Smart Energy Market Trends & Research Insights by 2027

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 and data analytics to optimize energy production, distribution, and consumption in a more efficient, reliable, and sustainable way. Smart energy systems are designed to integrate renewable energy sources, energy storage, and energy management systems to create a more flexible and responsive energy grid.

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Smart energy technologies can include smart meters, which provide real-time data on energy usage to help consumers better manage their energy consumption and costs, as well as smart appliances and home automation systems that can automatically adjust energy usage based on user preferences and grid demand.

Some of the key players profiled in the smart energy market report include General Electric, Itron, Honeywell International, Siemens, ABB Group, and Larsen & Toubro.

Smart energy refers to the use of advanced technologies and data analytics to optimize energy production, distribution, and consumption in a more efficient, reliable, and sustainable way. Smart energy systems are designed to integrate renewable energy sources, energy storage, and energy management systems to create a more flexible and responsive energy grid.

Smart energy technologies can include smart meters, which provide real-time data on energy usage to help consumers better manage their energy consumption and costs, as well as smart appliances and home automation systems that can automatically adjust energy usage based on user preferences and grid demand.

In addition to improving energy efficiency and reducing costs, smart energy systems can also help to reduce greenhouse gas emissions and improve grid stability and resilience. For example, smart grid technologies can detect and respond to power outages and other disruptions more quickly, and can integrate energy storage and distributed energy resources (such as rooftop solar panels) to help balance supply and demand on the grid.

Overall, smart energy systems are an important component of the transition to a more sustainable energy system, and are expected to play an increasingly important role in the years to come.

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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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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