Smart Energy Market Size, Share & Trends Analysis Report By Product (Smart Grid, Digital Oilfield, Smart Solar, Home Energy Management System), By Component, By End-user (Industrial, Commercial, Residential), By Region, And Segment Forecasts, 2023 - 2030

Smart Energy Market Size, Share & Trends Analysis Report By Product (Smart Grid, Digital Oilfield, Smart Solar, Home Energy Management System), By Component, By End-user (Industrial, Commercial, Residential), By Region, And Segment Forecasts, 2023 - 2030

Smart Energy Market Growth & Trends

The global smart energy market size is expected to reach USD 316.37 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to grow at a CAGR of 9.6% from 2023 to 2030. Several key factors, including the escalating energy consumption across various end-use industries, growing awareness regarding carbon footprint management, and substantial investments in smart energy infrastructure, propel the growth of the market. Furthermore, the emergence of smart city projects in developing economies and the integration of energy management systems with smart devices are poised to present significant growth prospects for the market.

Investments in smart grid technologies play a key role in propelling the market forward. Additionally, a rise in the adoption of advanced metering infrastructure technology, driven by heightened spending on infrastructure development, is expected to gain traction over the forecast period. There is a growing demand for advanced metering devices in residential, commercial, and industrial settings, as they facilitate efficient energy management and provide a convenient means of monitoring energy consumption. Furthermore, the market is expected to benefit from favorable government policies and an increased focus on renewable power sources, presenting lucrative opportunities for growth.

Various recommendations and laws are being put into effect to ensure the safety of the energy supply and reduce both local and global emissions. The growing emphasis on these measures is expected to drive an increased demand for smart energy solutions. Government regulations, especially mandates and financial incentives, have played a crucial role in driving the widespread adoption of smart meters, contributing to enhanced reliability, efficiency, and security of energy systems. The U.S.-based companies stand out as major global suppliers of intelligent electricity meters. The rising demand for smart energy solutions is notably attributed to their deployment in diverse developed and developing markets.

Smart Energy Market Report Highlights

• The smart grid segment led the market in 2022, accounting for over 41% share of the global revenue. This high share can be attributed to several factors, such as advancements in grid infrastructure, heightened focus on energy efficiency, and the integration of innovative technologies that enhance grid reliability and performance.
• The solution segment led the market in 2022, accounting for over 74% share of the global revenue owing to the widespread adoption of comprehensive and integrated smart energy solutions by various industries.
• The industrial segment held the largest revenue share in 2022. Industries are actively embracing smart energy technologies to enhance operational efficiency, optimize resource utilization, and reduce overall energy consumption.
• North America dominated the market in 2022, accounting for over 38% share of the global revenue owing to the supportive government policies, incentives, and initiatives promoting the development and deployment of smart energy technologies in the region.

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