Smart Energy Market was valued at US$ 151.7 billion in 2023 and is expected to grow at a 10.4% CAGR from 2024 to 2030. Smart energy refers to the use of advanced technologies like smart sensors, analytics, and smart meters to optimize the generation, distribution, and consumption of energy. smart energy is used to enhance the efficiency, reliability, and sustainability of energy systems by integration communication and information technologies. The objective of smart energy is to create a flexible workspace and responsive energy infrastructure that can adapt to changing energy demands, reduce carbon emissions, and integrate renewable energy sources. The growing population across the globe and rapid urbanization is expected to increase the energy demand which is expected to drive the growth of the smart energy market over the forecast period.
In addition, the increasing need for grid modernization and upgradation of energy infrastructure and the rising demand for alternative energy are expected to boost the smart energy market growth at a significant rate. Furthermore, rising electricity costs, energy price volatility, and a decrease in production of energy based on fossil fuels are expected to have a positive effect on the growth of the smart energy market over the forecast period. For instance, the Indian National Renewable Energy Act supports energy production from renewable energy sources to eliminate the dependency on fossil fuels. In addition, increasing investments in smart grid technologies and supporting government policies are expected to enhance the growth of the smart energy market. for instance, the Government of India has planned to replace about 250 million conventional meters with smart meters by 2022. However, the high initial capital investment and integration of sophisticated technology are expected to hinder the growth of the smart energy market over the forecast period.
In December 2022, the Smart Energy Council launched a zero carbon emission scheme helping to accelerate the development and deployment of renewable green ammonia, hydrogen, and green metals.
Study Period
2024-2030Base Year
2023CAGR
10.4%Largest Market
North AmericaFastest Growing Market
Asia Pacific
The smart energy market is expected to grow over the forecasted period due to the increasing environmental consciousness and initiatives to reduce carbon footprints among the public influencing the demand for sustainable and renewable smart energy. in addition, rising demand for energy efficient solutions which reduces the cost of energy is expected to boost the growth of smart energy market. As energy prices are expected to rise in forecast years, energy efficiency is becoming a more significant concern for the consumers which is leading to rising investments in the advancement of smart grid systems. Furthermore, supporting government regulation and policies promoting the use of smart energy solutions is expected to boost the smart energy market over the forecast period
The smart energy market is segmented based on regions into North America, Asia-pacific, Europe, Latin America, and the Middle East and Africa. The North America smart energy market is likely to hold a significant revenue share, and in the forecasted years, it is predicted to increase rapidly due to the increasing demand for constant energy solutions US and Canada. Asia Pacific region is expected to have highest CAGR over the forecast period owing to growing application of smart energy systems in developed country like China. For instance, in May 2019, China Southern Power Grid invested around USD 25,937 million for smart energy grid in the Pearl River Delta region.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 151.7 billion |
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Market CAGR |
10.4% |
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By Product |
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By End Use |
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By Region |
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Smart Energy Market was valued at US$ 151,729 million in 2023 and is expected to grow at a 10.38% CAGR from 2023 to 2029
Increasing concern in reducing carbon footprints in environment and increasing energy cost is expected to drive the market growth over the forecast period.
The leading players in the global Smart Energy market are General Electric, Siemens, Areva, Landis+Gyr, Elektrowatt, Schieder Electric, Galooli, FirstPoint, FreeWire, EasySolar, Johnson Matthey, Maxeon Solar Technologies, NRG Energy.
Deployment of smart grid systems to increase energy efficiency and stability of smart grids, and Expansion of electric vehicle charging infrastructure are expected to provide opportunities for market players in the growth of smart energy market.
| 1.Executive Summary |
| 2.Global Smart Energy Market Introduction |
| 2.1.Global Smart Energy Market - Taxonomy |
| 2.2.Global Smart Energy Market - Definitions |
| 2.2.1. By Product Type |
| 2.2.2. By End User |
| 2.2.3. By Region |
| 3.Global Smart Energy Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Smart Energy Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Smart Energy Market By Product Type , 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 5.1. Smart Grid |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Digital Oilfield |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Smart Solar Home |
| 5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 5.4. Others |
| 5.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.4.3. Market Opportunity Analysis |
| 6.Global Smart Energy Market By End User, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 6.1. Residential |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Industrial |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Commercial |
| 6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 7.Global Smart Energy Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 7.1. North America |
| 7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Europe |
| 7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Asia Pacific (APAC) |
| 7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Middle East and Africa (MEA) |
| 7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Latin America |
| 7.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 8.North America Smart Energy Market 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 8.1. Product Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.1.1.Smart Grid |
| 8.1.2.Digital Oilfield |
| 8.1.3.Smart Solar Home |
| 8.1.4.Others |
| 8.2. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.2.1.Residential |
| 8.2.2.Industrial |
| 8.2.3.Commercial |
| 8.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.3.1.United States of America (USA) |
| 8.3.2.Canada |
| 9.Europe Smart Energy Market 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 9.1. Product Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1.Smart Grid |
| 9.1.2.Digital Oilfield |
| 9.1.3.Smart Solar Home |
| 9.1.4.Others |
| 9.2. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1.Residential |
| 9.2.2.Industrial |
| 9.2.3.Commercial |
| 9.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.3.1.Germany |
| 9.3.2.France |
| 9.3.3.Italy |
| 9.3.4.United Kingdom (UK) |
| 9.3.5.Spain |
| 10.Asia Pacific (APAC) Smart Energy Market 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 10.1. Product Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Smart Grid |
| 10.1.2.Digital Oilfield |
| 10.1.3.Smart Solar Home |
| 10.1.4.Others |
| 10.2. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.Residential |
| 10.2.2.Industrial |
| 10.2.3.Commercial |
| 10.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.China |
| 10.3.2.India |
| 10.3.3.Australia and New Zealand (ANZ) |
| 10.3.4.Japan |
| 10.3.5.Rest of APAC |
| 11.Middle East and Africa (MEA) Smart Energy Market 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 11.1. Product Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Smart Grid |
| 11.1.2.Digital Oilfield |
| 11.1.3.Smart Solar Home |
| 11.1.4.Others |
| 11.2. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Residential |
| 11.2.2.Industrial |
| 11.2.3.Commercial |
| 11.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.GCC Countries |
| 11.3.2.South Africa |
| 11.3.3.Rest of MEA |
| 12.Latin America Smart Energy Market 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 12.1. Product Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.Smart Grid |
| 12.1.2.Digital Oilfield |
| 12.1.3.Smart Solar Home |
| 12.1.4.Others |
| 12.2. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.Residential |
| 12.2.2.Industrial |
| 12.2.3.Commercial |
| 12.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Brazil |
| 12.3.2.Mexico |
| 12.3.3.Rest of LA |
| 13. Competition Landscape |
| 13.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 13.2.1.General Electric |
| 13.2.2.Siemens |
| 13.2.3.Areva |
| 13.2.4.Landis+Gyr |
| 13.2.5.Elektrowatt |
| 13.2.6.Schieder Electric |
| 13.2.7.Galooli |
| 13.2.8.FirstPoint |
| 13.2.9.FreeWire |
| 13.2.10.EasySolar |
| 13.2.11.Johnson Matthey |
| 13.2.12.Maxeon Solar Technologies |
| 14. Research Methodology |
| 15. Appendix and Abbreviations |
Key Market Players
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