Global smart energy market will reach $595 billion by 2027, growing by 16.4% annually over 2020-2027 driven by the rising adoption of smart grid technologies, increasing regulations on using energy-efficient equipment, and the growing demand for clean energy. 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 system 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 is a cost-effective, sustainable, and secure energy system, which focuses on sustainable energy production while reducing the production cost. The smart energy system consists of smart electricity, smart gas, and smart thermal grids. In addition, the application of smart energy system can also eliminate need of conventional fossil fuels.
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. Additionally, the increasing focus on rural electrification and the rising utilization of smart meters for automatic control of electricity, light and energy to minimize wastage are also favouring the market growth. Other factors, including the implementation of favourable government policies to promote the utilization of renewable energy resources, along with extensive infrastructural development, are anticipated to drive the market toward growth.
Advanced metering devices have strong demand in homes, offices and industrial plants for efficient energy management and easy monitoring of energy usage. However, smart energy requires high capital investment and integration of complex technologies, which are the major challenges during the initial phase. Installation of smart energy involves hardware and software components, including instrumentation, network infrastructure and network management software. In addition, the system requires integration of large number of systems, including work management systems, mobile workforce management, SCADA/DMS, and distribution automation systems. Nonetheless, favorable government policies and increase in emphasis on renewable power sources are expected to create lucrative opportunities in the market.
Major players have adopted product launch, collaboration, and acquisition to sustain the intense market competition. Some of the key players profiled in the report include General Electric, Itron, Honeywell International, Siemens, ABB Group, and Larsen & Toubro.
Asia-Pacific accounted for a significant market share. This is attributed to growing application of smart energy devices predominantly in China. For instance, in March 2019, China Southern Power Grid announced to invest around $25.3 billion for smart energy grid in the Pearl River Delta region. This will improve Guangzhou and Shenzhen cities power outages. In addition, growing emphasis on the usage of solar and wind power sources to reduce carbon emission will positively drive the market growth in Asia-Pacific.
Government of India is planning to replace 250 million conventional meters into smart meters by 2022. Furthermore, advanced metering infrastructure technology is expected to gain traction during the forecast timeframe, owing to increase in expenditure on infrastructure development.
The industrial sector accounted for highest revenue share and market growth, owing to increase in demand for smart energy in energy intensive industrial sectors, where the smart energy system helps to reduce energy cost and improve company's ecological profile, and feedback scheduling.
Highlighted with 79 tables and 67 figures, this 139-page report “Global Smart Energy Market 2020-2027 by Component (Hardware & Equipment, Solution & Service), Product Type (Smart Grid, Digital Oilfield, Smart Solar), End Use (Residential, Commercial, Industrial), and Region: Trend Outlook and Growth Opportunity” is based on a comprehensive research of the entire global smart energy market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2017-2019 and provides estimate/forecast from 2020 till 2027 with 2019 as the base year. (Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)
In-depth qualitative analyses include identification and investigation of the following aspects:
• Market Structure
• Growth Drivers
• Restraints and Challenges
• Emerging Product Trends & Market Opportunities
• Porter’s Fiver Forces
The trend and outlook of global market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19. The balanced (most likely) projection is used to quantify global smart energy market in every aspect of the classification from perspectives of Component, Product Type, End Use, and Region.
Based on Component, the global market is segmented into the following sub-markets with annual revenue for 2017-2027 included in each section.
• Hardware & Equipment
• Solution & Service
Based on Product Type, the global market is segmented into the following sub-markets with annual revenue for 2017-2027 included in each section.
• Smart Grid
• Digital Oilfield
• Smart Solar
• Smart Home Energy Management System
• Other Products
Based on End Use, the global market is segmented into the following sub-markets with annual revenue for 2017-2027 included in each section.
• Residential Use
• Commercial Use
• Industrial Use
Geographically, the following regions together with the listed national/local markets are fully investigated:
• APAC (Japan, China, South Korea, Australia, India, and Rest of APAC; Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, Taiwan, and Philippines)
• Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Netherlands, Switzerland, Poland, Sweden, Belgium, Austria, Ireland, Norway, Denmark, and Finland)
• North America (U.S., Canada, and Mexico)
• South America (Brazil, Chile, Argentina, Rest of South America)
• MEA (UAE, Saudi Arabia, South Africa)
For each aforementioned region and country, detailed analysis and data for annual revenue are available for 2017-2027. The breakdown of all regional markets by country and split of key national markets by Component, Product Type, and End Use over the forecast years are also included.
The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.
Key Players (this may not be a complete list and extra companies can be added upon request):
Elster Group SE
General Electric Company
Honeywell International Inc.
International Business Machines Corp.
Robert Bosch GmbH
S&T Smart Energy
Schneider Electric SE
Solar Grid Storage LLC
(Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)
Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globallyDownload Sample