Smart Energy Market Size, Share, Growth, and Industry Analysis, By Type (Independent Type Smart Energy, Distributed Smart Energy, Smart Energy), By Application (Smart Grid, Digital Oilfield, Home Energy Management Systems (HEMS), Smart Solar and Other), Regional Insights, and Forecast From 2024 To 2031

Updated On: 15 April 2024

Smart Energy Market Report Overview

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The global smart energy market size was USD 574870 million in 2022 and is expected to reach USD 2993022.1 million by 2031, exhibiting a CAGR of 20.1% during the forecast period.

Smart energy is the use of digital technology to improve the efficiency, reliability, and sustainability of the energy system. It includes a wide range of technologies, such as smart meters, demand-response programs, and renewable energy integration.

It is a complex and rapidly evolving field. However, it has the potential to deliver a number of benefits, and it is expected to play an increasingly important role in the future of energy. The market is driven by a number of factors, including the increasing demand for renewable energy, the need to improve energy efficiency, and the rising awareness of the benefits of smart energy.

COVID-19 Impact: Pandemic Decreased the Market Demand

The global COVID-19 pandemic has been unprecedented and staggering, with the smart energy market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 pandemic has had a significant impact on the smart energy market share. As businesses and consumers were forced to shut down or reduce their operations, demand for smart energy products and services declined. As businesses and consumers were forced to stay home, energy consumption declined. This led to a decrease in demand for them, such as smart meters and demand-response programs. The uncertainty of the pandemic made businesses and consumers hesitant to invest in new technologies. This led to a slowdown in the adoption of them. The pandemic also caused supply chain disruptions, which made it difficult for businesses to obtain the components they needed to manufacture such products. This led to further delays in the adoption of these technologies.

Latest Trends

"The increasing adoption of smart meters is expected to fuel the growth in the market"

Smart meters are devices that allow for two-way communication between the utility company and the customer. This means that the utility company can remotely read the meter and the customer can view their energy usage data in real time. Smart meters can also be used to implement demand-response programs, which are programs that encourage customers to reduce their energy usage during peak demand times. Smart meters can help customers to become more aware of their energy usage and to make changes to their behaviour in order to save energy. This can lead to significant reductions in energy consumption. Demand-response programs can help to reduce peak demand on the grid, which can help to avoid blackouts and brownouts. The increasing adoption of smart meters is a key trend in the market. Smart meters are a valuable tool for improving energy efficiency, reducing peak demand, and improving grid reliability. As more and more countries adopt smart meters, the benefits of these technologies will become more widely realized.

Smart Energy Market Segmentation

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• By Type Analysis

According to type, the market can be segmented independent type smart energy, distributed smart energy.

• By Application Analysis

Based on application, the market can be divided into smart grid, digital oilfield, home energy management systems (hems), smart solar and other.

Driving Factors

"Increasing demand for renewable energy to foster the market growth"

The global demand for renewable energy is growing rapidly, as governments and businesses look to reduce their reliance on fossil fuels. Renewable energy sources, such as solar and wind power, are becoming increasingly popular as a way to reduce greenhouse gas emissions and improve energy security. They can help to integrate these renewable energy sources into the grid and make them more reliable. For example, they can be used to monitor the output of renewable energy sources. This information can be used to ensure that the grid is able to handle the variable output of these sources. It can be used to provide backup power in the event of a disruption to the grid. This can help to ensure that critical services, such as hospitals and data centers, are able to continue operating even during a power outage.

"The need to improve energy efficiency to result in the expansion of the market"

Energy efficiency is becoming increasingly important as governments and businesses look to reduce their energy costs and carbon emissions. They can help to improve energy efficiency by monitoring energy usage and providing feedback to consumers. For example, they can be used to track energy usage. This information can be used to identify areas where energy is being wasted and to take steps to improve efficiency. It can be used to automate energy management, such as turning off appliances when they are not in use. This can help to reduce energy consumption even further.

Restraining Factors

"The lack of awareness of to hamper the market growth"

There is still a lack of awareness of them among consumers and businesses. This can be a barrier to adoption, as consumers may not be aware of the benefits of these technologies. It can be complex, and it can be difficult for consumers and businesses to understand how they work and how they can benefit them.

Smart Energy Market Regional Insights

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"Asia Pacific to lead the market owing to the growing demand for renewable energy"

The Asia Pacific region has shown the highest smart energy market growth. The Asia-Pacific region is home to some of the fastest-growing economies in the world, and these economies are increasingly looking to renewable energy sources to meet their growing energy needs. Some of the countries in the Asia-Pacific region that have shown the highest market growth for smart energy include China, India, Japan, and South Korea. These countries are investing heavily in them, and they are expected to continue to be major drivers of the market in the coming years.

Key Industry Players

"Key players are employing advanced technologies in order to stimulate further growth of the market"

All the major players are motivated to offer superior and more advanced services in order to gain a competitive edge in the market. To increase their market presence, vendors are using a variety of techniques, including product launches, regional growth, strategic alliances, partnerships, mergers, and acquisitions.

List of Market Players Profiled

• GE-Alstom: Paris, France
• Itron: Liberty Lake, Washington, USA
• Siemens: Munich, Germany
• ABB: Zurich, Switzerland
• S&T: Seoul, South Korea
• Samsung SDI: Suwon, South Korea
• A123: Waltham, Massachusetts, USA
• Bosch: Stuttgart, Germany
• BYD: Shenzhen, China
• Landis + Gyr: Zug, Switzerland
• Xylem Inc: Rye Brook, New York, USA
• AES Energy Storage: Pleasanton, California, USA
• LG Chem: Seoul, South Korea
• Saft: Paris, France
• Axion Power International: Fremont, California, USA
• Solar Grid Storage LLC: Boulder, Colorado, USA

Report Coverage

This report examines an understanding of the smart energy market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.