Smart Energy Market Growth, Analysis, Trends to 2023

The global smart energy market size was valued at USD 151.7 billion in 2022 and is poised to grow at a significant CAGR of 10.4% during the forecast period 2023-29. The primary drivers of the expansion of the global smart energy market include the increasing environmental consciousness among the public to reduce carbon footprints and increasing energy cost and need for efficient energy influences the demand for smart energy solutions.

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The smart energy market is segmented based on product, end user, and geography.

Based on the product, the market is segmented into the following:
• Smart Grid
• Digital Oilfield
• Smart Solar Home
• Others

Based on the end user, the market is segmented into the following:
• Residential
• Industrial
• Commercial

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

Based on the products, the global Smart Energy market is segmented into smart grid, digital oilfield, smart solar home, others. The smart grid segment is expected to account for a larger revenue share in the global smart energy market. The increasing demand for dynamic pricing along with the application of distributed energy system in residential and commercial places is expected to drive the growth of smart energy market in this segment. The smart grids are used to improve the operations more efficiently increasing demand for efficient energy is expected to increase demand for smart grids.

North America Smart Energy Market
The North America smart energy market is expected to increase over the forecast period due to the increasing demand for constant energy in US and Canada. In addition, supporting government regulations for reducing the energy cost and rising adoption of energy management systems is expected to boost the growth of smart energy market in this region. Furthermore, increasing investments in smart energy infrastructures by government in this region is expected to have a positive impact on the growth of smart energy market over the forecast period in this region. For instance, in 2021, US Department of Energy invested USD 60 million for ten pilot projects to deploy new technology transforming thousands of old workplaces into energy efficient buildings.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players.

The global Smart Energy market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In May 2022, TATA Power Distribution Limited, Delhi installed more than 260,000 smart meters in Delhi fulfilling India's vision of Smart grids.

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Key players profiles in the Smart Energy Market report are General Electric, Siemens, Areva, Landis+Gyr, Elektrowatt, Schieder Electric, Galooli, FirstPoint, FreeWire, EasySolar, Johnson Matthey, Maxeon Solar Technologies, NRG Energy.

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