Smart Energy Market by Product (Smart grid, Digital Oilfield, Smart Solar, Home energy management system), End-User (Residential, Industrial, Commercial)

PORTLAND, OREGON, UNITED STATES, August 30, 2022 /EINPresswire.com/ --

Smart Energy Top Companies

Some of the key players profiled in the smart energy market report include General Electric, Itron, Honeywell International, Siemens, ABB Group, and Larsen & Toubro.

AMR published a report, the smart energy market is projected to reach $253.1 billion by 2027, growing at a CAGR of 9.6% from 2020 to 2027.

Key Locating of Smart Energy Market:

The smart solar segment is projected to grow at the highest CAGR of approximately 12.7%, in terms of revenue, during the forecast period.

By end-user industry, the industrial segment held 47% market share with a CAGR of 10.1%, in terms of revenue, during the forecast period.

The North America dominated the market with around 50% revenue share in 2019.

Download Report Sample PDF @ https://www.alliedmarketresearch.com/request-sample/9799

Asia-Pacific is expected to witness highest market growth. This is attributed to growing application of smart energy devices in China, India, and Japan. Furthermore, favorable government policies in these countries regarding subsidies and rebates, and mandatory installation of smart meters will positively impact the market growth.

Growing preference of sustainable energy resources such as solar and wind is expected to drive the market growth in forecast timeframe. In addition, the mandatory installation of smart meters in households and commercial areas is expected to boost the growth of the smart energy industry. In addition, increase in demand for efficient energy technologies such as implementation of IOT (internet of things), will further drive the demand for various smart grids.

Impact Of Covid-19 on Smart Energy Industry

The smart energy market has been severely impacted by the outbreak of COVID-19 across the globe. The market witnessed large fall in demand from manufacturing and production centers, owing to large number of shutdown in the industrial sector.

As the demand from end user gradually decreased, the wholesale electricity price also decreased.

But, shifting trend toward work from home norms and growing energy demand from residential sectors will foster the smart energy market growth.
Nonetheless, social distancing norms and lockdown measures across the globe led to supply chain disruption in the smart energy market.

Social distancing norms affected the availability of equipment and spare parts; thus, negatively impacting the maintenance and infrastructure development activities.

In post COVID period, industry players will focus to re-asses their supply chain and consider whether sourcing from domestic players closer to operational site may improve the supply chain.

Enquiry before Buying Report @ https://www.alliedmarketresearch.com/purchase-enquiry/9799

Smart energy is a cost-effective, sustainable, and secure energy system, which focuses on sustainable energy production while reducing the production cost. The smart energy system consists of smart electricity, smart gas, and smart thermal grids. In addition, the application of smart energy system can also eliminate need of conventional fossil fuels.

David Correa
Allied Analytics LLP
+1 800-792-5285
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.