North America Smart Energy Market 2020-2027

North America smart energy market is expected to grow by 16.4% annually in the forecast period and reach $270.7 billion by 2027 driven by the rising adoption of smart grid technologies, increasing regulations on using energy-efficient equipment, and the growing demand for clean energy. The region of North America With the increasing power demand, growing steps for reducing transmission and distribution losses, and up-gradation of existing grid networks with developing renewable power sources, the Smart Energy market is expected to grow significantly during the forecast period. Also, to improve the collection of revenue for electricity and mitigate electricity theft in low-income areas, the demand for a Smart Energy network is expected to grow in the region. However, a considerable investment is required for setting up and modernizing power generation, transmission, and distribution networks, which can be a restraining factor in the Smart Energy market’s growth.

AMI (Advanced Metering Infrastructure) devices are expected to witness a significant growth rate due to the grid modernization efforts taken up by the state and federal governments across the region. Countries like Mexico are expected to invest USD 6.3 billion in Smart Energy infrastructure and a further USD 2.1 billion in LED and smart street lighting by 2027, which may create vast opportunities for the concerned market players.

The United States will likely dominate the North American Smart Energy market during the forecast period. Government initiatives and policies are expected to drive the Smart Energy market in the country. Advanced metering infrastructure (AMI) or smart metering integrates smart meters, communication networks, and data management systems that enable two-way communication between utilities and customers. With the development of variable renewable energy sources, like wind and solar, with a cumulative renewable capacity of more than 121 GW in 2015 and 233 GW by 2020, the demand for smart grids increased. With further renewable growth during the forecast period, the market is expected to grow significantly.

As per the Energy Information Administration, in 2020, the US electric utilities had 102.9 million advanced (smart) metering infrastructure (AMI) installations, of which 88% were residential customer installations. Under its infrastructure plan launched in 2016, the Government of Canada is expected to invest nearly USD 180 billion for the upcoming 12 years in transit, green infrastructure, social infrastructure, trade, and tourism projects. Also, in 2021, the Government of Canada, under its Smart Renewables and Electrification Pathways Program (SERPs), announced the provision of up to USD 964 million over four years for smart renewable energy and grid modernization projects. The installation of smart meters in the United States reached 98 million by the end of 2020, driven by the successful implementation of government policies and support for smart energy development.

With the increasing efforts to modernize the smart electricity and reduce transmission and distribution losses, governments across North America are investing in advanced metering infrastructure, which may drive the AMI market during the forecast period. The North American smart energy market is partially fragmented. The major companies include General Electric Company, ABB Ltd, Itron Inc., Honeywell International Inc., and Siemens AG.

Recent Developments

• In February 2021, the US investor-owned utility Evergy announced the extension of its partnership with smart grid solutions firm Landis+Gyr to ensure optimal management of the grid and smart metering infrastructure in the country. The two parties reportedly inked a 13-year contract that extends the smart grid services agreement for Evergy’s Kansas Central and Kansas Central South utility operations.
• In December 2020, EDF International Networks and Capgemini entered a partnership agreement to combine their expertise and maintain their positions as major players in emerging smart grid projects worldwide.

COVID-19 Impact

The COVID-19 outbreak in Q1 2020 negatively impacted the North American Smart Energy market as lockdown restrictions imposed by the governments in the region lowered the demand for electricity in the United States and Canada. For instance, the US electricity consumption collapsed by a record 4.6% in 2020 as businesses shut down due to lockdowns. Also, due to COVID-19, major infrastructure projects in the region were halted in 2020, negatively impacting the market. 

Highlighted with 20 tables and 31 figures, this 79-page report “North America 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 Country: Trend Outlook and Growth Opportunity” is based on a comprehensive research of the entire North America 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 North America 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 North America smart energy market in every aspect of the classification from perspectives of Component, Product Type, End Use, and Country.

Based on Component, the North America 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 North America 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 North America 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 national/local markets are fully investigated:
• U.S.
• Canada
• Mexico
For each key country, detailed analysis and data for annual revenue are available for 2017-2027. The breakdown 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):
ABB Ltd.
Elster Group SE
General Electric Company
Honeywell International Inc.
International Business Machines Corp.
Itron, Inc.
Landis+Gyr AG
Robert Bosch GmbH
S&T Smart Energy
Schneider Electric SE
Sensus
Siemens AG
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.)

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