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Rapid Growth in Smart Energy Industry: Expected to Hit $350.9 Bn by 2034 with 8.2% CAGR
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Analyst Viewpoint
The demand for sustainable and efficient energy solutions is a key driver of the smart energy market's expansion. As countries shift towards greener energy sources, smart technologies are becoming crucial in managing and optimizing energy usage. The penetration of digital technologies such as IoT is revolutionizing the sector, helping to reduce energy losses and lower carbon emissions.
Market Dynamics
Demand for Sustainable Energy: Increasing adoption of renewable energy sources like solar, wind, and hydropower is replacing traditional fossil fuels, mitigating environmental impacts, and boosting energy security.
Role of IoT: The rise of Energy IoT enables real-time monitoring and control of energy systems, enhancing efficiency and contributing to a more flexible, intelligent energy infrastructure.
Key Developments
In July 2024, Mitsubishi Electric supplied Taiwan Power Company with its first smart meter system outside Japan.
Siemens partnered with Kuwait University in June 2024 to launch a Distributed Energy Systems Smart Lab to develop low-carbon energy systems in the Gulf region.
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Regional Insights
Asia Pacific held the largest market share in 2023, and investments in clean energy, such as Enercon Asia Pte Ltd.'s US$ 40-100 million plan for the Philippines, are expected to drive growth in the region. Europe is also a major player, with companies like Delta Electronics showcasing smart energy infrastructure solutions across the region.
Market Outlook
The smart energy market will continue evolving with advancements in smart grids, smart meters, solar technology, and energy storage systems. Companies such as GE Vernova, ABB, Schneider Electric, and Tesla are leading the market with innovations aimed at reducing carbon footprints and promoting energy efficiency.
The global transition towards sustainable, intelligent energy systems marks a pivotal point in energy management, with the smart energy market playing a central role in shaping the future of global energy.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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