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The smart energy market size is forecast to increase by USD 7.26 billion at a CAGR of 19.1% between 2023 and 2028.
The smart energy industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The smart grid segment is estimated to witness significant growth during the forecast period. The market encompasses the deployment of intelligent electricity meters, solar energy, and renewable energy sources in homes, offices, and industrial plants. Smart grids, a significant segment of this market, leverage advanced metering devices, network infrastructure, and system integration services to optimize energy supply security. The US is a pioneer in this field, with substantial investments in smart grid technology. In 2022, the US allocated USD 84 billion for grid investments, making it the global leader. China follows with USD 75 billion, and other countries invest USD 63 billion. The smart grid market consists of electric grid equipment and services, including distribution automation systems, network management software, and hardware.
This technology integration aids in the efficient management of renewable power sources, such as solar and wind, and reduces carbon footprints while adhering to regulatory standards. Smart thermal grids and work management systems further enhance industrial processes, ensuring energy efficiency and cost savings. Smart gas and steam turbines are also integral components of the market, contributing to the overall growth and development of renewable energy sources.
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The Smart grid segment was valued at USD 1.92 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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In North America, the growing emphasis on smart electricity and the expansion of intelligent electricity meters in homes and offices are key drivers for the market. The region's smart grid technology development, including solar energy and renewable power sources, is a significant factor. Advanced metering devices, network management software, and distribution automation systems are integral components of this growth. Industrial plants and commercial establishments are also investing in smart grid technologies, such as steam turbines and smart thermal grids, to optimize energy supply security and reduce carbon footprints. Utility service providers are integrating hardware, system integration services, and consulting services to ensure regulatory standards are met.
The digital oilfield is also adopting smart grid technologies for improved efficiency. The US, as a leading investor in smart energy solutions, is poised for market growth due to extensive smart grid deployment. The region's smart grid projects, including large-scale deployments and smart solar initiatives, are expected to present attractive data analytics projections during the forecast period. Utility service providers are actively implementing these projects, having completed various pilot programs and initiating rollouts.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The smart energy market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the smart energy market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, smart energy market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
ABB Ltd. - ABB Electrification delivers advanced energy solutions, integrating technology and sustainability for optimized power management.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market encompasses the development, implementation, and management of intelligent electricity systems for various sectors, including homes and offices. These systems rely on advanced metering devices, network infrastructure, and software components to optimize energy consumption and distribution. The integration of renewable energy sources, such as solar energy, into smart grids is a significant trend in this market. Intelligent electricity meters play a crucial role in smart energy systems by providing real-time data on energy usage. This data enables network management software to optimize energy distribution and consumption, reducing overall energy waste and improving energy supply security. The residential sector is a major focus of smart energy development due to the growing importance of reducing carbon footprints and the increasing adoption of renewable power sources.
The industrial sector also benefits from smart energy systems, with steam turbines and other energy-intensive equipment being optimized through the use of advanced metering devices and distribution automation systems. The integration of smart grid technologies in industrial plants allows for more efficient energy management and reduces the reliance on fossil fuels. The development of smart energy systems requires significant capital expenditures for hardware and system integration services. Consulting services are also essential for ensuring technical expertise and regulatory compliance. The digital oilfield is another area where smart energy technologies are being applied to optimize energy production and reduce costs.
Smart thermal grids are another emerging trend in the market. These systems enable the efficient management of heating and cooling systems in commercial and residential buildings, reducing energy waste and improving overall energy efficiency. The integration of renewable energy sources into smart grids is a key challenge in the market. The intermittent nature of renewable energy sources requires advanced network management software to optimize energy distribution and ensure grid stability. The development of smart solar and other renewable power sources is a major focus of research and development efforts in the market. The market is characterized by the development and implementation of intelligent electricity systems for various sectors.
These systems rely on advanced metering devices, network infrastructure, and software components to optimize energy consumption and distribution. The integration of renewable energy sources and the optimization of industrial energy production are major trends in this market. The development of smart energy systems requires significant capital expenditures and technical expertise, making consulting services and system integration essential. The optimization of energy usage in commercial and residential buildings through smart thermal grids is another emerging trend in the market.
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Market Scope |
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Report Coverage |
Details |
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Page number |
191 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 19.1% |
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Market growth 2024-2028 |
USD 7.26 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
18.19 |
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Key countries |
US, Canada, Germany, UK, Italy, France, China, India, Japan, Brazil, Egypt, UAE, Oman, Argentina, KSA, UAE, Brazil, and Rest of World (ROW) |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
We can help! Our analysts can customize this smart energy market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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