to enhance the growth of smart energy market. for instance, Government of India has planned to replace about 250 million conventional meters into smart meters by 2022. However, the high initial capital investment and integration of sophisticated technology is expected to hinder the growth of smart energy market over the forecast period.
Smart Energy Market Key Developments:
In December 2022, the Smart Energy Council launched zero carbon emission scheme helping to accelerate the development and deployment of renewable green ammonia, hydrogen, and green metals.
Fastest Growing Market
The smart energy market is expected to grow over the forecasted period due to the increasing environmental consciousness and initiatives to reduce carbon footprints among the public influencing the demand for sustainable and renewable smart energy. in addition, rising demand for energy efficient solutions which reduces the cost of energy is expected to boost the growth of smart energy market. As energy prices are expected to rise in forecast years, energy efficiency is becoming a more significant concern for the consumers which is leading to rising investments in the advancement of smart grid systems. Furthermore, supporting government regulation and policies promoting the use of smart energy solutions is expected to boost the smart energy market over the forecast period
Smart Energy Market was valued at USD 151,729 million in 2022 and is expected to grow at a 10.38% CAGR from 2023 to 2029
Increasing concern in reducing carbon footprints in environment and increasing energy cost is expected to drive the market growth over the forecast period.
The leading players in the global Smart Energy market are General Electric, Siemens, Areva, Landis+Gyr, Elektrowatt, Schieder Electric, Galooli, FirstPoint, FreeWire, EasySolar, Johnson Matthey, Maxeon Solar Technologies, NRG Energy.
Deployment of smart grid systems to increase energy efficiency and stability of smart grids, and Expansion of electric vehicle charging infrastructure are expected to provide opportunities for market players in the growth of smart energy market.