Report Code: A09434 | Pages: 210 | Jan 2021 | 10575 Views | ||
Author(s) : Ayushi C, Sagnik C , Eswara P | Tables: 90 | Charts: 50 |
|
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Smart Energy Market
Request Now !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. 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.
Smart energy market has no significant impact due to the pandemic, owing to its high efficiency to operate from remote locations and to offset demand loss during extended lockdown.
Robust investment in smart grid technologies is one of the major drivers in the smart energy market. In addition, shift toward efficient energy technologies in China, the U.S., and the UK will further boost the market demand for smart grids. For instance, 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. 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.
The global smart energy market is segmented on the basis of product, end-user industry, and region. On the basis of product, it is divided into smart grid, digital oilfield, and smart solar, and home energy management system. Based on end-user industry, it is categorized into residential, industrial, and commercial. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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.
Smart grid accounted for significant revenue share. This is attributed to rise in demand for dynamic pricing or real time pricing, coupled with application of distributed energy system in residential and commercial places.
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.
COVID-19 scenario analysis
Key benefits for stakeholders
Smart Energy Market Report Highlights
Aspects | Details |
---|---|
By Product |
|
By End User Industry |
|
By Region |
|
Key Market Players | ABB Ltd., General Electric Company, Landis + Gyr, ITRON, Schneider Electric, Sensus, SIEMENS AG, S&T Smart Energy, HONEYWELL INTERNATIONAL INC. |
Loading Table Of Content...
According to the CXOs of leading companies, the global smart energy market is heading toward an expansion phase. This is mainly attributed to a significant surge in demand for smart grid systems and distributed energy systems in residential and commercial areas for small and medium scale applications. With such systems, operators can easily predict the demand and can prevent the overload, and it also gives the operators time to act. In addition, the consumers could also set alarms on the maximum demand level limiting the usage through load shedding. Furthermore, growing emphasis on the usage of renewable power sources, coupled with favorable government policies is expected to propel the market growth.
A. Robust investment in smart grid technologies and advancement in metering infrastructure are the factors that drive smart energy market growth.
A. Acquisition, new product launch, and agreements are the key growth strategies of smart energy market players.
A. To get latest version of smart energy market report can be obtained on demand from the website.
A. Surge in demand for electric smart meters from different end users and implementation of favourable government norms, and incentive schemes promoting smart energy, are the key trends in the market.
A. Asia-pacific region will provide more business opportunities for smart energy in future.
A. The top ten market players are selected based on two key attributes - competitive strength and market positioning
A. General Electric, Itron, Honeywell International, Siemens, ABB Group, and Larsen & Toubro are the leading players in smart energy market.
A. Smart grid segment holds the maximum share of the smart energy market
A. The smart energy market is expected to reach $253.1 billion by 2027.
A. Virtual power plants, non-residential facilities, including offices buildings, stores, municipal buildings, data centres, schools, and residential sectors are the potential customers of smart energy industry.
Start reading instantly.
This Report and over 53,854+ more Reports, Available with Avenue Library. T&C*.
Enterprise
License/PDF
Library
Membership
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers