June 13, 2024

Smart Energy Market Size To Reach USD 394.99 Billion By 2032

The global smart energy market size was approximately US$ 160.82 billion in 2023 and is anticipated to grow US$ 394.99 billion by 2032, registering a compound annual growth rate of 10.50% from 2023 to 2032.

Smart Energy Market Size 2023 To 2032

Key Takeaways

  • North America contributed more than 42% of revenue share in 2022.
  • Asia Pacific is estimated to expand the fastest CAGR between 2023 and 2032.
  • By product, the smart grid segment has held the largest market share of 39% in 2022.
  • By product, the smart solar segment is anticipated to grow at a remarkable CAGR of 14.1% between 2023 and 2032.
  • By end-use industry, the Industrial segment generated over 57% of revenue share in 2022.
  • By end-use industry, the commercial segment is expected to expand at the fastest CAGR over the projected period.

The smart energy market report covering various industry elements and growth trends helpful for predicting the market’s future.

The study provides a strong base for the smart energy market to be segmented into different segments. In fact, the study also covers the maximum market share during the assessment period by 2032.

The smart energy market is a dynamic and rapidly evolving sector that encompasses the integration of advanced technologies to optimize the generation, distribution, and consumption of energy. This market is driven by a growing global awareness of the need for sustainable and efficient energy solutions. The deployment of smart grids, IoT-enabled devices, and advanced analytics plays a pivotal role in transforming traditional energy infrastructure into a more intelligent and responsive system. The integration of renewable energy sources, such as solar and wind power, further contributes to the market’s expansion, fostering environmentally friendly practices. As the world shifts towards cleaner and more sustainable energy solutions, the smart energy market is poised for significant growth, with an increasing emphasis on energy efficiency, grid reliability, and the overall reduction of carbon footprints.

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Growth Factors

Growth factors in the smart energy market include technological advancements that enhance the efficiency of energy systems. The implementation of smart meters and sensors enables real-time monitoring and control, optimizing energy consumption and reducing wastage. Additionally, the rising adoption of electric vehicles and the development of smart cities contribute to the increased demand for smart energy solutions. Government initiatives and regulations promoting clean energy and sustainability act as catalysts, fostering investment in smart energy infrastructure.

Moreover, the integration of artificial intelligence and machine learning in energy management systems enhances predictive analytics, enabling better decision-making and resource allocation. The growing awareness among consumers about the environmental impact of conventional energy sources also drives the demand for smart energy solutions, creating a favorable landscape for market expansion. Overall, the smart energy market is characterized by innovation, sustainability, and a collective effort towards building a more resilient and intelligent energy ecosystem.

Smart Energy Market Scope

Report Coverage Details
Growth Rate from 2023 to 2032 CAGR of 10.50%
Market Size in 2023 USD 160.82 Billion
Market Size by 2032 USD 394.99 Billion
Largest Market North America
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered By Product and By End-User Industry
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Also read: Skincare Market Size to Grow US$ 2 Billion By 2032

By Product:

Smart Meters: The Smart Energy Market has seen a significant surge in the adoption of smart meters. These devices enable real-time monitoring and control of energy consumption, providing consumers with accurate insights into their usage patterns. This promotes energy efficiency and allows utility companies to streamline their operations.

Smart Grids: Smart grids represent a fundamental shift in the way electricity is generated, distributed, and consumed. These advanced systems leverage digital technology to optimize the flow of electricity, enhance reliability, and integrate renewable energy sources seamlessly. As the global push for sustainable energy intensifies, smart grids play a pivotal role in facilitating the transition.

Smart Home Energy Management Systems: The rise of smart homes has spurred the demand for energy management systems. These systems empower homeowners to monitor and manage their energy usage through intuitive interfaces. By automating energy-intensive tasks and offering insights, smart home energy management systems contribute to both energy savings and a more sustainable lifestyle.

By End-User Industry:

Residential: In the residential sector, smart energy solutions are gaining traction as homeowners seek ways to reduce energy costs and minimize their environmental impact. Smart thermostats, solar panels, and connected appliances are becoming integral components of modern homes, fostering a culture of energy-conscious living.

Commercial: Businesses are increasingly turning to smart energy technologies to enhance operational efficiency and cut down on energy expenses. From intelligent lighting systems to automated HVAC (heating, ventilation, and air conditioning) controls, commercial enterprises are embracing a diverse range of solutions to optimize their energy usage and contribute to sustainability goals.

Industrial: Industries with high energy consumption are implementing smart energy solutions to improve efficiency and reduce environmental impact. Smart sensors, predictive maintenance tools, and energy analytics are being deployed to streamline processes, minimize downtime, and ensure the judicious use of energy resources.

Research Approach

The comprehensive report on the global smart energy market begins with an overview, followed by the scope and objectives of the study. The report provides detailed explanation of the objectives behind this study and key vendors and distributors operating in the market and regulatory scenario for approval of products. Following this, the report provides detailed explanation of objectives of this study and laid down by accredited agencies in the purview of research in the global smart energy market.

It is followed by market introduction, market dynamics, and an overview of the global market, which includes analysis of market drivers, restraints, and trends pertaining to the global market. Furthermore, Y-o-Y growth analysis with elaborated insights has been provided in order to understand the Y-o-Y growth trend of the global market.

For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section divided into smaller sections. The report comprises an exhaustive collection of graphs and tables that are appropriately interspersed. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period.

Smart Energy Market Players

  • General Electric Company
  • Siemens AG
  • ABB Ltd.
  • Cisco Systems, Inc.
  • IBM Corporation
  • Honeywell International Inc.
  • Schneider Electric SE
  • Siemens Gamesa Renewable Energy
  • Itron, Inc.
  • Trilliant Holdings, Inc.
  • Landis+Gyr Group AG
  • Eaton Corporation
  • Schweitzer Engineering Laboratories, Inc.
  • C3.ai, Inc.
  • Enphase Energy, Inc.

Segments Covered in the Report

By Product

  • Smart grid
  • Digital Oilfield
  • Smart Solar
  • Home Energy Management System
  • Others

By End-User Industry

  • Residential
  • Industrial
  • Commercial

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology (Premium Insights)

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Smart Energy Market 

5.1. COVID-19 Landscape: Smart Energy Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Smart Energy Market, By Product

8.1. Smart Energy Market, by Product, 2023-2032

8.1.1. Smart grid

8.1.1.1. Market Revenue and Forecast (2020-2032)

8.1.2. Digital Oilfield

8.1.2.1. Market Revenue and Forecast (2020-2032)

8.1.3. Smart Solar

8.1.3.1. Market Revenue and Forecast (2020-2032)

8.1.4. Home Energy Management System

8.1.4.1. Market Revenue and Forecast (2020-2032)

8.1.5. Others

8.1.5.1. Market Revenue and Forecast (2020-2032)

Chapter 9. Global Smart Energy Market, By End-User Industry

9.1. Smart Energy Market, by End-User Industry, 2023-2032

9.1.1. Residential

9.1.1.1. Market Revenue and Forecast (2020-2032)

9.1.2. Industrial

9.1.2.1. Market Revenue and Forecast (2020-2032)

9.1.3. Commercial

9.1.3.1. Market Revenue and Forecast (2020-2032)

Chapter 10. Global Smart Energy Market, Regional Estimates and Trend Forecast

10.1. North America

10.1.1. Market Revenue and Forecast, by Product (2020-2032)

10.1.2. Market Revenue and Forecast, by End-User Industry (2020-2032)

10.1.3. U.S.

10.1.3.1. Market Revenue and Forecast, by Product (2020-2032)

10.1.3.2. Market Revenue and Forecast, by End-User Industry (2020-2032)

10.1.4. Rest of North America

10.1.4.1. Market Revenue and Forecast, by Product (2020-2032)

10.1.4.2. Market Revenue and Forecast, by End-User Industry (2020-2032)

10.2. Europe

10.2.1. Market Revenue and Forecast, by Product (2020-2032)

10.2.2. Market Revenue and Forecast, by End-User Industry (2020-2032)

10.2.3. UK

10.2.3.1. Market Revenue and Forecast, by Product (2020-2032)

10.2.3.2. Market Revenue and Forecast, by End-User Industry (2020-2032)

10.2.4. Germany

10.2.4.1. Market Revenue and Forecast, by Product (2020-2032)

10.2.4.2. Market Revenue and Forecast, by End-User Industry (2020-2032)

10.2.5. France

10.2.5.1. Market Revenue and Forecast, by Product (2020-2032)

10.2.5.2. Market Revenue and Forecast, by End-User Industry (2020-2032)

10.2.6. Rest of Europe

10.2.6.1. Market Revenue and Forecast, by Product (2020-2032)

10.2.6.2. Market Revenue and Forecast, by End-User Industry (2020-2032)

10.3. APAC

10.3.1. Market Revenue and Forecast, by Product (2020-2032)

10.3.2. Market Revenue and Forecast, by End-User Industry (2020-2032)

10.3.3. India

10.3.3.1. Market Revenue and Forecast, by Product (2020-2032)

10.3.3.2. Market Revenue and Forecast, by End-User Industry (2020-2032)

10.3.4. China

10.3.4.1. Market Revenue and Forecast, by Product (2020-2032)

10.3.4.2. Market Revenue and Forecast, by End-User Industry (2020-2032)

10.3.5. Japan

10.3.5.1. Market Revenue and Forecast, by Product (2020-2032)

10.3.5.2. Market Revenue and Forecast, by End-User Industry (2020-2032)

10.3.6. Rest of APAC

10.3.6.1. Market Revenue and Forecast, by Product (2020-2032)

10.3.6.2. Market Revenue and Forecast, by End-User Industry (2020-2032)

10.4. MEA

10.4.1. Market Revenue and Forecast, by Product (2020-2032)

10.4.2. Market Revenue and Forecast, by End-User Industry (2020-2032)

10.4.3. GCC

10.4.3.1. Market Revenue and Forecast, by Product (2020-2032)

10.4.3.2. Market Revenue and Forecast, by End-User Industry (2020-2032)

10.4.4. North Africa

10.4.4.1. Market Revenue and Forecast, by Product (2020-2032)

10.4.4.2. Market Revenue and Forecast, by End-User Industry (2020-2032)

10.4.5. South Africa

10.4.5.1. Market Revenue and Forecast, by Product (2020-2032)

10.4.5.2. Market Revenue and Forecast, by End-User Industry (2020-2032)

10.4.6. Rest of MEA

10.4.6.1. Market Revenue and Forecast, by Product (2020-2032)

10.4.6.2. Market Revenue and Forecast, by End-User Industry (2020-2032)

10.5. Latin America

10.5.1. Market Revenue and Forecast, by Product (2020-2032)

10.5.2. Market Revenue and Forecast, by End-User Industry (2020-2032)

10.5.3. Brazil

10.5.3.1. Market Revenue and Forecast, by Product (2020-2032)

10.5.3.2. Market Revenue and Forecast, by End-User Industry (2020-2032)

10.5.4. Rest of LATAM

10.5.4.1. Market Revenue and Forecast, by Product (2020-2032)

10.5.4.2. Market Revenue and Forecast, by End-User Industry (2020-2032)

Chapter 11. Company Profiles

11.1. General Electric Company

11.1.1. Company Overview

11.1.2. Product Offerings

11.1.3. Financial Performance

11.1.4. Recent Initiatives

11.2. Siemens AG

11.2.1. Company Overview

11.2.2. Product Offerings

11.2.3. Financial Performance

11.2.4. Recent Initiatives

11.3. ABB Ltd.

11.3.1. Company Overview

11.3.2. Product Offerings

11.3.3. Financial Performance

11.3.4. Recent Initiatives

11.4. Cisco Systems, Inc.

11.4.1. Company Overview

11.4.2. Product Offerings

11.4.3. Financial Performance

11.4.4. Recent Initiatives

11.5. IBM Corporation

11.5.1. Company Overview

11.5.2. Product Offerings

11.5.3. Financial Performance

11.5.4. Recent Initiatives

11.6. Honeywell International Inc.

11.6.1. Company Overview

11.6.2. Product Offerings

11.6.3. Financial Performance

11.6.4. Recent Initiatives

11.7. Schneider Electric SE

11.7.1. Company Overview

11.7.2. Product Offerings

11.7.3. Financial Performance

11.7.4. Recent Initiatives

11.8. Siemens Gamesa Renewable Energy

11.8.1. Company Overview

11.8.2. Product Offerings

11.8.3. Financial Performance

11.8.4. Recent Initiatives

11.9. Itron, Inc.

11.9.1. Company Overview

11.9.2. Product Offerings

11.9.3. Financial Performance

11.9.4. Recent Initiatives

11.10. Trilliant Holdings, Inc.

11.10.1. Company Overview

11.10.2. Product Offerings

11.10.3. Financial Performance

11.10.4. Recent Initiatives

Chapter 12. Research Methodology

12.1. Primary Research

12.2. Secondary Research

12.3. Assumptions

Chapter 13. Appendix

13.1. About Us

13.2. Glossary of Terms

Why should you invest in this report?

If you are aiming to enter the global smart energy market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for smart energy are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2023-2030 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

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