- Increase in shift toward efficient energy technologies, advanced metering infrastructure, and robust investment in smart grid technologies have boosted the growth of the global smart energy market.
PORTLAND, Ore., May 3, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Smart Energy Market by Product (Smart grid, Digital Oilfield, Smart Solar, and Home energy management system), End-User Industry (Residential, Industrial, and Commercial): Global Opportunity Analysis and Industry Forecast, 2020-2027". As per the report, the global smart energy industry was pegged 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.
Drivers, restraints, and opportunities
Increase in shift toward efficient energy technologies, advanced metering infrastructure, and robust investment in smart grid technologies have boosted the growth of the global smart energy market. However, high capital investment and integration of complex technologies hinder the market growth. On the contrary, favorable government policies are expected to create lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- 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.
The smart grid segment dominated the market
By smart grid segment held the lion's share in 2019, accounting for more than two-thirds of the global smart energy market, due to rise in demand for dynamic pricing or real-time pricing coupled with the application of distributed energy systems in residential and commercial places. However, the smart solar segment is expected to manifest the highest CAGR of 12.7% during the forecast period, owing to increase in demand across different industry verticals for electricity generation, heating, and desalination of seawater.
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The industrial segment to portray the highest CAGR through 2027
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.
North America held the lion's share
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.
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Major market players
- General Electric
- Itron
- Honeywell International
- Siemens
- ABB Group
- Larsen & Toubro
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