Press release
What Will Smart Energy Market Look Like In The Future?
Some of the key players profiled in the smart energy market report include General Electric, Itron, Honeywell International, Siemens, ABB Group, and Larsen & Toubro.
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.
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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.
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
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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.
Growing preference of sustainable energy resources such as solar and wind is expected to drive the market growth in forecast timeframe.
The mandatory installation of smart meters in households and commercial areas is expected to boost the growth of the smart energy market.
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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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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