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Smart Power Technology Market | Global Market Challenges, Demand, Trends, and Future Opportunities Forecast Till 2026

05-14-2019 05:11 PM CET | IT, New Media & Software

Press release from: Coherent Market Insight

Smart Power Technology Market

Smart Power Technology Market

Smart power technology encompasses electrical power generation and power distribution in an eco-friendly and economical manner. Smart power technology allows for optimal utilization of resources in order to enhance power generation. Rampant growth in population, in turn creates a highly conducive environment for growth of the global smart power technology market. According to Population Reference Bureau Organization , the global population was pegged at 7,418 million, up from 7,336 million in 2015.

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According to Energy Information Administration, in 2012, 549 quadrillion Btu energy was consumed globally, which is expected to increase to 674 quadrillion Btu by 2025. Considering the limited conventional non-renewable resources available, there is an acute need to optimally harness resources, while ensuring optimal energy production, thus fueling growth of the smart power technologies market. . Furthermore, increasing awareness among the global populace and corporates alike, regarding development of nature friendly products with a goal to decrease carbon emission is projected to increase demand for smart power technology devices. These devices are highly power efficient and have low cost of operation, in turn increasing consumer inclination towards these. However, high capital investment for installation of smart power generation plants and production and high cost of crude materials inhibits market growth to a certain extent.

Smart power technology Market Outlook – North America region holds the largest market share of the global smart power technology market

On the basis of geography, global smart power technology market is classified into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America holds the dominant position in the global smart power technology market and is projected to retain its dominance throughout the forecast period. This is mainly attributed to the countries such as the U.S. and Canada, which are early adopters of novel technologies and account for a disproportionately high consumption of energy. According to Energy Information Administration, in 2012, 118 quadrillion Btu energy was consumed in the U.S., which is projected to increase to 128 quadrillion Btu by 2025.

Smart Power Devices Ltd., Smart Power Technologies LLC, Texas Instruments Incorporated., STMicroelectronics N.V, RICOH Electronic Devices Co., Schukat Electronic Vertriebs Gmbh and Wärtsilä Corporation are some of major companies of the global smart power technologies market. Leading players are focusing on organic growth strategies and geographical expansion to strengthen their position in the market. For example, in 2015, April, Wärtsilä Corporation—a Finland-based power source manufacturing and service providing company—announced the installation of two new smart power generation power plants in Oman, for the Rural Area Electricity Company.

Smart Power Technology Market Taxonomy

On the basis of sector, the global smart power technology market is classified into:
• Energy and utilities sector
• Public sector
• Manufacturing sector
• Transport sector
• Healthcare sector
• Telecom sector

On the basis of source, the global smart power technology market is classified into:
• Solar
• Wind
• Electro chemical
• other

On the basis of device type, the global Smart power technology market is classified into:
• Low power device
• Medium power device
• High power device

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About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com

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