Meticulous Research®—a leading global market research company published a 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”.
According to this latest publication from Meticulous Research®, the Smart Energy Management Market is expected to grow at a CAGR of 15% from 2022–2029 to reach $47.64 billion by 2029. Rising energy consumption, increasing awareness about carbon footprint management, growing inclination towards efficient energy management, and increasing investment in smart energy infrastructure are the major factors driving the growth of this market. In addition, upcoming smart cities projects in developing economies are expected to offer significant growth opportunities for the growth of this market. However, the high initial deployment cost and lack of financial resources restrain the growth of this market up to a certain extent.
The global smart energy management market is segmented based on energy source, offering, function, and end user. The study also evaluates industry competitors and analyses the market at the country level.
Based on energy source, the market is segmented into non-renewable energy source and renewable energy source. In 2022, the non-renewable energy source segment is expected to account for the largest share of the overall smart energy management market. Increasing energy consumption across different end-use industries and the rising adoption of energy management systems to reduce greenhouse gas emission is expected to drive market growth.
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 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 consumers 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, decarburization, 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 segment is expected to grow with the highest CAGR during the forecasted 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 region. In 2022, North America commanded the largest share of the global smart energy management market. Due to government regulations for cost saving and optimizing energy consumption, homes, industries, and enterprises have been increasingly adopting energy management solutions. In addition, increasing government investment in smart energy infrastructure is expected to create growth opportunities for the smart energy management market. In 2021, The U.S. Department of Energy (DOE) announced $61 million for ten pilot projects that will deploy new technologies to transform thousands of homes and workplaces into state-of-the-art, energy-efficient buildings
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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.).
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