Smart Energy Management Market Size, Share, Growth Analysis, By Energy Source(non-renewable energy source and renewable energy source), By End user(utilities providers and consumers) - Industry Forecast 2024-2031

Smart Energy Management Market Drivers

Rise of Smart Energy to Bolster Market Growth

• The rising use of petroleum products accounted for 70% of the increase in world energy production. Renewable energy sources accounted for around a fourth of the global increase in energy production. It is anticipated that the need for smart energy will increase with the electricity demand. This factor is predicted to contribute to an even more significant expansion of the smart energy sector.

Smart Energy Management Market Restraints

Expensive Investment to Hinder Market Growth

• Deploying a completely automated and high- tech EMS system in buildings or industries requires substantial initial investment. Every industry wants a cost cut in its consumption. So, they require management systems to monitor the energy consumption of different machines and plants. Although the deployment of energy- efficient solutions and measures leads to substantial cost and energy savings in the long term, it requires sizable initial investments. There could be situations in which industries, companies, and manufacturing units do not have the funds required to undertake the investments in EMS. Such an investment is not feasible for small or medium- scale industries. The hardware components of energy management systems cost much more than the software and service components.