Global Smart Energy Management Market Analysis, Application & Forecast to 2029Posted by Karthik Pilla on July 20th, 2022
Smart Energy Management Market by Energy Source (Renewable, Non-Renewable), Offering, Function (Operation, Energy Management, Distribution, Storage, Grid Security), End User (Utility Providers, Consumers), and Geography - Global Forecasts to 2029 The research report titled, “Smart Energy Management Market by Energy Source (Renewable, Non-Renewable), Offering, Function (Operation, Energy Management, Distribution, Storage, Grid Security), End User (Utility Providers, Consumers) and Geography - Global Forecasts to 2029”, provides in-depth analysis of smart energy management market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2029. The global Smart Energy Management Market is expected to reach .64 billion by 2029, growing at a CAGR of 15.0% during the forecast period of 2022–2029. The growth of this market is attributed to the rising energy consumption and price volatility, increasing awareness about carbon footprint management, growing inclination towards efficient energy management, and rising inclination towards corporate responsibility and brand image. In addition, modernization of aging infrastructure, upcoming smart city projects in developing economies, and integration of energy management systems with smart devices is expected to offer significant growth opportunities for the growth of this market. However, the high initial cost of deployment, non-standardized guidelines, and lack of financial resources restrains the growth of this market to a certain extent. Based on function, the market is segmented into grid operation, renewable energy management, distributed energy management, energy storage, and grid security/cybersecurity. In 2022, the grid operation segment is expected to account for the largest share of the overall smart energy management market and is expected to grow at the highest CAGR during the forecast period. The growth of the segment is attributed to the supportive regulatory framework of governments worldwide to promote the deployment of smart grids and a strong focus on the modernization of aging grid infrastructure and an increasingly complex distribution environment. Based on end user, the market is segmented into utilities providers and consumers. The consumer segment is further sub-segmented into residential, commercial, and industrial. In 2022, the industrial segment is expected to account for the largest share of the overall smart energy management market. Companies are looking more closely at their energy profiles to identify cost reduction, decarbonization, and resilience opportunities. They are increasingly adopting energy management technologies and considering onsite resources, such as renewable energy and energy storage. The 2020 Deloitte and Manufacturers Alliance for Productivity and Innovation Smart Manufacturing Ecosystems Study identified that 80% of manufacturers surveyed invest in plant consumption and energy management use cases for the smart factory. Thus, the growing investment in advanced technologies, increasing energy consumption across different industrial sectors, and rising inclination towards making manufacturing processes clean and efficient are driving the market growth. However, the commercial sector is expected to grow with the highest CAGR during the forecast period due to the growing demand for uninterrupted, reliable, and efficient energy sources. Based on geography, the market is broadly segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. In 2022, North America is expected to account for the largest share of the global smart energy management market. Due to government regulations for cost savings and optimizing energy consumption, homes, industries, and enterprises have increasingly adopted energy management solutions. In addition, increasing government investment in smart energy infrastructures is expected to create growth opportunities for the smart energy management system. In 2021, The U.S. Department of Energy (DOE) announced million for ten pilot projects to deploy new technology to transform thousands of homes and workplaces into state-of-the-art, energy-efficient buildings. Some of the key players operating in the global smart energy management market are Asea Brown Boveri (ABB) Ltd. (Switzerland), General Electric Company (U.S.), Honeywell International, Inc. (U.S.), Schneider Electric SE (France), Emerson Electric Co. (U.S.), Johnson Controls International Plc (Ireland), Cisco Systems, Inc. (U.S.), Siemens AG (Germany), Driivz Ltd. (Israel), Telit (U.K.), Tata Consultancy Services (TCS) (India), Robert Bosch GmbH (Germany), Panasonic Corporation (Japan), LG Electronics Inc. (South Korea), NEC Corporation (Japan), SAGE Automation (Australia), Vivint, Inc. (U.S.), Alarm.com (U.S.), Ecobee (Canada), EnergyHub, Inc. (U.S.), Comcast Cable (U.S.) and EcoFactor, Inc. (U.S.). Key questions answered in the report: Scope of the Report:
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