Smart energy is defined as an effective and sustainable utilization of resources through the usage of technology. It is generally used for power generation, distribution, transmission, and the monitoring (or demand response) at the consumer/user end. It is a cost-effective, secure and sustainable energy system in which renewable energy production, infrastructures, and consumption are coordinated & integrated through active users, energy services, and enabling technologies. It allows customers to closely monitor & control the energy consumption of their buildings.
According to the study, “Global Smart Energy Market Size study, by Type (smart grid, home energy management systems (HEMS), smart solar, digital oilfield, and others), End-user (commercial the sector, residential sector, and industrial sector) and Regional Forecasts 2018-2025” the key companies operating in the global smart energy market are Landis + Gyr, LG-Chem, ABB LTD, Sensus, GE Energy, Axion Power International, Samsung SDI, AES Energy Storage, Solar Grid Storage LLC, BYD, Itron, Siemens, Saft, S&T, Bosch.
Based on type, the smart energy market is segmented into distributed smart energy and independent smart energy. Based on product type, the market is segmented into the smart grid, smart solar, digital oilfield, home energy management systems (HEMS), and others. The smart grid segment dominates the market owing to growth in the implementation of smart grids across the globe. The digital oilfield segment combines business process management with digital technology to minimize costs and maximize productivity in oil & gas operations. On the other hand, HEMS technology allows the user to adopt technology that is comprised of software and hardware, which can be manually controlled to be used in a household. Based on the phase, the market is segmented into single-phase and three-phase. Based on installation type, market is segmented into retrofit installation and new installation. In addition, based on end-user, the market is segmented into the residential sector, the commercial sector, and the industrial sector. The commercial sector segment is likely to dominate the market due to the rise in demand for energy during the forecast period.
The smart energy market is driven by a rise in a number of data centers, followed by a surge in IT hubs & commercial institutions, effective smart grid initiative in the surround areas, rise in industrialization and high investment in the up-gradation of distribution or transmission infrastructure. However, the high cost of upgrading smart grids may impact the market. Moreover, growth in awareness among consumers pertaining to the smart energy meter benefits is key opportunities for the market.
Based on geography, the North-American region dominates the smart energy market owing to growth in adoption of smart grid & related technologies and increase in implementation of smart grids over the forecast period. The Asian-Pacific region is anticipated to witness higher CAGR due to the rise in government initiatives to promote renewable energy and increase in demand for energy over the forecast period. In upcoming years, it is predicted that the future of the market will be bright as a result of the rise in energy-efficiency measures and growth in the adoption of renewable energies such as wind and solar energy during the forecast period.
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Ankur Gupta, Head Marketing & Communications