Smart Energy Market Top Companies
Some of the key players profiled in the smart energy market report include General Electric, Itron, Honeywell International, Siemens, ABB Group, and Larsen & Toubro.
According to a new report published by Allied Market Research, titled, global smart energy market size was valued 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.
The smart solar segment is projected to grow at the highest CAGR of approximately 12.7%, in terms of revenue, during the forecast period.
By end-user industry, the industrial segment held 47% market share with a CAGR of 10.1%, in terms of revenue, during the forecast period.
The North America dominated the market with around 50% revenue share in 2019.
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Market dynamics
1. Drivers
1. Robust investment in smart grid technologies
2. Shift towards efficient energy technologies
3. Advanced metering infrastructure
2. Restraint
1. High capital investment and integration of complex technologies
3. Opportunity
1. Favorable government policies
COVID-19 scenario analysis
The smart energy market has been severely impacted by the outbreak of COVID-19 across the globe. The market witnessed large fall in demand from manufacturing and production centers, owing to large number of shutdown in the industrial sector.
Nonetheless, social distancing norms and lockdown measures across the globe led to supply chain disruption in the smart energy market.
Social distancing norms affected the availability of equipment and spare parts; thus, negatively impacting the maintenance and infrastructure development activities.
In post COVID period, industry players will focus to re-asses their supply chain and consider whether sourcing from domestic players closer to operational site may improve the supply chain.
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Growing preference of sustainable energy resources such as solar and wind is expected to drive the market growth in forecast timeframe. In addition, the mandatory installation of smart meters in households and commercial areas is expected to boost the growth of the smart energy market. In addition, increase in demand for efficient energy technologies such as implementation of IOT (internet of things), will further drive the demand for various smart grids.
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