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Smart Energy
WILMINGTON, DE , UNITED STATES, March 27, 2024 /EINPresswire / -- Smart energy is a sustainable, cost-effective, and secure energy system that prioritizes renewable energy development while minimizing production costs. The intelligent energy system comprises intelligent electricity, gas, and heat grids. Moreover, implementing intelligent energy systems can reduce conventional fossil fuel requirements. Investments in smart grid technology are one of the key market drivers for smart energy. Hardware and software components are required for smart energy installation, including instrumentation, network infrastructure, and network management software.
Global Smart Energy Market size was valued at $124.0 billion in 2019, and is projected to reach $253.1 billion by 2027, growing at a CAGR of 9.6% from 2020 to 2027.
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Growing Initiatives by Government to Boost Market Opportunities
Some recommendations and laws are being implemented to guarantee the energy supply's safety and decrease local and global emissions. The need for smart energy is anticipated to rise due to these laws. Government regulations, particularly mandates and financial incentives, have primarily led to the market adoption of smart meters, increasing energy systems' reliability, efficiency, and security. Companies based in the United States are currently among the major suppliers of intelligent electricity meters across the globe. The demand for smart energy forms has significantly increased due to their operations in numerous developed and developing markets.
Smart energy refers to a sustainable energy management solution that utilizes energy-efficient, renewable and the Internet of Things (IoT)-integrated systems and devices. It involves smart electricity, gas, solar and thermal grids and home energy management systems that use distributed generation systems, meters and modules for one-way or two-way communications. These solutions are used for collecting and storing data that are further transmitted to computers, laptops, smartphones and power line carriers. Smart energy systems enable the consumers to monitor and vary their energy demands and reduce emission rates. They also aid in reducing aggregate transmission and commercial energy losses while preventing disconnection, eliminating inefficiencies in billing and minimizing re-connection costs. As a result, smart energy is widely used for residential, industrial and commercial applications.
Smart Energy Market Report Highlights
Smart Energy Market By Product
. By Product
. Smart grid
. Digital Oilfield
. Smart Solar
. Home energy management system
By End User Industry
. Residential
. Industrial
. Commercial
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The increasing deployment of smart grid technologies is one of the key factors driving the growth of the market. Moreover, the rising demand for efficient energy solutions is providing a thrust to the market growth. Smart energy solutions provide accurate readings regarding the energy consumption to the users and can aid in remote monitoring of sub-meters to prevent power outages. In line with this, the widespread adoption of advanced metering solutions, instrumentation, network infrastructure and network management software, especially in the developing economies, is also contributing to the growth of the market. These solutions are integrated with workforce and mobile management systems and distribution automation solutions for enhanced operational efficiency.
Key Findings of the Study:
. The smart solar segment is projected to grow at the highest CAGR of approximately 12.7%, in terms of revenue, during the forecast period.
. By end-user industry, the industrial segment held 47% market share with a CAGR of 10.1%, in terms of revenue, during the forecast period.
. The North America dominated the market with around 50% revenue share in 20
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.) and Siemens AG.
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Key Market Players:
. General Electric
. Eaton Corporation
. Legrand
. VERTIV HOLDINGS CO.
. Honeywell
. Vertiv Group Corp.
. Siemens AG
. ABB Ltd.
. Johnson Controls
. Schneider Electric
. HAVELLS INDIA LIMITED
. Havells
David Correa
Allied Market Research
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