The 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.
Smart energy refers to the use of advanced technologies, data analytics, and intelligent systems to optimize the generation, distribution, consumption, and management of energy resources. The goal of smart energy is to create more efficient, sustainable, and reliable energy systems that benefit consumers, businesses, and the environment.
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Asia-Pacific is expected to witness highest smart energy market growth. This is attributed to growing application of smart energy devices in China, India, and Japan. Furthermore, favorable government policies in these countries regarding subsidies and rebates, and mandatory installation of smart meters will positively impact the market growth.
Some of the key players profiled in the smart energy market report include General Electric, Itron, Honeywell International, Siemens, ABB Group, and Larsen & Toubro.
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.
The smart energy system consists of smart electricity, smart gas, and smart thermal grids. In addition, the application of smart energy system can also eliminate need of conventional fossil fuels.
Smart Grids:
Advanced Metering: Smart meters enable real-time tracking of energy consumption, allowing consumers to make informed decisions about their energy use.
Distribution Automation: Smart grids use sensors and automation to quickly detect and respond to outages, reducing downtime and improving grid reliability.
Demand Response: Smart grids allow utilities to communicate with connected devices and appliances to adjust energy consumption during peak demand periods.
Renewable Energy Integration:
Distributed Energy Resources: Smart energy systems enable the seamless integration of solar panels, wind turbines, and other distributed energy sources into the grid.
Energy Storage: Smart energy management optimizes the use of energy storage systems, such as batteries, to store excess energy for later use.
Energy Efficiency:
Smart Appliances: Appliances with smart features can adjust their energy consumption based on real-time data, load demand, and energy pricing.
Building Automation: Smart building systems control heating, cooling, lighting, and other functions to minimize energy waste and improve comfort.
Data Analytics and AI:
Predictive Analytics: Data analysis and AI predict energy consumption patterns, enabling utilities to plan for demand fluctuations.
Energy Forecasting: AI models provide accurate predictions of energy production from renewable sources, helping utilities manage grid stability.
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Demand-Side Management:
Peak Shaving: Smart energy systems help reduce peak demand by shifting energy-intensive activities to off-peak hours.
Load Balancing: Advanced algorithms balance energy supply and demand across the grid, preventing overloads.
Electric Vehicles (EVs):
Smart Charging: EV charging stations can use data to optimize charging times and manage energy demand.
Vehicle-to-Grid (V2G): EVs can provide energy back to the grid during peak demand, enhancing grid stability.
Microgrids:
Localized Power Generation: Microgrids incorporate local energy generation and storage to provide power to specific areas, enhancing resilience during outages.
Environmental Sustainability:
Reduced Carbon Footprint: Smart energy solutions prioritize renewable energy sources, leading to lower greenhouse gas emissions.
Emission Monitoring: Smart systems monitor emissions from energy sources and industrial processes to ensure compliance with environmental regulations.
Customer Empowerment:
Real-Time Information: Consumers receive real-time information about their energy use, enabling them to make energy-efficient choices.
Energy Management Apps: Apps allow users to monitor and control energy use remotely.
Grid Security and Resilience:
Cybersecurity: Smart energy systems implement cybersecurity measures to protect critical infrastructure from cyber threats.
Grid Resilience: Smart grids can isolate sections of the grid during disruptions to prevent widespread outages.
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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Based on end-user industry, the residential end-user industry segment accounted for considerable market share, owing to increase in residential power consumption. Due to economic developments and favorable government policies, the smart meters market witnessed a large demand in the residential sector; therefore, positively impacting the market growth.
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