North America Smart Energy Market Outlook, 2029

North America Smart Energy Market Outlook, 2029

North America is at the vanguard of a major transition in its energy sector, thanks to the introduction of smart energy technology. The integration of enhanced digital, communication, and control capabilities into traditional energy systems has resulted in the smart energy sector. This market includes a wide range of creative technologies for improving energy generation, delivery, consumption, and management. From smart meters and grid optimization to renewable energy integration and demand response programs, North America's approach to energy sustainability and efficiency is evolving dramatically. In the North American smart energy market lies smart grid infrastructure. Smart grids leverage advanced technologies such as IoT sensors, data analytics, and machine learning algorithms to modernize the electrical grid, making it more resilient, efficient, and adaptable to changing demand patterns. In the United States and Canada, significant investments have been made in upgrading traditional grid infrastructure to incorporate smart capabilities. These investments have led to improvements in grid reliability, reduced transmission losses, and enhanced integration of renewable energy sources. The growing use of renewable energy sources such as solar and wind power is a major driver of the North American smart energy sector. With rising worries about climate change and environmental sustainability, governments, utilities, and consumers are moving to cleaner energy sources. Smart energy technology plays an important role in integrating intermittent renewable energy sources into the grid by enabling real-time monitoring, forecasting, and control. This integration not only cuts greenhouse gas emissions but also helps to create a more decentralized and resilient energy system.

According to the research report ""North America Smart Energy Market Outlook, 2029,"" published by Bonafide Research, the North America Smart Energy market was valued more than 58 Billion in 2023. Smart meters are another key component of the North American smart energy sector. These digital gadgets, which replace traditional analog meters, allow for two-way communication between utilities and customers. Smart meters enable consumers to make more educated decisions about their energy usage by delivering real-time data on consumption, resulting in increased efficiency and savings. Furthermore, utilities can use this information to develop demand response programs, manage load distribution, and find areas for grid optimization. As a result, smart metering has emerged as a critical component of North America's energy infrastructure modernization efforts. The rapid expansion of North America's smart energy market is also influenced by regulatory frameworks and government policies. Both the United States and Canada have established various incentives and regulations to promote the deployment of smart energy technologies and facilitate the transition to a cleaner and more resilient energy system. These policies encompass a wide range of initiatives, including renewable energy targets, smart grid investments, energy efficiency standards, and demand response incentives. Moreover, collaborations between government agencies, utilities, technology providers, and other stakeholders are essential for fostering innovation and driving the widespread adoption of smart energy solutions. North America is a hotbed of invention in energy storage technologies like battery storage, pumped hydro storage, and thermal energy storage. These solutions play an important role in balancing supply and demand, incorporating renewable energy, and improving grid stability. Several North American towns are embracing the concept of smart cities, which incorporate smart energy technologies into municipal infrastructure to improve efficiency, sustainability, and quality of life. These projects include smart lighting, intelligent transportation systems, and integrated energy management platforms.

Major Drivers

Government policies and incentives: Government regulations and incentives are critical to driving the North America smart energy industry because they create a favorable regulatory environment and provide financial assistance for the adoption of smart energy technologies. Tax credits, grants, and subsidies incentivize investment in renewable energy, energy efficiency, and smart grid infrastructure. Furthermore, legislative frameworks that encourage the use of smart meters, demand response programs, and grid modernization projects drive market growth by encouraging innovation and broadening market opportunities for technology suppliers, utilities, and customers. Government leadership in establishing ambitious clean energy objectives, enforcing energy efficiency standards, and funding research and development accelerates the transition to a more sustainable and resilient energy system in North America.

Technological advancements: Technological improvements promote innovation and allow for the creation of cutting-edge solutions in the North America smart energy market. Breakthroughs in renewable energy generation, energy storage, grid optimization, and digitization enable stakeholders to improve efficiency, dependability, and sustainability along the energy value chain. Smart grid advancements, such as IoT sensors, enhanced analytics, and real-time monitoring systems, allow utilities to optimize grid operations, integrate renewable energy sources, and reduce grid disturbances. Similarly, advances in energy storage technology, such as lithium-ion batteries and flow batteries, help to integrate intermittent renewables and maintain grid stability. Furthermore, advances in software platforms, cybersecurity solutions, and data analytics enable customers to actively monitor their energy usage, cut prices, and contribute to a more resilient energy ecosystem in North America.

Major Challenges

Interoperability issues: Interoperability is one of the most significant difficulties facing the North American smart energy business. With the growth of numerous smart energy technologies and solutions from many suppliers, establishing seamless communication and compatibility between systems can be challenging. Interoperability difficulties can impede the integration and interoperability of smart meters, grid infrastructure, energy management systems, and consumer devices, resulting in inefficiencies, data silos, and higher costs. In order to address interoperability difficulties, standardized protocols, open communication standards, and interoperability testing must be developed to provide for smooth connectivity and interoperability across the smart energy ecosystem.

Cybersecurity concerns: The rising digitalization and networking of smart energy systems create substantial cybersecurity issues. Smart grids, meters, and gadgets have become increasingly networked, making them vulnerable to cyber-attacks, data breaches, and criminal incursions. A successful cyberattack on smart energy infrastructure might disrupt key services, expose sensitive data, and endanger public safety. Furthermore, the interconnected nature of smart energy systems means that flaws in one component could potentially spread throughout the network.

Based on product segment market includes smart grid, digital oilfield, smart solar and energy management system. Among them smart grid product segment is expected to dominate the North America smart energy market.

North America's energy infrastructure is outdated, and there is an increasing need to modernize it to satisfy current and future demands, such as renewable energy integration, grid dependability, and energy efficiency. Smart grid technologies provide options for upgrading and optimizing the existing grid infrastructure. Smart grid technologies provide better monitoring, control, and management of the power system, resulting in increased resilience and reliability. This is especially critical in areas prone to severe weather events like hurricanes and wildfires, where power interruptions can have serious economic and social consequences. The move to renewable energy sources such as solar and wind power necessitates a more flexible and adaptive grid architecture. Smart grids help integrate distributed energy resources (DERs) like rooftop solar panels and wind turbines by providing mechanisms for real-time monitoring, demand response, and grid balancing. Government programs and laws aimed at increasing energy efficiency, modernizing grids, and lowering carbon emissions are pushing investment in smart grid technologies. In North America, numerous financial schemes, incentives, and policies at the federal, state, and local levels encourage the implementation of smart grid technologies. Continuous advances in information technology, communication networks, and data analytics improve the capabilities and cost-effectiveness of smart grid solutions. This makes them more appealing to utilities, grid operators, and customers aiming to improve energy efficiency and reduce environmental impact.

Based on end user segment market is majorly categorised into residential, industrial and commercial. Industrial sector is expected to remain major end users of smart energy in North America during the forecast period.

The industrial sector in North America includes a diverse variety of energy-intensive operations in manufacturing, processing, and heavy sectors such as automotive, steel, chemicals, and mining. These sectors require a lot of energy to run their operations, so energy management is a major challenge. Smart energy technology enables industrial enterprises to optimize energy usage, eliminate waste, and cut operational expenses. Industrial users can improve efficiency and increase their bottom line by implementing smart grid and IoT-enabled techniques such as energy monitoring, demand response, and predictive maintenance. Industrial customers frequently have the ability to alter their energy consumption based on grid circumstances and price indications. Participating in demand response programs made possible by smart grid technologies allows these users to contribute to grid stability during peak demand periods and reduce strain on the electricity infrastructure. The continuous digital transformation of industries, known as Industry 4.0, entails incorporating modern technologies such as automation, IoT, and data analytics into manufacturing processes. Smart energy solutions are strongly aligned with Industry 4.0 principles, allowing industrial customers to improve productivity, quality, and sustainability. Industrial activities are frequently crucial to economic growth and infrastructure resilience. Smart energy systems improve industrial facilities' resilience and reliability by offering backup power options, real-time monitoring, and predictive maintenance capabilities to reduce downtime and disturbances.

Based on report market includes three major countries including United States, Canada and Mexico. Canada is predicted to grow at significant pace in North America smart energy market.

Canada's smart energy industry is rapidly expanding as the government works to modernize its energy infrastructure, cut greenhouse gas emissions, and implement sustainable energy solutions. Canada's vast landmass, diverse energy resources, and commitment to environmental care make it an exceptional location for smart energy research and application. Canada has many renewable energy resources, including hydropower, wind, solar, biomass, and geothermal. Hydroelectric power generates the majority of Canada's electricity, accounting for more than 60% of total output. Canada's extensive hydroelectric infrastructure provides a solid platform for integrating new renewable energy sources into the grid and encouraging smart energy initiatives. In recent years, Canada has made significant investments in renewable energy production and system upgrades. A number of factors influence the adoption of smart energy technologies in Canada, including technological breakthroughs, increasing customer preferences, and evolving regulatory systems. Advanced metering infrastructure (AMI), smart grid systems, energy management software, and demand response programs are among the most common smart energy technologies being adopted in Canada. These technologies enable utilities, businesses, and consumers to monitor and optimize energy usage in real time, reducing waste. In addition to infrastructure upgrades and renewable energy deployment, Canada is investing in energy efficiency programs to reduce energy consumption and CO2 emissions. Energy efficiency projects in the residential, commercial, and industrial sectors improve building performance, upgrade infrastructure, and encourage energy-saving habits.

Product launches and developments, followed by expansions, mergers and acquisitions, contracts, agreements, partnerships, and collaborations, have been the key business strategies utilized by leading companies to grow their market share. The companies used a variety of tactics to increase market penetration and strengthen their position in the competitive industry. For example, in February 2023, Itron Inc. collaborated with SEW, a well-known provider of cloud-based software solutions for the water and energy industries. The alliance hopes to create new solutions based on Itron's OpenWay Riva IoT system, which includes smart power meters and other smart grid technologies. Furthermore, it would offer utilities with vital information about their customers' energy usage and assist them control their energy consumption.

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Smart Energy market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product
• Smart Grid
• Digital Oilfield
• Smart Solar
• Energy Management System

By End User
• Residential
• Industrial
• Commercial

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Smart Energy industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.***Please Note: It will take 48 hours (2 Business days) for delivery of the report upon order confirmation.