Smart Energy Market To Register High Revenue Growth of $253.1 Billion During 2020 – 2027

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.

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 is a cost-effective, sustainable, and secure energy system, which focuses on sustainable energy production while reducing the production cost. 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.

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Industry Insights:

The research report on ‘Smart Energy Market’ offers in depth analysis on the crucial factors like market share, size, growth factors, drivers, and challenges. The report delivers actionable insights on these factors to help the business players, manufacturers, and marketing executives to plan operational strategies for the forecast period 2020 - 2025. Allied Market Research Reports also studies the market from 360 degree perspective to offer other impactful factors, such as restraints, ongoing trends, market strengths and weaknesses, and the external factors like government regulations.

Region-wise Analysis:

Experts have divided the Solar Energy Market in key regions including North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Geographic information also includes factors like demographic details, list of industry players in the regions, highly demanded products, key application segments, and details on consumers buying behavior. Demographic information like income, gender, age, and family is offered that will help the manufacturers to plan their production accordingly without compromising on wastage and considering optimal use of resources.

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Major players have adopted product launch, collaboration, and acquisition to sustain the intense market competition. Some of the key players profiled in the report include General Electric, Itron, Honeywell International, Siemens, ABB Group, and Larsen & Toubro.

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.
• As the demand from end user gradually decreased, the wholesale electricity price also decreased.
• But, shifting trend toward work from home norms and growing energy demand from residential sectors will foster the smart energy market growth.
• 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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