Smart Energy Market to Exhibit Increased Demand in the Coming Years –

Global smart energy market 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.

Growing preference of sustainable energy resources such as solar and wind is expected to drive the market growth in forecast timeframe. In addition, the mandatory installation of smart meters in households and commercial areas is expected to boost the growth of the smart energy market. In addition, increase in demand for efficient energy technologies such as implementation of IOT (internet of things), will further drive the demand for various smart grids.

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On the basis of product, smart grid emerged as the market leader. 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. It gives the capability to reduce electricity cost, improve reliability, and reduce emission rates.

By end-user industry, the industrial segment is estimated to portray the highest CAGR of 10.1% during the forecast period. Moreover, the segment held the largest share in 2019, contributing to more than nearly half of the global smart energy market, due to increase in demand for energy-intensive industrial sectors where the smart energy systems help to reduce energy cost and improve the company’s ecological profile.

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By region, the market across North America dominated in 2019, accounting for nearly half of the market, due to modernization of grids, integrated resource planning, utility business models, rate reformation, and application of advanced metering devices. However, the global smart energy market across Asia-Pacific is projected to register the highest CAGR of 10.7% during the forecast period, owing to the rise in application of smart energy devices predominantly in China with the increase in demand for renewable energy sources.

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.

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COVID-19 scenario analysis

• Since the outbreak of Covid-19, the market witnessed a significant decline in demand from the manufacturing and production centres, due to large number of shutdowns in the industrial sector.
• Shift toward “work from home” culture and rise in energy demand from the residential sector will foster the market growth.
• Social distancing norms and lockdown measures across the globe led to supply chain disruption in the market.
• However, industry players would focus to reassess their supply chain and consider whether sourcing from domestic players closer to the operational site improve the supply chain or not.