Smart Energy Market: By Product (Smart Grid, Digital Oilfield, Smart Solar Home, Others), By End User (Residential, Industrial, Commercial), and Geography

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.