The latest research study “Smart Energy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global smart energy market reached a value of US$ 138.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 247.8 Billion by 2027, exhibiting a CAGR of 9.82% during 2022-2027.
Smart energy is an energy solution that uses renewable, energy-efficient, and Internet of Things (IoT) integrated appliances to build and operate a sustainable energy management system. It is achieved by incorporating machine learning, artificial intelligence (AI), and data analytics technologies into various processes. It also comprises thermal grids, home energy management systems, solar, gas, and smart electricity. Smart energy reduces commercial energy losses and prevents disconnection, eliminates inefficiencies in billing, minimizes electricity costs, enhances reliability, and lowers emission rates. In addition, these solutions collect and store data transmitted to computers, laptops, smartphones, and power line carriers, prompting consumers to monitor and alter energy demands. As a result, smart energy is widely utilized across industrial, residential, and commercial sectors.
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Smart Energy Market Trends:
Besides this, various technological advancements in cloud computing and increasing investment in smart grid technologies are also accelerating the product adoption rate. Furthermore, the implementation of favorable government policies to encourage the utilization of renewable energy resources, rapid urbanization, and extensive infrastructural development are some of the other factors creating a positive market outlook.
The market is primarily driven by the increasing demand for efficient energy solutions and the rising development of smart cities across the globe. In addition, smart energy solutions provide precise readings regarding energy consumption to users and help with remote monitoring of sub-meters to avert power outages, which is contributing to market growth. Moreover, the rising utilization of smart meters for automatic control of energy, light, and electricity to reduce waste represents another major growth-inducing factor.
Smart Energy Market 2022-2027 Competitive Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Major Players Covered:
- ABB Ltd.
- General Electric Company
- Larsen & Toubro Limited
- Robert Bosch GmbH
- S&T AG
- Schneider Electric SE
- Honeywell International Inc.
- International Business Machines Corporation
- Itron Inc.
- Landis+Gyr AG
- Sensus (Xylem Inc.)
- Siemens AG.
Key Market Segmentation:
The report has segmented the market on the basis of component, product, end use sector and region.
Breakup by Component:
- Hardware and Equipment
- Solution and Service
Breakup by Product:
- Smart Grid
- Digital Oilfield
- Smart Solar
- Home Energy Management System
Breakup by End Use Sector:
Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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