Global Smart Energy Devices Market - 2022-2029

Global Smart Energy Devices Market - 2022-2029

Market Overview

The Global ""Smart Energy Devices Market"" is expected to grow at a CAGR of 14.8% during the forecasting period (2022-2029).

The market for smart energy devices includes smart meters or displays that connect to smart appliances for various uses. Two-way communication is offered by smart meters. The market for smart energy devices aids in maintaining a more dependable electrical supply. It saves money and energy too.

A smart energy device is a piece of technology that keeps track of data like electricity usage, voltage, current and power factor. Smart meters transmit data to electricity suppliers for system monitoring and customer billing and to consumers to better understand consumer preferences. Smart energy devices are used to build and run a sustainable energy management system by intelligently optimizing energy costs and efficiency using innovative technology. It is accomplished by combining IoT sensor-based processes with artificial intelligence, machine learning and data analytics technologies.

Market Dynamics

Smart, energy-efficient homes, workplaces and industrial facilities are becoming more and more necessary and regulations are increasingly recognizing this need. The use of smart meters, intelligent monitoring control systems, heating and lighting and other technologies that make this possible are on the rise.

Market growth was significantly impacted by the quick adoption of new technologies like the internet of things (IoT), blockchain, smart speech recognition, artificial intelligence (AI) and others. Demand for smart and connected homes is anticipated to increase over the forecast period as the relevance of the need to address security challenges grows.

Additionally, To help with the establishment of an eco-friendly smart home and generate market opportunities, manufacturers are providing eco-friendly gadgets like thermostats that include security cameras and motion sensor alarms in response to rising demand.

Owing to automation and technological advancements, the smart energy devices market is rising

The market for smart energy devices is an essential part of the developing process industry. The market has been expanding quickly over the past few years due to technological advancements, increased automation and integration of the entire industry value chain. The main factors propelling the market's growth for smart energy devices are the demand for energy-efficient solutions, rising consumer demands for safety, security and convenience and advancements in the Internet of Things.

Transforming smart home technology promotes market expansion

The introduction of flush-mounted light control, which converts standard light switches into smart solutions that can be seamlessly connected to the smart home system and managed easily, has increased the demand for smart home appliances. Other industry players have also introduced a network standard for wired building automation and home automation is carefully planned to control and manage shutters and blinds, lighting, remote controls, HVAC, displays, security systems and other systems. All of these elements are predicted to increase product demand and fuel the growth of the global market for smart home technology, which will fuel the market for advanced smart energy technologies.

However, Market expansion may be hampered by large investments required for the construction of smart power generation facilities and manufacturing, high raw material costs and end-user demand for affordable and effective power products.

COVID-19 Impact Analysis

The global social lockdowns brought on by the Corona pandemic have reverberating effects that could affect the development of smart energy devices in the future. Smart energy devices already existed before the pandemic, but COVID-19 has boosted the digitalization of work and life. The Corona pandemic has, in that sense, caused a paradigm shift. Digitalized processes are now the standard for life and workflows, replacing digitized information as the norm for documents and media. Its transformation helps give the transition to smart energy more momentum in two ways: first, people are now more accepting of digital technologies due to their increased familiarity and competence. Therefore, the demand for smart energy devices grew owing to the pandemic and will also grow further in the coming years.

Segment Analysis

The global smart energy devices market is segmented based on type, product, application, end-user and region.

Smart energy meter’s use in hardcore and software components drives the global smart energy devices market growth

Microcontroller units, power sources and communication modules make up the hardware used in smart energy meters. Power sources are essential to the ongoing functionality of smart meters. The hardware power source component needs to be connected to an internal battery or power from electrical lines. Residential, commercial and industrial settings all use energy meters. Another element boosting demand in the residential sector is reasonable prices based on energy consumption. Commercial, industrial and other categories are expected to see steady growth in the global market. However, as the residential market adopts these meters more frequently, more sales will result.

Geographical Analysis

The global smart energy devices market is segmented based on type, product, application, end-user and region.

Owing to growing adoption of smart energy appliances in this region generates excellent demand for the product in the Asia-Pacific market

Asia-Pacific now holds the largest market share in the global industry due to the increasing deployment of smart devices like smart meters to reduce inexplicable power losses and introduce pricing plans based on customer consumption. Smart electricity meters are gaining popularity because they do away with traditional meter readings and establish a strong connection between the electricity provider and the consumer. The majority of smart meters have been installed in China both domestically and throughout the Asia-Pacific. Japan, India and South Korea are some other significant countries with significant smart device rollouts planned in the coming years, indicating that the Asia-Pacific will dominate this market.

In contrast, the North American market is anticipated to grow progressively. Revamping out-of-date electric meters and widely implementing new smart meters are the main factors propelling development in this region.

Competitive Landscape

Manufacturers are making several strategic decisions in the global smart energy devices market to develop effective technologies and increase production rates to meet market demand. The primary focus areas include product launches, collaborations, strategic mergers and acquisitions. The key players in the market are Crown ElectroKinetics, Gree Electric Appliances Inc, General Electric, Cuori Electrical Appliances Group co., Ltd, Acme Kitchenettes Corp., Invacare, BSH Bosch Hausgarate GMBH, Jabil Inc, EMH metering GmbH & Co. KG and Microstar Electric Company Limited.

Crown ElectroKinetics

Overview: Crown Electrokinetics, a leader in smart glass technology, has developed DynamicTint. Any glass surface can quickly change from clear to dark owing to the technology Hewlett-Packard first developed. Crown ElectroKinetics Corp. manufactures and sells building supplies. The Company offers glasses for doors and windows. Crown ElectroKinetics only serves consumers in U.S. Its product offering includes smart window inserts and dynamic tint.

Component Portfolio:

Smart Window Insert: Crown's Smart Window Inserts powered by DynamicTint combine smart glass technology with the ability of window inserts to be retrofitted to existing windows to produce a cost-effective window efficiency solution. Crown's Smart Window Inserts powered by DynamicTint combine smart glass technology with the ability of window inserts to be retrofitted to existing windows to produce a cost-effective window efficiency solution. Smart Window Inserts convert single-pane windows into double-pane, energy-efficient windows. By blocking out unwanted heat and light with dynamic technology, consumers can minimize their reliance on the HVAC system to cool down the building.

Key Development On August 17, 2022, Initial Purchase Orders for Crown Electrokinetics' Smart Window Insert from Two Buildings in the San Francisco Bay Area were announced. After Crown's first-generation production line starts operating this fall, the Smart Window Inserts will be delivered.

Why Purchase the Report?
• To visualize the global smart energy devices market segmentation based on type, product, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the global smart energy devices market by analyzing trends and co-development.
• Excel data sheet with numerous data points of smart energy devices market-level with all segments.
• PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
• Component mapping available as excel consisting of key products of all the major market players.

The global smart energy devices market report would provide approximately 69 tables, 77 figures and 230 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies