Smart Energy Market 2023 Global Analysis by Product - Smart Grid, Digital Oilfield, Smart Solar, and Home Energy Management System

The smart energy market is growing rapidly due to a number of reasons including the increasing demand for energy efficiency, the increasing demand for renewable energy, the increasing investment in smart grid technologies and the increasing government regulations. However, there are also some challenges that might hinder the growth of the market during the forecast period. For instance, the upfront costs of smart energy technologies can be high, which can be a barrier to adoption. Moreover, security and privacy concerns as well as interoperability challenges may pose as a challenge to the growth of the market during the forecast period.

The Smart Energy market size was estimated at USD 169.76 billion in 2023 and is projected to reach USD 308.35 billion in 2030 at a CAGR of 8.90% during the forecast period 2023-2030.

The prominent players in the Smart Energy market are ABB Ltd., General Electric Company, Honeywell International Inc., International Business Machines Corporation, Itron Inc., Landis+Gyr AG, Larsen & Toubro Limited, Robert Bosch GmbH, S&T AG, Schneider Electric SE, Sensus (Xylem Inc.), Siemens AG, Kontron AG, Mitsubishi Electric Corp., Rockwell Automation Inc., SAP SE, and others.

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Smart energy refers to a sustainable energy management solution that utilizes energy-efficient, renewable and the Internet of Things (IoT)-integrated systems and devices. It involves smart electricity, gas, solar and thermal grids and home energy management systems that use distributed generation systems, meters and modules for one-way or two-way communications. These solutions are used for collecting and storing data that are further transmitted to computers, laptops, smartphones and power line carriers.

Smart energy systems enable the consumers to monitor and vary their energy demands and reduce emission rates. They also aid in reducing aggregate transmission and commercial energy losses while preventing disconnection, eliminating inefficiencies in billing and minimizing re-connection costs. As a result, smart energy is widely used for residential, industrial and commercial applications. Smart Energy are used in dyestuff and act as pigment or optical brighteners. Smart Energy are utilized in the manufacturing of rubber chemicals, coating and agricultural chemicals. The chemical industry uses Smart Energy in water treatment as well. Hence the wide range of applications in the various field is creating the demand for Smart Energy market on a large scale.

Smart Energy Market Key Findings:

Based on product, the smart energy market is divided into smart grid, digital oilfield, smart solar, and home energy management system. The smart grid is the highest contributor in this segment and is expected to further grow during the forecast period. Smart grid is a modern power grid that uses digital technologies to improve the efficiency, reliability and sustainability of the grid. The growth is being driven by increasing investments in smart grid technologies by utilities.

Based on end user, the market is bifurcated into residential, industrial, and commercial. The industrial segment dominated the market in the segment and is expected to grow further during the forecast period. This growth can be attributed to the increasing demand for smart energy in energy intensive industrial sectors, where the smart energy system helps to reduce energy cost and improve the ecological profile of the company, and feedback scheduling.

Based on component, the market is segmented into hardware and equipment, solution and service. The hardware and equipment segment dominated the smart energy market in 2022. This segment is expected to continue to dominate the market during the forecast period, driven by the increasing demand for smart meters, smart appliances, smart thermostats, smart lighting and smart grid equipment.

The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period. This is due to increasing demand for cost-effective energy solutions in various households and commercial applications, including washing, cleaning and pool heating, is expected to drive the expansion.

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Regional Analysis

North America to Dominate the Market

North America is estimated to account for the largest market share during the forecast period. The growth of the market smart energy market in North America is being driven by the increasing demand for these technologies from utilities, governments and businesses.

Moreover, the increased demand for cost effective solutions for household and commercial applications is also driving the growth of the market.

Recent Developments

In May 2022, General Electric Digital announced DERMS solution to power the energy transition and help keep the electricity grid safe, secure and resilient. GE Digital and Opus One solutions have come together to help utilities on their DERs journey with a modular DERMS platform.

In May 2022, GE launched Lifespan, a new digital product portfolio enabling our customers to optimize renewable asset performance and operations across their fleet. It will help connect operators with the information and insights required to seamlessly drive action across all aspects of their organization.

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Delvens Industry Expert's Standpoint

The smart energy market is currently being driven by factors such as increasing demand for energy efficiency as the smart energy technologies can help reduce energy consumption and improve energy efficiency. Moreover, the increasing demand for renewable energy is also driving the growth of the market as smart energy technologies can help integrate renewable energy sources into the grid. In addition to this, utilities are investing in smart grid technologies to improve the efficiency and reliability of the grid which is expected to drive the growth of the market further during the forecast period.

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